Be it medical or personal, emergency situations enter our lives without any prior announcement. In such moments of crisis, several elements need our attention but finances shouldn’t be one of them. Whatever the emergency, a low interest personal loan can be the perfect solution to all our monetary woes. Moreover, a new-age bank such as IndusInd Bank can offer a fast and user-friendly experience. Read further to find out how you could get a faster approval on your personal loan so that your financial concerns can take a backseat.
Applying for a personal loan online is the one of the fastest ways to get your loan approved as it reduces the hassles of physically submitting documents. Moreover, officials tend to review online applications sooner. Once all the requirements are in place, a loan can be approved and disbursed within a few hours.
Check credit report for errors
Loan approval depends on the applicant’s credit score as it indicates their repayment history. However, even a small mistake in your credit report can affect your chances of getting a loan approval. At times, credit providers may incorrectly list overdue payments or debts causing delay or rejection. It is advisable to check your credit report for inaccuracies before applying for a loan and take the necessary steps to make corrections, if needed to ensure a faster approval.
Stick to one lender
Submitting loan enquiries to multiple lenders can lead to numerous hard enquiries against your name, which reduces your credibility. Hard enquiries are when lenders request a credit check on your profile. Multiple hard enquiries suggest that your other loan applications were rejected. Hence, it is advisable to explore different personal loan options and apply to one.
Keep a low debt-to-income ratio
Debt-to-income ratio suggests the number of EMIs that you would have to pay with your income. If the ratio exceeds 45% your loan application may face a delay as additional checks may be conducted to validate your repaying abilities. Keep a low debt-to-income ratio and your personal loan is sure to get approved without any hassles.
Show all Income Sources
You do not need to have a high-paying job in a recognised company to get your loan approved quickly. Surely that helps but having multiple stable income sources can also convince lenders that you would be able to repay your debts. When applying for a personal loan, it is better to reveal all your income sources as that increases your chances of swift approval.
If you also have an urgent monetary requirement, apply for Indus Easy Credit Personal Loan online with minimal documentation and obtain a loan without having to wait too long.