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3 Ways To Cut Your Personal Loan Approval Time

Getting a personal loan is one of the easiest things in the world. Leading banks, NBFCs and apps offer a number of good loan products that help applicants out in times of emergencies or financial crises. Though the loan is processed much faster than other loans, you can ensure that you cut any potential delays by doing the following things:

#1 Apply on an app.

One of the fastest ways to get a personal loan is to apply on a loan app instead of approaching your bank. Apps have quicker processing and approval times, and they follow a more intuitive AI-backed process to check your credit worthiness. At times, a bank may reject your personal loan application but a loan app may be more accommodating. Besides, you can upload your self-attested documents on the loan app instead of submitting copies to the nearest branch office or going in person to collect the loan cheque. From checking eligibility to final disbursal and EMI repayment, the app offers several functionalities – all you need is your smartphone.

#2 Know your eligibility and credit score before you apply.

The credit score is not a mysterious number that only lending institutions and credit agencies in India are privy to. You can check it for yourself online, and for free, too. Several reputed bank aggregator sites in India run free credit reports once you enter details like your full name, mobile number registered with your bank, email ID, and so on. The reports are sourced from credit agencies like CIBIL and Equifax. If the score is between 750 and 900, you are ?and may be considered for loan approval. Meanwhile, check your loan eligibility – this is computed by the lending app based on your income, monthly take home salary, age and credit score. You cannot get a loan more than the amount you  are eligible for. Knowing both eligibility and credit score are important so that you apply for the correct amount at the right time.

#3 Submit your documents correctly.

Another way to cut delays is to have the list of required documents on hand, and to submit them correctly. The app lists the documents required – check if you have all of them and if the information stated therein is the latest and most correct one. Second, self-attest copies of these documents and get them ready for upload. You will also need to take a selfie or choose a good quality close up photograph from your phone gallery to upload with your documents. Submit the entire lot as directed and await further developments from the app.

Once you follow the three steps above, there is no reason why your loan application should be delayed or rejected.

Conclusion

Getting a cash loan is easy when you have all the important parameters in place, from a good credit score to the correct documentation.

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Written by Lily A Singh