How can one get an Approval for Personal Loans: for Low Salaried Professionals?
July 21, 2021
Any person who has a stable job with a steady monthly income, is eligible for Personal Loan. If you are looking for an urgent fund but a low salary stops you from opting for a Personal Loan, then here’s what you need to do for a quick approval.
Personal Loans allow a borrower to wash away all financial worries as the loan gets disbursed in minutes. The tricky part of the application is fulfilling the eligibility criteria of a Personal Loan. Typically, banks consider income as a significant aspect for approving a loan application. In case you are a low salaried individual, banks might deny extending credit support to you. However, you do not have to fear, as it is still possible to get Personal Loan finance.
Here are three steps you need to follow to boost your loan approval chances:
Build A Credit History: A CIBIL rating is an important criterion for a Personal Loan for salaried individuals. As a borrower, if you have handled your previous loans with late repayments, then this lowers your rating. To get an approval, you need to have a high score, which exhibits that you’re a creditworthy borrower and are disciplined with your loan repayments
Disclose Previous Loan History: If you have taken any loan previously and have repaid the same on time, then you need to inform your lender about it. The lender will judge your borrowing history based on the EMI repayments. This should help you to avail quick approval, even though you have a low salary
Reach Out to The Credit Bureau: To boost your Personal Loan approval chances, you also need to check your credit report. For instance, you have paid all the EMIs on time for your previous loan but the bureau report shows that the EMI for a period wasn’t paid. It is very important to rectify such errors and update the concerned bureau about them. This will help you maintain a healthy credit score. It will also improve your loan approval chances.
If you follow the above mentioned tips, then you will significantly improve your probability of getting a Personal Loan approval; despite having a low salary. No lender would like to experience EMI defaults after disbursing the loan amount.
Are you looking to avail an instant approval Personal Loan to meet financial needs? If yes, then turn to ICICI Bank. We offer attractive Personal Loan interest rates and flexible repayment tenures. If you wish to calculate your EMI before applying, then log in to our website and use our loan EMI calculator.
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