In today’s time, taking a personal loan for marriage, medical emergency, education or other important expenses has become common. But often people think that just because they have a good CIBIL score, their loan will be approved immediately, which is not completely correct. Before applying for a personal loan, it is important to keep some important things in mind, so that the risk of rejection can be reduced and the loan can be easily availed.
The first and most important thing is your fixed monthly income. It is important for the bank to know whether your monthly income is stable or not, because on this basis it decides whether you will be able to pay EMI regularly or not. If your income is not fixed, the bank may suspect that you will not be able to repay the installments on time, which may cause problems in loan approval. It is comparatively easier for employed people and those working in big companies to get a loan.
Age also plays an important role. Young people have a longer opportunity to earn money, so they can get a loan quickly. At the same time, banks mostly hesitate in giving loans to the elderly and children because questions arise about the stability of their income and their ability to repay the loan.
Additionally, if you already have a loan or debt and most of your income goes into repaying it, getting a new loan may not be as easy. The bank looks at how much of your total income is already being spent on repaying the loan and whether you will be able to repay the new loan despite your outstanding loan.
Apart from all this, it is also important that your employment is stable. Must have at least one year of work experience, especially if you are a salaried employee. If you are a businessman then you have to show income certificates and tax returns etc. to the bank.
Therefore, before applying for a personal loan, you should keep in mind the fixed income, age, previous loans, employment stability and other important documents so that your chances of loan approval can be increased and unexpected rejections can be avoided.
In this way, with proper preparation, taking a personal loan will become easy and your financial needs will be resolved on time. To get a personal loan, not only a good CIBIL score, but also fixed monthly income, correct age, previous loans and employment stability are important.