Financial emergencies can arise at any time and without any prior warnings. It’s crucial to be prepared for a financial crisis by building an emergency fund. However, in some cases, even your savings may not be sufficient to deal with the situation. In times like these, an instant personal loan can help you get out of the financial crunch. The last thing you would want in this scenario is to get your personal loan application rejected. Hence, let’s take a look at some important tips you can use to increase your chances of instant loan approval.
Maintaining a high credit score
One of the most important factors that determines your personal loan eligibility is your credit score. Having a high credit score is important if you want to get approved for an instant personal loan. Generally, a credit score of 750 and above is ideal to get instant loan approval.
Some important steps that you can take to maintain a high credit score include repaying credit card dues and loan Equated Monthly Instalments (EMIs) promptly, using your credit limit prudently, and avoiding any missed payments. Even a single missed payment on your EMIs or credit card bill can negatively impact your credit score, so make sure you keep careful track of all repayment dates.
Keep all documentation ready
Your instant loan can get approved in just a few minutes or hours if you meet all the necessary criteria. One of the most important requirements is to have an updated loan application with all the right details and all the correct documents (PAN, Aadhaar card) uploaded. So, before you begin the process of applying for a personal loan, check out all the required documents, and take your time compiling and updating them to improve the chances of personal loan instant approval.
If you have all the necessary documents ready, you can apply for an instant personal loan on IndusInd Bank’s website or app. IndusInd Bank’s Instant Personal Loans offer a plethora of benefits, such as:
| High loan amounts | Loans between ₹30,000 to ₹5 lakh. |
| Instant loan processing | The loan application process is 100% paperless. |
| Online facilities | Manage your loan online, track payments, and check dues all using IndusInd Bank’s website or mobile app. |
| Interest rates | Enjoy competitive interest rates and a fully transparent fee structure |
| Repayment options | Flexible repayment options that range from one to four years. |
Choose the appropriate lender
While many banks offer personal loans, some may take a few days to process and approve your loan. If you need an instant loan, then make sure you carefully select and apply to a bank that specifically offers instant personal loans, such as IndusInd Bank. You can apply for these loans online through the bank’s website or app, by submitting an online form and uploading the necessary documents.
Use a personal loan calculator
It’s important to use a personal loan EMI calculator to estimate the EMIs you will have to pay based on the loan amount you’re applying for and the tenure you are selecting. This step helps ensure that you are only applying for a loan that you can comfortably repay over the chosen tenure through EMIs that are manageable for you given your budget and other commitments. If you apply for a high loan amount or select a short tenure that makes EMIs unaffordable given your income, there are chances of your loan application getting rejected.
Key takeaways
Applying for your first loan may seem like a daunting process, but if you can fulfil the necessary eligibility criteria, your chances of getting an instant loan approved will be high. Maintaining a high credit score, having all the necessary documentation, choosing the appropriate lender, and using a personal loan calculator can help you in this process.
