North India Statesman
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News India Live, Digital Desk: Loan Approval: Sudden money can be required in life anytime. No medical emergency, home repair, or child fees… any reason, needs are big. In such a situation, when your month’s earnings are Rs 15,000, taking a personal loan from the bank seems like climbing a very difficult mountain.
Banks often hesitate to give loans to low salary people because they feel that you will probably not be able to repay EMI on time.
But, do not panic. Hard, but not impossible. If you work with some understanding and correct planning, then you can also get help in times of need.
These are some smart tips that can make your path easier.
1. Improve your ‘Financial Report Card’ (Cibil Score)
The CIBIL score is like your ‘Financial Report Card’. This suggests how responsible you have been in paying your old loan or credit card bill. If your score is above 750, the bank trusts you a little more. If your score is low, first pay attention to improving it. Fill your bill on time, this is the first and important step.
2. Make a small start (Apply for a small amount)
This is very important. Given your salary, apply only for a small amount of loan. If you ask for a loan of 5 lakhs at a salary of 15,000, then your application will be rejected immediately. Applying for a small amount (such as Rs 50,000) increases the chances of your loan being approved.
3. Apart from big banks, the world is also (look at NBFCS and Apps)
If the big banks reject your application, do not lose courage. There are many small NBFC (non-banking financial companies) and reliable fintech loan apps, which also give loans to low salary. Yes, their interest may be slightly higher, but it can be a good option at the time of need.
4. Get a co -pplicant to work with teamwork
If someone’s salary in your family is good and their CIBIL score is also good (eg your parents or spouse), you can make them ‘co-applicant’. This increases the trust of the bank and makes it very easy to get a loan.
5. Do not apply everywhere in one go (Don’t Mass Apply)
This is a very big mistake that people do often. When you apply for a loan in many banks at the same time, it affects your CIBIL score and you look like a ‘desperate’ borrower. First do research, choose a right place, and then apply there.
Remember, the loan is a feature, which helps in your need. Do not let it become a burden. Take as much loan as you can easily pay.
