How to Track Personal Loan Application Status Online?
Personal Loans are the best funding options for people who nee . . .
Apply for Instant Loan
Evaluate the Lender’s Customer Support Options
Customer support is crucial when dealing with a Personal Loan. Assess the availability and quality of customer support provided by different lenders. This ensures that you have reliable assistance throughout the loan application process and during the loan term.
Check Your Credit Score
Begin by checking your credit score to understand where you stand. It gives you a clear picture of what lenders may see and allows you to address discrepancies or errors.
Improve Your Score
Take steps to improve your credit score by paying bills on time, reducing credit utilisation, and addressing any outstanding debts. Gradually improving your score enhances your chances of obtaining a Personal Loan with better terms.
Evaluate Your Budget
Assess your income, expenses, and financial obligations to determine how much you can afford to borrow. It ensures you choose a Personal Loan that fits your budget and repayment capabilities.
Prequalify with Multiple Lenders
Explore prequalification offers from different lenders as this process allows you to gauge your eligibility and compare loan terms and interest rates without affecting your credit score.
Add a Co-Applicant, If Necessary
Consider having a co-applicant with a more robust credit profile to increase your chances of approval. A co-applicant takes responsibility for the loan if you cannot make payments, providing added assurance to lenders.
Submit Your Application
Once you have researched all lenders, gathered necessary documents, and compared loan options, submit your application with the lender of your choice. Be prepared to provide any requested additional information during the loan approval process.
Loan Amount (INR) | Low-Interest Rate Range (%) | Moderate-Interest Rate Range (%) | High-Interest Rate Range (%) |
---|---|---|---|
50,000 | 10.50 - 11.75 | 12.00 - 13.50 | 14.00 - 16.00 |
1,00,000 | 9.75 - 11.25 | 11.50 - 13.00 | 13.50 - 15.00 |
2,00,000 | 9.00 - 10.75 | 10.75 - 12.50 | 12.75 - 14.50 |
3,00,000 | 8.50 - 10.50 | 10.00 - 12.00 | 12.00 - 14.00 |
5,00,000 | 8.00 - 10.25 | 9.50 - 11.75 | 11.50 - 13.75 |
Make On-Time Payments
Paying bills and loan instalments on time is essential for fair credit improvement. Consistently meeting payment deadlines demonstrates responsible financial behaviour and helps establish a positive payment history.Keep Utilisation Low
Keeping credit utilisation low by using a smaller portion of available credit shows responsible credit management. Aim to use less than 30% of your credit limit to maintain a favourable credit utilisation ratio.
Becoming an Authorised User
Becoming an authorised user on a trusted individual's credit card can help build credit history. Ensure the primary cardholder has a good payment record and low utilisation, as this can positively impact your credit profile.
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
Subscribe to our newsletter and get exclusive deals you wont find anywhere else straight to your inbox!