HOW TO BOOST YOUR ELIGIBILITY FOR A LOAN?

Emergencies are always unpredictable and they can be in form of medical, professional or any other major expense. However, these unbidden expenses cost a lot and can burn a hole in your pocket which adversely affects your financial health and goals. The situations can even become worse sometimes and one needs to know the way to come out of this sudden financial crunch.

Loans are those financial tools which help you in these emergencies and provide you required funds in no time without any stress. Nowadays, loan processing became digital and helps people with quick disbursal to tackle their emergencies. One can "Apply For Loan" to fulfill their needs but you need to be bit careful about the interest rates and repayment structure to avoid any debt trap in future.

In order to get qualify for any kind of loan according to your requirements, you need to meet the eligibility criteria asked by specific lending institution. In case, you fail to fulfill the criteria, your loan application will get refused. Therefore, to be eligible for any loan for all the time, one has to take care of certain things. In this article, we have mentioned some factors that will help you to boost your eligibility for a loan.

• Maintain a good credit history: It is one of the major eligibility criteria asked by any lender which indicates your repayment history as well as financial health. Thus, it becomes crucial to maintain a good credit history if you are looking for a loan shortly. To do so, one needs to do timely payments of EMIs and never miss a one. If you miss your EMIs from scheduled dates, it will negatively affect your credit score.

• Choose a right lender: A selection of lender plays an important role in processing your loan. Hence, research well before finalizing a lender or avail from the one with whom you already have an existing relationship. Try to choose a lender who asks for minimal eligibility criteria. It is not necessary at all to go with reputed financial institutions because sometimes trusting small lenders or NBFCs can also benefits you a lot.

• Add a secondary source of income: Every lender check your earnings before processing your credit application. Moreover, having another source of income can build excellent credit profile and it can be in any form such as rented property, stocks, shares and bonuses. So, if whenever you "Apply For Loan Online" or offline, do mention your secondary source of income in your loan application.

At the end, there are some more common eligibility criteria such as borrower must be an Indian resident between the age of 21-60 years, stable source of income and some of the required documents required to be handy. Hence, before you apply for any kind of loan, you should research properly and check the eligibility with different lenders.

So, go with the best offer and attractive rate of interest offered by right lender and have a proper plan to repay your loan to avoid any loan burden.