Technological advancements in the lending field and rising demand for digital instant loans have made insta personal loan offers more appealing and popular.
These offers are made available for select customers and have exclusive terms. Leading lender Bajaj Finserv is among the lenders in India that extends insta personal loan offers to individuals that make the cut. Here, consumers can get instant funding up to Rs. 10 lakh on cost-effective terms.
However, not all individuals qualify for insta personal loan offers. As stated earlier, only a select few can access these instruments, but consumers can optimise their profiles to improve their eligibility.
Here are a few tips to boost eligibility for .
Maintain a good credit score
A fundamental criterion for most insta personal loan offers is that the customers need an excellent credit score. Generally, lenders offer an insta personal loan to customers with a credit score of 750 or higher. To qualify for a Bajaj Finserv Insta Personal Loan, consumers must have an excellent credit score and a good repayment track record.
This is because the credit score determines an individual's creditworthiness. The score is based on various credit factors such as repayment history, credit mix, credit length, etc. It provides a holistic view of an individual's financial habits when handling credit. A high credit score implies that the customer has a low default risk. This makes them an adequate customer for insta personal loan offers.
Repay all dues on time
Insta personal loan offers are available to those with good repayment track records and credit scores. As such, customers must ensure that they repay their dues on time and do not default or delay them. Diligent behaviour assures lenders that customers can handle credit responsibly and be trusted with funds. With lower risk, lenders are more inclined to offer insta personal loans with attractive repayment terms. Apart from this, good repayment history improves the customer-lender relationship, giving customers easy access to insta personal loan offers.
Have a steady monthly income
A customer's monthly income is a direct indicator of their repayment capability. If a customer has a steady and high income, it increases their ability to meet their monthly obligations, including personal loan EMIs. Ideally, customers should be employed in a reputed company for at least one year. This speaks to the stability of their income. When customers back their credit profile with these factors, lenders view them as low-risk borrowers.
Another helpful tip to keep in mind is that consumers should avoid checking for an insta personal loan offer if they have just switched jobs or aren't employed. Lenders will look into employment information before authorising disbursal, and not having a stable income will lower the chances of getting insta personal loans.
Although customers can avail of insta personal loan offers without documentation, some lenders may require basic KYC details and account information. However, these documents can be uploaded online, making the process easy and quick. Customers can on the Bajaj Finserv website and apply to get access to a loan in just a few hours to fulfil a wide variety of goals.
Bajaj Finance Limited, the lending company of the Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market, catering to 58 million customers across the country. Headquartered in Pune, the company's product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
It is also the only NBFC in India with the international 'BBB' with a stable outlook for the long-term, by S&P Global Rating.
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( With inputs from ANI )
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