A personal loan by Fullerton India is a borrower’s boon. Whether it is an emergency or simply fill gaps in your budget a personal loan can be your financial cushion. To make the application and processing easier, the lending company brings forth its Instaloan app for salaried employees. You can check your eligibility, apply for a loan, and check the status of your application all through the online loan app on the phone. The process is entirely paperless and you can apply for a loan from anywhere around the globe. With such benefits, the personal loan app offers the most hassle-free process of accessing funds, especially in an emergency.
The eligibility for a personal loan on the Instaloan app is simple. You need a credit score above 750 and a healthy repayment capacity to get your loan approved. On approval of the application, the app offers quick disbursal of the loan amount directly on your bank account too. The first thing you need to do is to check your loan eligibility.
You can use the built-in personal loan eligibility calculator on the instant loan app to get you an estimate of the personal loan eligibility. Here are the steps to check your eligibility for a personal loan:
Steps to Check Eligibility for a Personal Loan:
Step 1: Select your location
Step 2: Enter your age. Fullerton India requires you to be between 21-65 years of age when you apply for a loan. You shouldn’t exceed 65 years of age at the time of maturity of the loan.
Step 3: Select your income. The income you mention should be a net amount after tax deductions.
Step 4: Select the amount you pay as EMIs on your previous loans. This amount should be a sum of all the EMIs you pay currently including your credit card dues.
The instant loan app will show you an indicative figure of the loan amount you are eligible for. The actual personal loan eligibility will depend on several other factors such as employment details, credit score, etc. If you want a higher loan amount approved instantly, here are a few ways to do so:
A. Maintain a good credit score: Fullerton India looks primarily at your credit score and repayment capacity when approving your loan. A very low credit score can lead to rejection. It can reduce your loan amount and increase your interest rate. So, maintaining a high credit score is the aim. Work on improving your credit score by clearing your existing debt of EMIs and paying your credit card bills timely. A credit score of 750 and above gives you a better chance of getting your loan approved instantly. Here’s what you can do:
- Maintain your credit utilization ratio within the 30 percent limit,
- check your credit report regularly,
- keep a healthy credit mix of both secured as well as unsecured loans
B. Consolidate Your Debts: If you have several active debts, your creditworthiness can be under suspicion. The liability of the lender increases since you present a speculated cash-crisis with an additional EMI. Consolidating your loan not only increases your chances of getting your personal loan approved quickly, but it also saves you interest.
C. Exhibit a healthy repayment history: A good repayment history shows creditworthiness. So, you must pay off your debts every month timely. A healthy repayment history helps you in getting a better personal loan deal. The Fullerton India app already offers you attractive interest rates, but if your EMI repayment history is good, you can get your loan approved at a comfortable interest rate.
D. Show employment stability: The lender must see you as a credible borrower. A borrower who frequently changes jobs or has gaps in their employment history shows low creditworthiness. Showing elevated employment and residential stability will improve your creditworthiness and expedite your loan approval process.
Taking all the above steps can help you get your personal loan approved quickly if you install Fullerton India’s loan app. Once approved, the amount is disbursed to your account within 30 minutes.
