Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Personal Use Loan > Ways to Boost Your Personal Loan Approval Chances During the Pandemic

Personal Use Loan

Ways to Boost Your Personal Loan Approval Chances During the Pandemic

Ways to Boost Your Personal Loan Approval Chances During the Pandemic

It’s November, we’re nearing the end of 2021, but the pandemic is far from over. Although we’re finally recovering from the economic slump, it still might have many people financially handicapped.

In times of such emergencies, it is always wise to be financially prepared. But if you need a helping hand, a personal loancan help! However, since these loans are unsecured, lenders can be stringent, and approval might be slow to come by. But fret not!

Here’s how you can boost your loan approval chances.

1. Regularly check your CIBIL score

Your CIBIL score remains one of the most vital factors in determining your loan approval chances despite Covid.

It is a three-digit numeric summary of your credit history, which lenders use to determine default risk and get a clearer picture of your creditworthiness and past repayment record.

According to experts, maintaining a CIBIL score of 750 and above is essential for securing personal loan instant approval. If you’re falling below the mark, make sure you improve your score by clearing all your existing debt, such as credit card bills, pending EMIs, etc. Also, repay all your dues on time and limit your credit utilization ratio.

2. Add a co-applicant or guarantor

If you fail to meet any eligibility criteria set by the lender, you can always opt for a joint loan with a co-applicant who has a good credit profile. This reduces the credit risk for the lender since the co-applicant is equally liable for the timely repayment of the loan. As a result, your chances of approval improve automatically. 

Additional Read: How to Get Approval for Personal Loans for Low Salaried Professionals?

3. Keep your debt-to-income (DTI) ratio in check

With the pandemic having caused massive financial instability, keeping your finances in check is critical, especially if you’re a prospective borrower. Ensuring a low DTI ratio is one way to achieve this. 

To ensure speedy loan approval, try to maintain a low DTI ratio, ideally 40% or less. Also, make sure to use a personal loan EMI calculator before obtaining the loan. It can help you understand loan obligations and plan ahead.

4. Avoid multiple loan applications

Filling out multiple loan applications in a short span of time can lead to various hard pulls. This, in effect, can bring down your credit score a notch. You might even seem desperate in the eyes of the lender.

Apart from the above, make sure to check your credit report from time to time for false or inaccurate enquiries. If any, raise a dispute immediately.

Additional Read: Factors that determine Approval of Personal Loan for Self Employed

Over to you

The pandemic has taken its toll on all of us, be it financially, emotionally, or physically. So, be smart with your finances and follow the above pointers for personal loan quick approval. If you’re facing a crisis, a loan lets you meet obligations and repay over flexible monthly EMIs, rather than dipping into your savings.

To help you do just that, Tata Capital offers loans over flexible repayment tenures and competitive personal loan interest rates.

So why wait? Visit our website to secure your finances with collateral-free loans from Tata Capital!

Apply Now

Get an Instant Personal Loan for all your needs !

Apply now
Popular Searches
loan without cibil personal loan for 15000 salary Loan for ring small cash loan on aadhar card pre approved personal loan What To Buy On Dhanteras Personal loan when self employed how to increase cibil score form 15g for pf withdrawal how to download aadhar card
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.