How will I know if my personal loan is approved or rejected?

personal loan is approved or rejected

Before we understand why a credit score is so important, do know that one the biggest loan aggregators in India. Buddy Loan disburses loans at lower interest rates starting at 11.99%p.a. Here is a quick chance for you to enhance the credit score with customized EMI options.

One could avail loans for multiple reasons, pursuing education overseas, buying a new bike or car, surgical and medical expenses, consolidation of loans, home refurbishment, etc. Instant personal loans are far efficient and suitable in helping the borrower improve their credit score. Or sum the credit card bills and you still have to hold a good financial image for another card.

But all this arrive from one point, by knowing the status of your personal loan. To be prepared for the approval or rejection of the loan is thus under your control and by means of your credit history.

Read more: The Highest Benefiting Personal Loan – Gold Loan  

You can track your personal loan online and offline:

Thanks to the advanced technology that has made life easier to access the status of personal loan. Digitization has helped banks and NBFCs upgrade their functionality via websites. The best part is the application process i.e. equally transparent to us as that of the operators.

Via offline you can always probe the lender, NBFCs or bank staff to know the status of your instant personal loan. However, with all the possibilities of loan approvals, there are certain standards by which these financial institutions bifurcate your applications to approved and rejected.

  • Your credit history plays an important role in your loan approval
  • The lower the credit score, more are the chances of rejection
  • The higher the credit score, the higher is the chances of quick approval
  • The higher your credit score, loan approvals are easier and can be approved with fewer interest rates.
  • Any personal loan like education & travel loan, two/four-wheeler loan, medical loan, have all better loan tenures to enhance your credit score.

track your personal loan online

Your discretion: 

Buddy Loan also provides business loans with customized EMI options and minimal documents. You can borrow any amount from Rs. 1000 to Rs. 15,00,000 with a loan repayment tenure of 3 months to 5 years.

You can start by accessing your credit reports for every once in four months to gauge your financial behaviour and then apply for a loan. However, you could always use the website panel to know your application status under process. In the Buddy Loan app, the loan aggregator has vivid app facilities that provide you with timely updates on EMIs payments, referral codes, gift vouchers, and more facilities.

Read more: The Highest Benefiting Personal Loan – Gold Loan   

Getting a personal loan with a higher chance of approval rate! 

How can I check my eligibility for a personal loan? This would be more important to find ways to increase the chances of your approval rate. The websites have a clear link to showcase your application process with the following loan ID.

Determining your personal loan amount

  • Take stock of your requirements. Always borrow more for incumbencies and not for unnecessary spending.
  • Personal loans are pricier financial products than home loans, so borrow with caution.
  • Analyze your take-home salary or yearly income vis-à-vis EMI of the personal loan.

The rules are simple:

  • Check your credit score. Some banks want credit scores in excess of 700; some can do with a little less.
  • Non-Banking financial institutions usually cap personal loans at Rs. 15 lakhs. In other cases, individuals can get a personal loan that is 30 times their net take-home salary per month or net income per month.
  • EMIs of loans is roughly 45% of the monthly salary or income of the borrower.
  • Check for pre-approved offers. Call up the financial institution’s customer care to check.
  • Approach the bank.

The right income for instant personal loan approval: 

Expanded as Equated Monthly Instalments, EMI is often the source of confusion. More than confusion, it’s often anxiety over the amount paid. Besides getting a personal loan at the right time, you can reap better benefits without any push or pull of approval through Buddy Loan, one of the best loan aggregators.

Doubts arise over the lender’s interest charging criteria. Lack of clarity on the computation method of EMI may also deter people from taking personal loans. The following information discusses the calculation method of EMI. Knowing how much interest is charged, and how much is going towards repayment of the principal is every borrower’s right.

Get your EMIs straight with an instant personal loan: 

• EMIs are dependent on the amount of loan taken, rate of interest and the loan period.

• EMIs are decided on the date of loan sanction and never change during the tenure of loan repayment.

• Interest component and principal component constitute the EMI.

• EMIs paid in the initial part of the repayment schedule have a substantial portion that goes towards the overall interest on the loan computed based on the loan period and per annum rate of interest. In the later years, the portion of the EMI towards repayment of the principal component becomes higher and the interest component lower.

• Those who have opted for floating interest rates can experience a change in EMIs.

Read more: The Highest Benefiting Personal Loan – Gold Loan