Apply Loan Online

You can apply online using a mobile application or the official website of a particular lender or bank, which is the fastest and most secure way. Firstly, you should provide all the information and upload all the required documents. Lenders will approve your application after the verification process. The main advantage of applying online is you get updated through emails or messages regarding your loan. After the KYC, you will get faster loan approval, and the bank will disburse the amount to your account within 24 – 48 hours. You have to check with your bank before applying for a loan so that you can utilize any current offers, like pre-approved and pre-qualified loans. You can apply for an instant online personal loan via Buddy Loan, where you get interest rates from 11.99%.

Maintain a Good Credit Score

A credit score is a three-digit number provided by credit bureaus in India that helps lenders to know your creditworthiness. Banks or lenders can measure your credit behavior and repayment capacity using your credit score. Usually, a credit score above 700 is considered as good. You will get speedy loan approval with a good score and will regard as a low-risk profile by the lender. You are more likely to make fewer defaults in your payments and get better interest rates and lower processing fees. So, a good credit score matters a lot. You can follow the practice of paying your dues and EMIs on time. Either set up a reminder or enable an auto-pay option in your registered bank account for your payments. But to avoid any bounces, you should maintain a sufficient balance in your bank account.

Know your credit score

Checking your credit score before applying for a loan will ensure you about any defaults in your credit. Sometimes, it happens that you might have missed any EMIs or dues. Any problem in your credit report will directly impact your score, and it might result in the rejection of the loan. So check your credit score frequently to avoid trouble while applying for a loan.

Maintain a good bank balance

Maintaining a considerable balance in your account will show your repayment capacity to the lenders. A higher balance will benefit you in quickly getting a pre-approved and pre-qualified loan and an instant disbursal of the loan. However, be cautious and read the documents thoroughly before proceeding with the application. Do re-check and ensure the terms and conditions and the various charges you must pay. Most importantly, you have to check the lender’s reliability to save yourself from fraud.

Also Read: How Does Credit Score Help Get Lower Interest Rates

Apply with one lender

When you need extra funds immediately, you may opt to apply for a loan with multiple banks and NBFCs as if you will get quick approval from anyone among them. But this method will not be appropriate as every loan application has to undergo a hard inquiry, where lenders will check your creditworthiness. Thus, when multiple hard inquiries over each application occur, it will negatively affect your credit score. Moreover, a lower credit score is risky for your loan approval.

Keep all the documents ready

Check if you have all the documents needed for your loan application according to a specific bank or NBFC. Though you need only fewer documents, re-checking is better to avoid any delays. You can save time if you keep every paper ready.

Provide accurate information

Always provide correct information to the lender whenever you apply for a loan, which will help you get a speedy loan to meet your needs. For example, you must also give every detail of your second income to avoid confusion in the time ahead. Likewise, you must provide a rental agreement and permanent address proof if you live in a rented house.

Apply for what you can afford to pay

Consider your debt-to-income ratio before applying for a loan. The ratio gives a clear image of your monthly EMIs and income. And applying for a higher loan than your repayment capacity will end in a financial struggle. If lenders provide any instability in your debt-to-income ratio, your loan application will get rejected immediately. So you should maintain your debt-to-income balance to less than 30%. It means you are not supposed to use most of your monthly salary to pay EMIs.

Eligibility For A Personal Loan In Mathura

With the factors mentioned below, you can know your eligibility for getting a quick loan in Mathura. These factors may differ from one to another.

1. Indian citizen.
2. Age between 21 to 60 years.
3. One year of employment in the current working company.
4. Monthly income of above Rs.18,000.
5. For self-employed, two to three years of completion in the business is a must.
6. A credit score of above 700.

Know your credit score now with Buddy Score

Required Documents For A Personal Loan In Mathura

Check out the documents needed for applying for a personal loan.

For salaried individuals -:

1. Identity and Age proof.
2. Duly filled application with a photograph.
3. Address proof – Voter ID, landline bill, utility bills(gas/water/electricity)
4. Last three months’ bank statements.
5. The previous three months’ salary slips.
6. Last three years’ Income tax returns.

For self-employed individuals -:

1. Identity and Age proof
2. Duly filled application with a photograph.
3. PAN card.
4. Address proof – Voter ID, landline bill, utility bills(gas/electricity/water)
5. Last three months’ bank statements.
6. The previous three months’ salary slips.
7. Previous three years Income tax returns with computations.
8. Last three years Audited Balance Sheet and Profit & Loss statements.

Conclusion

Obtaining a personal loan in Mathura is a straightforward process requiring a good credit score, debt repayment history, and lender approval. This option provides funds not accessible elsewhere, with banks and NBFCs offering competitive terms. Consider repayment capacity, loan duration, and loan type for approval. Enjoy Krishna Janmashtami by securing a personal loan to celebrate joyfully.

Having any queries? Do reach us at info@buddyloan.com