Easiest Personal Loans To Get Approved For – A personal loan can be disbursed within 48 hours if you meet the eligibility criteria, the documentation is complete and you maintain a good credit score.
These documents must be submitted along with the loan application form along with two photographs. The bank then conducts a thorough due diligence on the basis of the documents.
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Once the personal loan is approved, a duly signed copy of the loan agreement and Application for Standing Instructions / ECS authorization form and deposit checks must be submitted before disbursement.
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Your credit report (from credit information companies like CIBIL, Experian, Equifax, Highmark, etc.) is usually checked to assess your credit score. The higher your credit score, the better it is for you, the applicant.
A credit score reflects your credit behavior and creditworthiness. A high credit score gives you the opportunity to bargain for the best interest rate (which can reduce your EMI (or equalized monthly installment)) and/or ensure that the loan processing fee is minimal or even waived.
To maintain a good credit score, always pay attention to paying your utility bills, credit card bills and loans on time.
If you apply for multiple loans, it will weigh your credit score. Too many loan applications weigh on your creditworthiness and usually lower your credit score. Therefore, avoid applying for a loan from several banks or lenders.
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Make sure you only apply to places where your loan application is more likely to be approved. Check who offers the best offer, evaluate the loan application process and conditions.
If a bank or lender assesses that you have used a loan in the last six months, it does not paint a very healthy picture of your personal finances. It even calls into question your ability to repay due to the increasing debt burden.
So use a personal loan judiciously if you are in dire need of cash and make sure you leave at least six months between your loan applications.
If you keep your debt load low, chances are that your personal loan will be approved quickly.
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Before sanctioning a loan, the bank or lender may want to assess whether your income is adequate after paying off existing loans.
Choosing a credit card is not a bad thing if it is used wisely and you have the means to service the fees.
Credit cards allow us to buy goods and services without paying for them immediately, but it’s just as important to be a disciplined user and have a credit card that’s right for your spending.
If possible, avoid partial refunds when paying off credit card fees, as they can jeopardize your long-term financial well-being and affect your credit score.
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Ideally, know your credit limit, the means to service credit card charges, pay ahead of time, avoid choosing a grace period, avoid cashing out credit cards, and keep your credit card information safe online.
Loans accepted as collateral (for example: home loans, car loans, loans against gold) are classified as secured loans, while loans without collateral are classified as unsecured loans. Personal loans, credit cards are examples of unsecured loans.
Ideally, a fair balance should be maintained between secured and unsecured loans as they affect the credit score. All loans should be repaid on time so that it seems reassuring to the lender.
If you have a lower credit score, improve it before applying for a personal loan.
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A personal loan can be used for many purposes: wedding expenses, home renovation, travel, emergency, etc.
The best part is that you don’t have to touch your existing investments that are earmarked for other important financial goals like your children’s future, their education, and your own retirement.
Fulfill all your wishes. Consider taking a personal loan from Axis Bank and don’t let the need for money hold you back. Happy banking!
Disclaimer: This article is written by PersonalFN, a Mumbai-based financial planning and mutual fund research firm known for providing unbiased and honest opinions on investing. The axle bank does not influence the views of the author in any way. Axis Bank & PersonalFN shall not be liable for any direct/indirect loss or liability incurred by the reader in making financial decisions based on the content and information. Consult your financial advisor before making any financial decision.
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Axis Bank arranged insurance coverage for its customers based on Digit Illness Group insurance policy (UIN GODHLGP20142V011920). Participation in group insurance is optional. Most of the loans that are easy to get do not require a credit check because you are borrowing money based on your income or savings. However, they may also charge you high fees and interest rates because of their low or no credit score requirements.
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The easiest loans to get approved for generally fall into two broad categories. Some accept applicants with very low credit scores or require no credit checks at all, with the trade-off being extremely high fees and interest rates. Others offer more favorable terms, but are only an option if you have regular income, savings or investments.
Each of these categories includes several types of financing. Review the seven options below, along with their pros and cons, to see which one might be right for you if you’re having trouble getting approved for other types of loans.
Some lenders offer loans that do not require good credit or no credit check at all. These are usually in-store or online-only lenders that focus on lending to borrowers who have no other options, and the fees and interest rates are often quite high. Examples include payday loans, personal loans, and lines of credit.
Some lenders use alternative data, such as information from your bank account, to get a loan instead of your credit. These loans may offer more favorable terms, but you may need at least fair credit (FICO
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Secured loans usually have lighter requirements and more favorable terms, as the lender can take your collateral if you default on the loan payments.
The easiest loans in this category are car title loans and pawnshop loans, but they are also relatively expensive loans. If you have money in a savings account or certificate of deposit (CD), you can use it to get approved for a secured personal loan or line of credit with more favorable terms.
Buy Now Pay Later (BNPL) plans allow you to finance specific purchases. BNPL providers often offer short-term payment plans that do not charge additional fees or interest, and longer-term loans that charge interest. Both can work well in certain situations and some BNPL providers even offer cards that you can use to make purchases almost anywhere.
BNPLs also do not require collateral and generally do not have minimum credit score requirements. And even if the BNPL provider does require a credit check, it’s often a soft credit pull for short-term loans—the type that doesn’t affect your credit score.
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If you’re looking for a small loan to help you get to your next payday or cover smaller expenses, there are several options that can be much cheaper than a payday loan.
Some credit unions offer up to
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