Can’t Get A Personal Loan? Try These 7 Tips, The Job Will Be Done In No Time

Nowadays the trend of personal loans is increasing a lot. Nowadays, most people opt for personal loans. The main reason for this is also the digital revolution. There was a time when you had to go through a lot of paperwork to get a loan, but today you can get a loan in no time while sitting at home.

However, not everyone gets a personal loan. Personal loans are also rejected for many reasons. In such a situation, you should not be disappointed. You can increase your chances of getting a loan by keeping a few things in mind.

These tips will increase your chances of getting a personal loan

1. Credit score: To get a personal loan, it is important to have a good credit score. If your score is above 750, your chances of getting a loan increase. At the same time, getting a loan can be difficult if you have a low score.
2. Income Tax Declaration: You also need to file income tax returns (ITR) regularly to apply for a personal loan. Often, your personal loan application requires you to submit Form 26AS to show taxes paid for the last two years before they determine your eligibility for a loan. personal loan.

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3. What should the salary be? Generally, personal loans are given only if your monthly salary is more than ₹25,000. But this is the minimum limit. If you are not in this tax bracket, you can wait until you reach this limit before applying for the loan.
4. Work for one year: Another parameter that affects your ability to avail a loan is the period of association with your employer. Your chances of getting a loan increase if you have worked for your current employer for a year or more.
5. ADDRESS: If you have been living at the current address for a long time, the bank will feel more confident in granting you the loan. Living in a new place can make it difficult to get money.
6. Guarantor: Banks ask for something known as collateral, which increases your chances of getting collateral. Therefore, if you have just started working with your employer, you should wait longer before applying for a personal loan.
7. Employer category: Last but not least, the category of the employer also matters a lot. If your employer is a Central or State Government, Public Undertaking (PSU) or a large company, it is easier to get a personal loan, while it may be difficult if you are a small business or a self-employed person.