The best personal loan helps in getting the much-required credit during a financial crisis. It provides the funds to meet your personal needs. Some may need extra funds for wedding purpose or for education of child or to finance any other expenses etc. In other words, it is a multi-purpose loan that allows you to use the amount on things which matter to you. Compared to other loans, personal loans have shorter term and more flexible monthly installment schemes.

Different lenders have their specific set of requirements for potential loan borrowers. Many personal loan applications get rejected as loan applicants are not able to fulfill the specific requirement criteria.

(1) Check the loan eligibility criteria before applying

It’s essential to check whether you are able to meet the personal loan eligibility criteria of the lender you wish to borrow from. Most of the lenders require applicants to be in a particular age group, preferably between 21 and 65 years. Moreover, you must annually earn a minimum amount that is specified by the lender. Also, you should not have any outstanding defaults on loans or on any of your credit cards.

(2) Check your credit score

If you are not attentive of your credit score while applying for a personal loan, your loan application might get rejected. Obtain your credit report, so as to identify your credit score and rectify errors, if any. A decent credit score not only increases your chances of loan approval but also helps you grab an attractive interest rate.

(3) Avoid multiple applications

Applying for a loan at numerous places is not a good idea. The probability of getting your loan application approved is less in such cases. Also, rejection of multiple loan applications will influence your credit score.

(4) Provide truthful information

Loan providers verify the information provided by you through supporting documents. They may possibly give you a call to verify your information personally. Therefore, you must provide factual information about your residential details, annual income, past loan repayments etc.

(5) Aim for a realistic loan amount

Often, many borrowers apply for an extremely huge amount and get rejected by the lender. It is crucial to recognize how much you need to borrow. Apply for a loan amount based on your capability to repay the amount. Most lenders conduct a check of your income and repayment ability before approving your loan. Thus, aim for a reasonable amount in order to avoid loan rejection.

Now, you can conveniently assess your personal loan eligibility or EMI using utility tools like personal loan eligibility calculator& personal loan EMI calculator at afinoz.com. The calculator will help you to determine your factual loan amount, EMI outflow every month including the interest rate you need to pay. Using the calculator at afinoz.com is free, easy and simple.