5 Things to Remember Once Your Personal Loan is Approved

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Introduction

Personal Loan is a powerful financial solution that frees you from the stress and fear of shortage of funds. It saves you the embarrassment of asking, your close ones, for funds. So, how can a personal loan be so helpful and be availed with such ease? This stems from the fact that a digital lending platform, such as Loan Singh, provides a personal loan with no collateral. Availed for a variety of purposes such as home improvement, travel, medical expenses, house repair and more, a personal loan is a perfect financial aid. The personal loan application process at Loan Singh is simple and quick. Loan Singh’s mission is to help salaried individuals to get a personal loan without any time delay or inconvenience. We are working hard to ensure you get the best service. We require that you, as a borrower, must also be prudent in handling the approved personal loan. Although there are hundreds of things you shouldn’t do with your approved personal loan, we thought of mentioning only 5 such things which can turn your financial lease into a quicksand.

 

Who Can Avail a Personal Loan?

To be eligible to avail a personal loan with Loan Singh, you need to be

  • of a minimum age of 21 years and of Indian nationality
  • salaried and earning a minimum monthly salary of Rs.15,000
  • credit worthy with a good credit score (if you have availed a loan before)
  • working for a minimum of past 3 months (if you have never availed a loan before)

 

The Fastest Personal Loan Process

The fastest way to get a personal loan is by heading over to Loan Singh’s Get Started page and completing the application. You only need your PAN Card and latest 6 months bank statement. The statement has to be in PDF format only.

Get Started Page – Select ‘PERSONAL LOAN’ from the drop-down and enter the loan amount with the desired repayment tenure.

Registration page – Add your contact number, personal email ID and corporate email ID

Social Authorization – Connect your Facebook, Google+ and LinkedIn profiles for discounted rates

Profile Page – Fill in your name, gender, father’s name, number of dependents and PAN Details. We use your PAN Card Number to check your Credit Score and as a KYC document.

Address Page – Choose your type of residence; mention your street address, city, state and pin code.

Job Profile Page – Mention your current designation, total work experience, company name, highest qualification, last institution attended and monthly salary.

Financials page – Upload your latest 6 months bank statement either from your computer, GMail account or net-banking account.

Auto Debit Page – Provide permissions to your bank name, account number and IFSC code so that Loan Singh can auto debit the EMI amount from your account every month. This way you don’t need to set reminders or miss-out on any loan EMI repayments.

 

5 Things to Remember Upon Personal Loan Approval

If you meet our eligibility for a personal loan, there are high chances your loan will get approved. But once it is approved, your task is to ensure that you be diligent and prepared to clear the loan as early as possible. Let’s now look at 5 things to remember once your loan is approved.

Apply Wisely

Now just because you have got the funds, it does not mean you can now get your foot-off the pedal and cruise along. It is wise to firstly apply for a personal loan based on your financial capability. This you should do, before applying, by checking our EMI calculator. Taking a personal loan is like jumping on a trampoline. You get the funds to spend in times of need but you do need to repay it back. So during the application phase itself, have the repayment of the personal loan figured out.

Be On Track with Tenure

The runway to repay your personal loan may not be a long one. Unlike a secured loan like vehicle or home, a personal loan is a short term loan. It gets you the cash to meet unexpected emergencies but remember that the loan is a debt. Your endeavor has to be loan clearance within the tenure. Missing out on repayment can lead to default and prolonging your tenure. Stick to the tenure and clear the loan on-time.

Apply For another Loan

Sometimes it is better to be safe than sorry. There could be an instance where you may not be eligible for the loan amount you need and so you will continue hunting for funds at different banks. Try not to do that. Stay away from putting your monthly EMI obligations at risk. Clear one and then apply for the next. Being prompt with your loan repayments with Loan Singh helps you not only to improve your credit score but also build a good repayment history with Loan Singh, and get a second loan someday.

Don’t Miss On EMIs

The most basic of all pointers – missing out on EMI repayments, could hit your credit score in a bad way. Add to that the penalty on missing an EMI can easily lead to added expenses each month. Procrastinating with the EMIs can slowly push it to a point of no return. Ensure you keep reminders about the EMI due-date or you can easily set-up an auto debit feature and allow Loan Singh to deduct the EMI from your account each month.

Don’t Divert From the Purpose

Utilize the amount you avail for exactly the purpose you have mentioned. For example: do not spend the personal loan amount on unwanted wasteful indulgences. Focus on making use of the funds to get out of your financial emergency rather than thinking of spending it and moving to a bank for funds. Remember applying for credit at various credit institutions like banks leads to hard inquiries which adversely affect your CIBIL score.

 

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