At times of a financial emergency, it is always a good idea to get a personal loan. Loan Singh’s digital lending platform allows you to avail a personal loan within 36 hours. Loan Singh never meets you face-to-face; and yet, entrusts you with the personal loan. This also means that you need to do more than what is required of you to get the loan approved. As an analogy, imagine a soldier who is about to be sent to battle. The commanding officer will look at his battle history report and see how good he was when he faced a similar situation. An experienced soldier knows what to expect, the risks involved, how to be prudent, how to be disciplined, how to have a strategy, etc. Knowing the soldier’s past experiences the commanding officer can decide if the soldier is capable of handling the task.
Similarly, you can get your personal loan approved by Loan Singh, only if you follow the tips we are going to give you through this piece. Before we get to the tips let’s looks at what a personal loan is, if you are eligible to get a personal loan and how can you apply for one at Loan Singh.
What is a Personal Loan?
A personal loan is an unsecured loan that you apply for when in need of urgent funds. Being unsecured, it does not require collateral or mortgage. Your credit report determines if you are eligible to get the personal loan or not. It indicates if you will pay your loan EMIs regularly or not. It shows how prompt you have been in your previous credit responsibilities and how much trustworthy you are. Along with a good credit score, you need to be a salaried professional earning a minimum of Rs.15,000 per month. Suppose you have no credit history (never availed a loan previously) you will need to be salaried for at least 3 months prior to application. You must be of at least 21 years of age and of Indian nationality.
How to Apply at Loan Singh
The process is simple and completely online. You need your PAN Card and latest 6 months bank statement. The statement has to be in PDF format only. You can apply for the personal loan by going to Loan Singh’s Get Started page.
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.
6 Tips to Get Your Personal Loan Approved
These 6 tips will help you get your personal loan approved at Loan Singh. Although these tips will help you boost your chances of a loan approval, kindly note the final discretion is with Loan Singh. Do also read the FAQ page before applying.
Review Your Application
Now this is an important phase. Ensure that the details you input on the ‘Get Started’ page are genuine and without any hint of malice. We encounter applicants who do not provide their bank statements in PDF. They send us scanned soft copies and hence get their applications rejected. Understand that we are a digital lending platform, poles apart from the traditional lending solutions that you have encountered in the past. Loan Singh will disburse the amount within 36 hours only if you provide your correct information in the application.
Check Your Credit Report
A good practice while applying for a personal loan at Loan Singh is doing a self-check of your credit report. The credit score is calculated based on your credit history so it is but obvious you need to check the entire report to look for any errors due to typos or mistaken identity. This then gives you the opportunity to make changes on the report before applying for the personal loan.
Know Your History
Who better to know your history than yourself? You know how prompt you were with your past credit obligations. You were the one who never missed an EMI repayment or paying your credit card bill statement on-time. You were the one who was disciplined with scheduling EMI reminders and ensuring you made payments via netbanking because of its quick transfer. These habits build trust between you and Loan Singh, thereby making the approval a breeze. Your credit score will remain positive if you have been following these practices.
Being careful with your credit limit
What is the use of being prompt with your loan EMI repayments, but at the same time maxing-out your credit card? The diligence you maintained with your credit responsibilities will amount to nothing if you spend beyond your card limit. Just because you maintain a large credit limit does not mean you use it to completely. This indicates that you cannot survive without your card. Therefore, use up to 40% of your credit limit to be on the safe side.
Manage Your Debt Wisely
Simply don’t go around applying for credit just because you can afford them. Each time you apply for a fresh credit, a hard inquiry is raised by the credit institution to the credit bureau. Maintain intervals between credit applications. If you own multiple credit cards and want to close them, do so at a regular duration starting with the most recent one.
Maintain a Healthy Mix of Credit
A healthy mix of unsecured (credit card, personal loan) and secured credit (home, vehicle loan) helps improve your credit score. Doing so tells the credit institution about how experienced you are in servicing your debt.