Follow the tips given below to increase your chances of approval for a personal loan from KreditBee:
- Know the lender’s eligibility criteria- Have a clear idea of the lender’s eligibility criteria and ensure that you meet all applicable criteria. This will help you avail a personal loan more easily.
- Build and maintain a high credit score- A high credit score is one of the most important things that could help you avail a personal loan more easily. Build and maintain a good credit score (usually 750 or above) as it indicates a higher credit-worthiness and better repayment capacity and thus, helps increase the chances of approval of your personal loan.
- Stable history of employment- Having a steady job and a stable employment history usually indicates that you have sufficient funds to repay the loan and are less likely to default on repayments and thus, enables you to secure a personal loan more easily.
- Credit utilization ratio- It is the ratio of the amount of credit availed to the available credit limit. A low credit utilization ratio (generally 30% or lower) indicates a lower dependence on credit and a higher credit worthiness and thus, enables you to avail additional credit more easily.
- Avoid making multiple simultaneous loan applications- Making too many loan applications/enquiries with several lenders at the same time/within a short period of time shows you to be credit hungry. It also leads to an increase in the number of hard enquiries (made by these lenders) for your credit report which adversely affects your credit score and thus, decreases the chances of approval of your personal loan.
Also read about Kreditbee Personal Loan Customer Care.