6 Tips and Tricks to Avail a Personal Loan

  • Updated on: 29 Dec 2023
  • Published on: 30 Aug 2021
6 Tips and Tricks to Avail a Personal Loan

Wondering how to get a personal loan quickly? With advances in technology, you don’t have to worry as the process has become simpler. You can get an instant loan online from lenders like Fibe – the most reliable online personal loan app. 

A personal loan can have great utility in times of financial need, such as to pay medical bills, electricity bills, rent, school or college fees, etc. You can also easily opt for this facility whenever unexpected expenses or emergencies occur. 

However, to approve the loan application, lenders and banking institutions have eligibility requirements that you need to meet. To know about how to avail a personal loan easily and quickly, read on.

6 Tips and Tricks to Avail a Personal Loan

Here are a few personal loan tips you must keep in mind when applying:

Maintain a Good Credit Score

While reviewing your loan application, one of the most crucial factors lenders consider is your credit score. This three-digit number helps them ascertain your creditworthiness and reflects your repayment history. Hence, the lower the credit score, the lesser your chances of getting an affordable loan. 

Banks and lending institutions usually look for a credit score (or CIBIL score) of 700 or higher when approving a personal loan. One of the ways to quickly improve your credit score is to clear your credit card dues and other financial obligations in a timely way.

When you apply for a Fibe Personal Loan, we don’t rely on your credit score. Instead, we use an alternate credit scoring mechanism to check your loan eligibility. This makes it easy for you to get a loan even if you do not have a great credit score or are new to credit. 

Apply for a Personal Loan Online 

One of the easy ways to save time when applying is to go for a 100% digital loan. This type of loan speeds up your approval process and makes it easier to submit the needed documents too. 

You can always opt for Fibe’s fast and reliable services. It allows you to provide minimum documents and get instant cash in minutes.

Show Clear Sources of Income 

One of the important factors that lenders check when approving your loan application is income. This helps financial institutions to ascertain whether you can repay the loan on time. 

To improve your possibility of getting a loan quickly, it is crucial to showcase your income sources by providing documentation. This is even more important if you have more than one source of income, such as income from rent, investments, freelancing and more. 

Maintain a Good Bank Balance

As mentioned above, income is an essential element for banks to decide on your loan request. Hence, ensure your expenses don’t exceed your income if you plan to get a personal loan. Your bank balance and account statement generally indicate your spending habits to the lenders. 

Ensure You Meet the Eligibility Criteria 

Before applying for a loan on an online personal loan app, check whether you meet the lender’s eligibility criteria. For instance, the eligibility criteria at Fibe are as follows:

  • You must be 21 years of age and not more than 55 years
  • You must be a resident of India
  • You must have KYC documents for verification (Aadhar, PAN card, driver’s licence, etc.)
  • You must be a salaried employee with ₹18,000 as minimum salary (metro cities) or ₹15,000 (non-metro cities)

Use a Personal Loan EMI Calculator 

If you are wondering how to avail a personal loan at affordable rates, you can use Fibe’s personal loan EMI calculator to compare your monthly obligations with different loan terms and offers. 

In this way, you can get a clear idea about how much you will have to pay as EMI, further simplifying your decision.

How to Get a Personal Loan Instantly

Fast approval of a personal loan depends on fulfilling the eligibility criteria and presenting yourself as a credible borrower with a good credit history and proper documentation. If you work on these key areas, you can get fast approval on your loan request. 

At Fibe, you can get Instant cash Loans of up to ₹5 lacs and enjoy the benefit of a quick sanction and a simple application process. Download the Fibe Personal Loan App or register on our website to get started and get your funds in no time!

FAQs on Tips to Get a Personal Loan

What is the easiest way to get a personal loan?

If you are wondering how to get a personal loan easily, you can consider applying for it online. Many online platforms like Fibe offer loans with an easy and hassle-free application process and minimal documentation.

How can I increase my chances of getting a personal loan?

There are several personal loan tips you can use to improve your eligibility. For instance, try to improve your credit score by making timely repayments, bringing down your DTI ratio by clearing existing dues, get a co-applicant, etc.

How can I make sure I get approved for a personal loan?

To ensure approval, fulfil the eligibility requirements set by the lender or get a co-applicant with a higher credit score and stable income.


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