Your Personal Loan Eligibility: 5 Factors That Decide Your

 

Planning for a personal loan? If yes, you need to improve your chances of getting a personal loan online apply approval instantly. Since a personal loan is completely unsecured, there are chances that you will be rejected if you do not meet eligibility. Personal loan eligibility focuses on a couple of factors like income, credit limit, income, business stability, and employment history. It is very essential to maintain good health eligibility in order to explore the best benefits of a personal loan. Financial institutions always look at five main factors when reviewing loan applications.

Credit score

Every personal loan application is screened by every loan provider and your credit score is an important factor that is checked by them. It is a 3-digit financial number that determines the credit health and financial history of an individual. Based on the credit score, the financial institutions decide whether to approve or reject the loan application. Therefore, if you are planning on a personal loan, you need to improve your credit score with the right credit activities.

High income

With a high income, your chances of getting personal loan approval are very high. Individuals with a good salary are able to get an instant personal loan online approval without any difficulty. This is because individuals with a handsome salary find it very easy to complete the repayment within the loan tenure. Therefore, for financial institutions, individuals with a high income each month always become an asset. Therefore, for such individuals, personal loan approval is always easy and smooth.

Job stability

Along with income stability, employment history and job stability are important factors. Salaried individuals need to work on improving job stability and employment history in order to get personal loan approval. Financial institutions always make it easy for individuals working in permanent positions for long periods of time with a good brand.

The debt-to-income ratio

With multiple loans already outstanding, it becomes difficult for you to get a new personal loan. Therefore, it is important to build your credit eligibility with the help of a low debt-to-income ratio.

Documentation

Documentation and application are very important personal loan eligibility factors that determine whether you will get approval or rejection. If you do not complete the application process, the loan provider will immediately reject your personal loan application. If you are not able to complete the documentation, the loan provider will not be able to run the background verification. Make sure you complete documentation to get personal loan approval.

Wrapping up

If you need a smooth personal loan online apply process, make sure you meet the personal loan eligibility criteria. Get an instant personal loan online with Clix Capital.

Read More: Urgent Loans—All You Need To Know About It

5 Smart Ways to Use An Instant Personal Loan During COVID-19

 

The COVID pandemic was a huge crisis for both salaried and self-employed individuals. It was difficult to meet ends and fulfil even the daily utilities. During the COVID-19 pandemic, there are several obstacles and financial situations that individuals face. An instant personal loan is the best financing option that helps you get instant funds to meet all your small and large needs. An instant personal loan is good for meeting emergencies and credit building during the pandemic. Here’s how you can use an instant personal loan online smartly:

Medical emergency

The COVID-19 pandemic was a global medical crisis. In such a scenario, it is very important for individuals to meet their medical costs and expenses. The personal loan online apply numbers have seen a high rise due to the medical emergency and crisis. It is one of the best ways to overcome a medical emergency by taking a personal loan to meet the medical emergency that cannot be delayed. In order to give loved ones the best treatment, it is important to take a personal loan.

Pay off your credit card balances

During such an emergency, it is important to keep your financial health in order. Make sure you pay your bills on time and maintain a clean record. Pay your credit card bills using a personal loan. It is an affordable solution for keeping good financial health. This makes you eligible to borrow during a financial crisis so that you are able to overcome it.

Pay utility bills

Yes, during the COVID pandemic, there are many that have lost their jobs, homes, and businesses. Even for paying the utility bills, it was becoming difficult to arrange funds. Therefore, a personal loan was the only thing that helped with the payment of utility bills and daily expenses like electricity bills, rent, food, and other essentials. With the help of a personal loan, it is a good solution to cover essential needs.

Debt consolidation

It is important to consolidate all your existing loans into a single one. Debt consolidation is a good process where you will be able to get a single EMI to pay. This will be easy to pay a single EMI that is managed during the pandemic.

Home renovation

Take a personal loan and renovate your home. You can take this chance to renovate and remodel your home using a personal loan. During a COVID pandemic, you can use an instant personal loan to give your home a new look.

Wrapping up

Get a hassle-free personal loan online by applying for an instant personal loan online from Clix Capital. Use a personal loan interest calculator for a better borrowing experience.

Read Full: All you need to know before becoming a personal loan guarantor

11 Reasons Why Personal Loans Are Getting So Popular By The Day

 

Planning for an instant personal loan? It is a multi-purpose loan that can be used for so many needs. This is because it is a flexible form of loan for the most popular 11 reasons.

1. You can avail of personal loans online. You don’t need to visit the loan provider. You simply need to apply online by visiting the website or mobile application. It is easy to take a personal loan from your home.
2. Quick and easy loan application, approval, and disbursal process allow you to meet all kinds of instant needs and emergencies. You can get a personal loan on the very same day which makes it a perfect one for crises and emergencies.
3. Adequate best personal loan financing options are available with a personal loan. You can easily get a good number of options when you get a personal loan. Make sure you choose the right financial option to help yourself with emergencies and crises.
4. Short loan processing time helps you with instant processing without any delay. It helps you to quickly fulfill the loan requirements. Clix Capital offers instant loan processing which allows you to get funds smoothly.
5. Minimal documentation allows you to get through the process easily. You just need to upload all your documents along with the application process. You need to prove the background verification without which the loan provider will not approve the loan request.
6. User-friendly apps assist online loan applications.
7. No collateral required makes it a perfect choice. This is important because an unsecured personal loan is an ideal borrowing experience. It is an unsecured loan and there is no need for any security or Collateral.
8. Simple eligibility criteria make it easy for salaried and self-employed individuals to meet and borrow. You need a good credit score and a high income to get a personal loan. It is easy to visit the Clix Capital website and get borrowing done easily.
9. No restrictions on end usage are imposed on a personal loan. This means you can use the personal loan in a Flexible way. There are no end usage restrictions. You can use it for any kind of small or big expenses.
10. Flexible repayment terms help you to repay the loan without any financial burden. It will actually help you with a smooth and hassle-free borrowing experience. Choose your repayment tenure according to your income and other monthly expenses
11. Useful for debt consolidation that allows you to have a single EMI for every month. You can quickly close all your existing loans by consolidation and pay just a single EMI.

Finishing up

An instant personal loan is an affordable choice that is used for all kinds of needs. Make sure you choose a low personal loan interest rate in order to manage your finances.

Read Full: How a Medical Emergency Loan Can Help You Reduce Stress During Emergencies

Get an Instant Personal Loan for Medical Emergencies in India

 

When there is a medical emergency, you always need an instant personal loan for all your small and big-ticket expenses. An instant personal loan is the best financing option for flexible kinds of needs. It is an ideal solution to reduce stress during a medical emergency. With the help of a quick loan, you are able to meet all your medical emergencies without any limitations.

 

Why get an instant personal loan for a medical emergency?

●        It is available within a few hours. Since you cannot delay a medical emergency, you need an instant personal loan that is also known as the same-day loan.

●        It is a flexible form of loan that can be used for anything related to medical or anything else that you need. A flexible source of funds is very important when you are in the middle of a medical emergency.

●        No need for any collateral or security when you get an emergency personal loan. When you are in a medical emergency, you cannot pledge any collateral to get a loan.

●        An instant personal loan is available online. You don’t need to visit the bank branch physically in order to get a personal loan.

 

Steps to get a personal loan

●        Check your eligibility criteria to get a personal loan. You can use a personal loan eligibility calculator that is available on the Clix Capital website. It gives you an approximate idea about your personal loan eligibility.

●        Compare all the loan providers. It is best to get an affordable loan. Make sure you get an affordable personal loan by choosing the right bank or non-banking financial institution. By comparing you can easily get an affordable loan. Compare rates, charges, and terms and conditions before finalizing.

●        Apply online. Visit the official website or apply through the mobile application. Fill up the online application form and upload all the documents. It is a simple and smooth process of borrowing that helps you to choose the best personal loan for all your needs.

●        Approval and disbursement are given on the very same day. It takes only a few hours to get the approval followed by the loan sanction letter.

●        Disbursement is credited to your account within a few hours after the approval.

Read Full: Are you choosing the best personal loan for your needs?

Finishing up

When you take an emergency personal loan, you need to compare and get the most affordable one. Make sure your instant personal loan is not an expensive one.

Use the Personal Loan EMI Calculator Before Meeting the Banker?

When you need a personal loan, you simply visit the bank and completely depend on the loan officer. Should you do that? Not really! In this age of the internet and technology, you must be self-sufficient enough to make your own decisions.Yes, when you decide to borrow, you need to do your part of the research and then decide on your repayment too. If you are the one who will repay, why rely on the loan provider to make the decision on your EMI payment? It is completely your decision to choose the right EMI amount even before you visit the loan provider. If you pay what your loan provider fixes, it is going to become a burden. Here’s how a personal loan EMI calculator can help you.

Calculate your EMI with a loan calculator

You are going to pay your EMI every month. Within a fixed due date, it is you who is going to make the payment. Therefore, you need to choose an EMI amount that is okay for you to repay. Make sure you choose the EMI amount correctly so that it is easy for you to repay. Make sure you use the loan calculator available online on the Clix Capital website. When you use an EMI calculator, it becomes very easy and simple to quickly calculate your EMI. When you visit your loan provider, you will have your EMI amount in your mind. This is what responsible borrowing looks like.

How to calculate EMI?

An emi calculator is a special calculator with only one purpose: to calculate emi coefficients. Therefore, it is only designed in that manner. You are unable to perform any other calculations in that EMI calculator. You can quickly calculate your EMI using the formula:

Rate of interest and principal amount divided by the number of months in the loan tenure

This formula is designed for an EMI calculator where you simply need to input the digits. This formula gives you your EMI amount in flexibility.

Select the best EMI

When you calculate your EMI using a calculator, you can quickly make changes and find a new EMI amount till it is suitable. You need to calculate the EMI based on the rate of interest, tenure, and principal loan amount. If you find the EMI is high, decrease the loan amount or increase the loan tenure. This will help you find the right EMI amount.

Wrapping up

While taking a personal loan, you need to calculate your monthly instalment using a personal loan EMI calculator. It will help you choose the right EMI amount for all your needs.

Read Full: Know Pros & Cons of Long Term Personal Loans Before Applying

 

Comparing Personal Loans Here Are the 5 Key Parameters to Consider

 

Compared to personal loans, If so, there are a couple of parameters that you need to look for. When you consider the five most important parameters, you end up getting a suitable instant personal loan.

Interest rate

When you are comparing personal loans, the first parameter of priority should be the rate of interest. It is important to compare the rates of interest with a personal loan calculator to make sure you get the most affordable personal loan. Every time you compare personal loan providers, you will always find a significant difference in the rate of interest. It is very important to get an affordable rate of interest, which makes repayment easy. If the rate of interest is high, your loan cost will eventually become an expensive one.

Hidden charges

Comparing personal loans becomes important in order to get an affordable borrowing experience. If you do not compare the hidden charges offered by the loan provider, repayment will become a burden. When the hidden charges are added to your monthly installment, the loan cost increases. Therefore, it is essential that you compare various loan providers to understand the hidden charges imposed by them. Make sure you do not go for any hidden charges.

Principal loan amount

While a bank can sanction a loan amount of 50,000, a non-banking financial company can sanction a loan amount of 90,000. The loan sanction amount is not the same for every loan provider that you get in touch with. This is why it becomes very important to compare various loan providers on the basis of loan sanction amount.

The monthly EMI amount

When you choose a particular financial institution for a personal loan, you always need to compare the monthly instalment amount. There are loan providers that allow you a short-term loan, which makes the monthly EMI amount high. There are other financial institutions that offer flexibility in choosing the monthly EMI amount. This should be an important factor on the basis of which you need to compare.

Eligibility criteria

When you do a personalloan apply online, you always need to focus on the eligibility criteria imposed by the particular financial institution. It is important to choose the one that offers low eligibility criteria and a high approval rate.

Finishing up

For a smooth personal loan apply online process, make sure you always use a personal loan calculator. It helps you calculate the total loan cost of an instant personal loan.

Read Full: Customized Personal Loans—Instant, Online, and Customer-Friendly

How to Compare Personal Loan Offers from Multiple Lenders

It is so important to compare loan providers before finalising the same. You can't stop checking out almost every brand before buying a specific outfit or gadget if you do it for a personal loan. It is very important to borrow in a responsible manner so that you choose the best loan offer for yourself. Unless you compare a good number of loan providers in the market, it becomes very difficult to get the best personal loan deal. There are several banks and non-banking financial companies that can offer you an instant personal loan online. It is important to choose the right loan provider so that you get an affordable loan that does not become a financial burden.

Compare the rate of interest

The rate of interest is the most important factor that needs to be considered during the comparison. Since the personal loan interest rate is a variable component, every loan provider has its own rate of interest. It is very important to compare the rates of interest offered by banks and non-banking financial companies. When you compare, you can easily find a better rate of interest without making it a burden. An affordable interest rate will always keep your monthly instalment affordable.

Comparison of the total loan cost

It is very important to go for an affordable personal loan online apply. Whatever your reason for borrowing, you don't want your personal loan to become a burden on your daily finances. If you are not getting yourself an affordable loan, the monthly instalment will be very high. It is crucial that you compare the total loan cost, which includes the rate of interest charged and all the hidden fees that are charged by the particular loan provider.

Compare the principal loan amount

The eligibility of the loan sanction amount depends completely upon the loan provider. The sanctioned amount is decided based on the eligibility factors of the individual. While a particular bank may offer you a personal loan of 50,000, a non-banking financial company can offer you a loan of up to 70,000. This is why you need to compare. Every loan provider will offer you a different principal loan amount. When you compare, only then are you aware of this fact.

Compare terms and conditions

While borrowing, you will come across various terms and conditions offered by the loan provider. These terms and conditions are very important because they decide your borrowing experience. When you compare loan providers on the basis of terms and conditions, you will always choose the right kind of loan.

Finishing up

Before you start your personal loan online apply process, compare all the factors of an instant personal loan online. When you compare, it becomes very easy to get the best personal loan interest rate.

Read Full: Personal Loan Interest Rates in 2021: Latest Interest Rates from Banks and NBFCs

How to Get a Personal Loan on an Aadhar Card and a PAN Card?

 

Do you need a personal loan? If yes, you will be surprised to know that it is easy to get a personal loan on PAN card and Aadhaar Card. Yes, non-banking financial institutions and Fintech organisations offer personal information without a long documentation process. It is important to choose the right personal loan that helps you meet all kinds of needs and emergencies. Getting a personal loan can be easy when you find a suitable financing option. Banks offer personal loans with a lengthy documentation process. Therefore, it is important to choose the right personal loan with a single document.

Step-by-step instructions

●        Check your eligibility criteria. When you decide to take an instant personal loan online, you need to make sure that you get flexible borrowing. Choose between an Aadhaar card and a PAN Card loan from Clix Capital. With Clix Capital, you will be able to check your credit eligibility by using the eligibility calculator. Make sure you check your eligibility, whether you are capable of borrowing or not.

●        Compare all the loan providers. There are various banks and non-banking financial institutions available in the market. It helps you choose the best loan provider that offers the best rates and favourable terms of service. Choose the final loan provider based on suitable borrowing terms. Clix Capital is a good option that offers a personal loan with a PAN Card only.

●        Apply online. A personal loan with a PAN Card is a good option because you can get a loan from your home. From application to disbursement, the entire process is done online. Using the website and mobile applications, you will be able to apply for a personal loan. This is one of the best advantages that you need to choose.

●        Documentation is easy with a personal loan when you apply with a PAN card. You simply need to scan the documents and upload them along with the loan application online. When you upload the documents, it will help you choose the right way.

●        Approval is easy when you choose a personal loan with a PAN Card. You can get approval within a few hours. Online personal loans are simple to obtain because they are approved on the same day.

●        Disbursement is given right after approval. The digital loan sanction letter helps you choose the right loan. The disbursement is easy and quick. You get instant funds in your account.

Read Full: 5 Simple Ways to Choose the Right Personal Loan Tenure

Finishing up

Visit Clix Capital to get a personal loan on a PAN card. An instant personal loan online is suitable for you to meet all kinds of expenses. Use a personal loan interest calculator to check rates and make it easy to get an affordable one.

How to Avail Tax Benefits on a Personal Loan (3 Possible Ways)

 

Then you decide to take a personal loan you need to look for various benefits. After choosing an affordable loan, what you need to look for is tax benefits. Yes, tax benefits with borrowing can have you some amazing savings done annually. You can always get tax benefits on a personal loan only when you use it for some specific uses. If you are using an instant personal loan for personal uses like debt consolidation, paying credit card bills, travelling, or shopping, you will not be eligible for tax benefits. However, when you choose to opt for a personal loan for the tax deduction, you need to use it in three possible ways. Find out how you can use your personal loan for tax benefits.

Pay personal loan to buy home

Yes, when you use the best personal loan like a home loan you can always get the tax benefit. When you use a personal loan to pay the property cost or down payment of a home, you can get tax benefits. When you purchase a plot of land or property using a personal loan, you get good tax benefits. If you are taking a joint home loan, both the owners are eligible for tax deduction up to 2 lac. This is one of the best ways by which you can find huge tax benefits on your personal loan. You need to purchase a property only then do you get tax exemption on annual basis.

Personal loan for education

It is not new that education loan is subject to tax benefits. When you use a personal loan for education costs, you get tax benefits. Yes, money used for paying tuition fees helps you to keep away tax m you can enjoy a huge tax deduction when you pay it for education tuition fees. Only the tuition fee that you pay is eligible. If you pay for a hostel or food, you will not get any tax benefits. The amount should be used for paying the tuition fee of a particular course or program only then do you get tax benefits.

Personal loan for business needs

Yes, using a personal loan for commercial needs can get you a personal loan. It will be very easy for you to pay the personal loan for all your business needs. You can get annual tax redemption.

Read Full: The 4 Personal Loan Myths You Should Be Aware Of

Finishing up

Get the best personal loan from Clix Capital. Use a personal loan calculator to compare the total loan cost and take an affordable instant personal loan.

Improve Your Chances Of Getting And Repaying A Personal Loan By Understanding These 9 Pointers

 

Planning for a personal loan? If yes, you need to set your credit standards high in order to get smooth approval. Here are a couple of methods for getting easy approval.

1. Do in-depth research and compare personal loan offers from multiple financial institutions so that you are able to choose the best personal loan deal. It is important to get an affordable one.
2. Meet the eligibility standards and criteria as imposed by the loan provider before applying for a personal loan. Build a good credit score and generate an extra source of income to be eligible for and get affordable loans.
3. Choose an optimal loan amount that will be perfect for you to meet your needs. Do not borrow more or less than what you actually need. Every penny that you take comes with a fixed rate of interest that makes it an affordable choice.
4. Check your credit profile beforehand to avoid loan rejection. Instant personal loans are unsecured, which is why financial institutions are very particular about your credit profile. Check your credit profile to reduce the possibility of loan rejection.
5. Plan out how you are going to repay the loan with the right loan tenure and EMI amount. It is important to have the right repayment scheme. Make sure you plan the repayment in such a way that it becomes easy for you and not a burden. You can seek the help of a personal loan calculator for this purpose.
6. You should know your average monthly income and employment history. This is an important criterion that is checked by banks as well as non-banking financial institutions. A good income is important for handling a personal loan. It is also an important eligibility criterion.
7. Know your debt-to-income ratio before applying for a personal loan. It should not be more than 30%. If you are already paying more than 30% of your income in debt repayment, you should not take a new loan.
8. Understand the value of the liquid assets you own. This will help you figure out the market value and how you can repay it if you default.
9. Find a loan term that is most suitable for you. Do not choose the wrong tenure. A lot will depend upon the loan tenure that you choose. Make sure you find the right EMI.

Read Full: 5 Factors that can influence the interest rate of your personal loan

Summing up

Get the best personal loan by using a personal loan calculator on the Clix Capital website. An instant personal loan is almost a survival tool for an emergency or crisis.

9 Reasons to Complete Your Loan Application

 

Are you planning to complete your personal loan application? If yes, there are various reasons why you must complete your personal loan apply process.

1. Fund your education costs. With the help of a personal loan, you are able to meet all the expenses of the ongoing course or education program. It is adaptable, and you will not find a more cost-effective way to manage your finances.
2. Manage all the expenses for your wedding. A wedding is an extravagant affair in India. It is important to manage all your wedding expenses with a smooth flow of funds. A personal loan is advantageous because it provides instant approval and a flexible source of funds.
3. Complete your personal loan application in order to renovate your home. Purchasing a new property is not easy and not possible every time. However, you can quickly take an instant personal loan and remodel your home with modern amenities and the latest features.
4. A personal loan is one of the best choices if you are planning an exotic travel plan. If you are finding it difficult to work on your expenses, you can quickly take an instant personal loan to manage the travelling expenses.
5. Finish off your loan application instantly to get disbursement on the very same day to manage medical costs and emergencies. You can take an instant personal loan on the very same day and get funds credited to your bank account.
6. Pay your credit card bills using a personal loan. It is an affordable solution where you can get instant funds on the very same day of application. If you do not apply by the due date, you will receive funds later on and end up paying interest and late charges. Complete your application today in order to pay your credit card bills instantly.
7. Use a personal loan to consolidate all the existing loans that you are paying every month. You can finish the loan application online in order to get instant funds to repay the expensive existing loans.
8. Buy your favourite electronic gadget that you have been eyeing for a long time. By completing the loan application, you are able to manage your source of funds without utilising any of your savings or income.
9. Pay your electricity bills by completing your personal loan application today.

Read More: Which is the best option: online personal loans or offline personal loans?

Finishing up

The personal loan application process for an instant personal loan is always smooth and hassle-free. Get the list of personal loan documents to complete the application.