How to Be Eligible for Quick Cash Loans in India All the Time?
This post was last updated on July 20th, 2020
A quick cash loan is nothing but a cash loan that can help you borrow instant funds for your immediate needs such as month-end cash crunch, emergency medical bills, tuition fee payment, emergency medical bills, impromptu vacations or any other urgent need. To always be eligible for quick cash loans in India from any lender or any financial institution, you need to meet certain eligibility criteria. Technology has enabled lenders process loans in real time and provides loans to borrower instantly, one such example is https://instant1hrloans.com/, where you can instantly compare and choose from various borrowers who are willing to provide you loans based on your custom requirement.
So, let’s have a look at it in detail:
How can you be eligible all the time?
To be eligible all the time for quick cash loans, you must be very careful with your:
CIBIL Score
To avail a quick cash loan from the lenders, you must have a good CIBIL score. We know that CIBIL score is such an important benchmark considered by almost all the lenders before giving approval on your loan. A very good score implies that you have been managing all your finances so well and you are responsible. Lenders will also check your repayments history. Having a good CIBIL score indicates that you have a good history with the secured and unsecured loans you have taken so far.
So, always be on top of your existing repayments to enhance your CIBIL score.
Monthly Income
To pay back any loan in EMIs, you should have enough money in your hands and even after you pay all your equal monthly installments, you should have enough money left for your other needs such as utility bills, food, rent, transportation, etc. Ensure that your total EMIs for the month do not exceed 35% of your income per month, only then, there will be sufficient money left for your other necessities. Make sure that even if your salary range is high, your fixed monthly commitments must not be more than 60% of your in-hand income per month.
So, whatever be your salary, if your Fixed-Obligation-to-Income ratio (FOIR) is higher, you must lower your equated monthly installments. This will significantly boost your chances of getting a quick cash loan from the lenders.
Job stability
One of the important factors considered by many lenders is job stability. Lenders or financial institutions can easily determine the eligibility of the applicant and approve his/her loan if their career is very much stable without many gaps. This will make it easier for the lender to examine the financial situation of the borrower and their payback capability. It is also to be noted that applicants with too many job changes may not look trustworthy for the lenders to approve their loan because of their unsteady income.
So, job stability is one of the mainly focused criteria by the lenders to decide whether or not to approve your loan application. If your job isn’t stable, the lenders would naturally decline your application.
Takeaway
To conclude, we can say that to have access to funds from the lenders all the time, you need to meet the above-discussed criteria without fail. Make sure you are in-line with those so that your loan is approved without any hassle.
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