Increasing digitization and interoperability between payment platforms have made it easier than ever to get loans. Thanks to online EMI calculators, we can easily plan our credit management for free and apply for loans at our convenience. The processing time for loan EMI approval is almost instantaneous while EMI rates are better than ever with many banks and NBFCs vying to offer accessible credit.
To get your loan application approved instantly, you should follow the steps given below.
- Apply Online (or offline)
Nowadays, lending organizations encourage online loan applications for all types, from personal to home loans. Applying online also provides the ease of tracking the application status from anywhere. If you find it difficult to apply online, you can go to your lender’s nearest branch. Make sure that you submit all the correct documents without any delays.
- Speeding the Bank Verification
Lenders verify the loan request and your eligibility before disbursing the loan to ensure that there is a good chance of paying the loan EMIs on time. You should submit all the requisite documents in the correct format.
- Quickening the KYC verification
Provide accurate, exact copies of the requisite documents- Aadhar, PAN, passport, driving license, NREGA job card, etc. Applying for a loan at the same institution where you have your accounts makes it faster and may lessen the EMI rate.
- Be present for Address Confirmation.
Lenders often conduct address verification, especially if the loan applicant is self-employed and applying for home loans and vehicle loans. Being present in the days after the submission will speed up the process greatly. If you live in rental accommodation, keep the landlord and neighbors informed.
- Keep Your Credit Score High
If this is your first loan application, you can improve the speed of approval and lower the EMI rate by taking a credit card and making timely repayments. In any case, lenders check your salary slips and tax returns as well, so never delay or miss out on filing them.
- Loan Amount, EMI Rate and Tenure
The higher the loan amount you desire, the longer it may take to get instant approval. The EMI rate may also increase; too high or too low tenure loans generally have higher rates. One way to deal with this to ask for a high loan EMI if possible with sufficient down payment. Use our EMI calculator to determine the optimal numbers for you.
- Pay the Fees and Taxes on time
When your loan EMI is almost approved, the lenders ask you to pay the processing fee, stamp duty, etc. or they may collect it from your associated account. Ensure that this is ready to be paid out, and the account has sufficient balance.
- Having too Many Open Loans can Hurt
This can extend your loan’s approval time since the lenders will scrutinize your repayment capacity more closely. Your credit score also gets negatively impacted if you miss out on any loan EMIs which can happen when you have two or more ongoing. It’s best to take only as many loans as you can comfortably pay off while being able to save as well.
Loans are easier to avail than they ever used to be, and all it needs is some smart credit management to prepare the ground. You can use tools like free EMI calculators and one-stop bill payment solutions to plan your application and manage all your credit needs.