When you need money very quickly, the first thing that comes to your mind is to take a personal loan. Personal loan is available very quickly. But its interest rate is very high, which is much higher than the loans given by banks and financial institutions. But here we are going to tell you some reasons that can get you a personal loan at an interest rate of less than 9 percent. For this you have to fulfill certain criteria. Let’s know about it…
How long does it take to get personal loan – Personal loan usually gets approved in 1 to 2 hours. But sometimes it takes 2 to 3 days to get the loan approved. If you fulfill the criteria mentioned here, then you can get a loan in 1 to 2 hours at an interest rate of less than 9 percent.
Good credit score The higher your credit score, the sooner your personal loan will be approved. Let us tell you that the credit score ranges from 300 to 900 and the closer the score is to 900, the higher the chances of getting the loan application approved.
Positive track record Whenever you take a loan from the bank, PAN card is required for that. If you have been declared a defaulter by any bank in the past, it may be difficult to get any loan in future. In such a situation, banks do not give personal loans even at high interest rates, assuming high risk. In such a situation, the track record of your old loan should be positive.
Comparison of loan and income If you already have multiple loans running on you and your income does not seem to the bank to pay the EMI of the new loan, even then the bank can reject your loan proposal. The thing to know here is that, of course, you are paying the EMI of the second loan on time and you have a good record even then you can get the loan rejected.