Fastest Ways to Get a Personal Loan Approval

Ever since the implementation of the New Economic Policy of India in 1991, the nation has witnessed immense growth in various segments, which includes foreign investment, businesses and personal finance. Here in the scenario of personal loans, things are always changing with an aim to provide a hassle-free experience.

Table of Content

• Ways to Get a Personal Loan Instantly
• Approval Time for Personal Loans

With the increasing popularity of digital finance, personal loans have become more accessible eventually leading to high demand. The processes of lending and borrowing in personal loans are getting easier, all due to online personal loans.

Considering loans as a financial product, in its initial years, were more of a burden than assistance. Now, it is a boon for people who live in the digital age, as they can spend the funds however they like. Traditionally, personal loans were used for expenses such as medical emergencies, weddings, or educational purposes. What if there was a family emergency? So, the first thing on your mind must be, how to get a personal loan quickly. There are a few tips and guides to get faster approval on your loan application.

Ways to Get a Personal Loan Instantly

• Choose the right lender: You need to select a lender that offers quick personal loans. This is because different loan providers have varying approval processes and timelines. For instance, Muthoot Finance provides instant personal loans at lower interest rates and with minimal documentation. In most cases, both online and digital lenders offer instant personal loans.
• You must have a good credit score: Your credit score is one of the main deciding factors that determine whether you are credible enough to be trusted and have the capability for repayment or not. Moreover, maintaining a good credit score of 700 or above, which is considered high, can improve your chances of getting a personal loan instantly.
• Always keep your documents ready: Availing loans via digital platforms follows a completely digital process that is convenient and less time-consuming. You would have the upper hand if you kept your documents ready because the digital process allows you to upload documents online, which eventually speeds up verification and loan approval time.
• Maintain a good debt-to-income (DTI) ratio: By comparing your monthly debt payments to your gross income, the debt-to-income ratio evaluates how well you manage the portion of your income to clear your debts. A low DTI ratio enhances your chances of getting quicker approval on your instant personal loan application.
• Check your eligibility: To be eligible for a personal loan, you either need to be self-employed with a constant income or a salaried employee. Visit the Muthoot Finance website and use our personal loan eligibility calculator to check the amount you are eligible for and the amount of monthly EMI you will be paying.

Approval Time for Personal Loans

Many factors affect the approval time for a personal loan. These include your credit score, income, and the processing time required by the lender. Generally, the approval and disbursal time of a personal loan depend on the amount and can take between a few hours and a few days.

• Digital platforms: With the intervention of digital platforms, online loan applications have remarkably cut down personal loan approval time. This has also made the procedure quick and easy and does not require any physical documentation.

However, you only need to submit a few documents such as a PAN card, Aadhaar card, proof of income and bank account statements. This ensures a quick approval of your loan application. Muthoot Finance provides lower interest rate personal loans with a 100% digital process.

• Traditional lenders: It may take longer for personal loans to be approved when requested through traditional banks or non-banking financial organizations (NBFCs). The approval of a personal loan may still take a few business days, despite the fact that some lenders have digitised their procedures.
• Pre-approved Loans: There are banks and other financial institutions that offer pre-approved loans to their clients based on their credit history. A pre-approved personal loan disbursal process typically occurs quickly because a large portion of the verification process is already finished.

Your loan application process may drastically change from being time-consuming to being swift and efficient if you exercise the tips mentioned above.

If you need help figuring out how to apply for a personal loan with the best interest rates, Muthoot Finance is a great option. Our flexible repayment plans, competitive interest rates, transparent eligibility conditions and verification procedures make us a credible and trustworthy brand.