Everyone has financial requirements in their lives and when big requirements for personal needs such as marriage, home, automobile or any other emergency requirements of family come up, one needs to have access to something which has quick disbursal, to fulfill it. As Personal loans are saviours in such situations, people opt for it.


How to get your personal loan approved?

Personal loans don’t need collateral and thus, they are beneficial in a number of circumstances. But, you need to take care of certain points so that it gets approved easily.


Meet the Eligibility

Every bank and loan type has its eligibility criteria that banks look for before approving a loan. Once you sort out the amount of personal loan you need, take a note and do a deep research of all the criteria that would help in getting your loan approved.

Many people don’t pay attention to the bank’s conditions, and end up getting their loan rejected. Age factor, documents, income slabs etc. are some of the points to be taken care of.


Evaluate your installments for smart repayment

Before applying for the loan, you must sort out the manner in which you would pay back the amount. You should plan out the payment installments before you approach the bank.

According to the amount you can pay back, you can desire the tenure and amount of loan you would place requests for.


A good credit score is a great advantage for you

Credit scores are a major factor when it comes to an approved loan request. The credit scores are evaluated on the basis of debt-to-income ratio or on any previous loans you have repaid.

If you have paid your credit card bills on time every month, your credit ratio would be a good one. The credit range varies from 350-900, and any score above 700 is considered great. If your credit score is not good, you must try to make it better as it will raise the chances of getting a loan significantly.


Consider your debt to income ratio

Your debt to income ratio is another major factor for banks deciding your personal loan approval. This ratio suggests the debt against the amount you earn. It is also known as fixed-obligation to income ratio (FOIR).

If you have lower ratio, that’s good. That means that you have fewer liabilities, better repaying capacity and better chances of approval. Ideally, it should never exceed 40% of your income.



Personal loans have been a great helper in monetary requirements, but as it comes with certain conditions, it needs to be taken care of. With Seloans by your side, you stay updated with various banks, their conditions to fulfill and the guidance required from a trusted provider. With Seloans experienced staff and trusted work, you can be rest assured of your personal loan request. We are here to provide the necessary guidance to make the loan request hassle-free for you.

Contact us today for any kind of loan requirements that arise.