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Strategies for Obtaining a Personal Loan on a Low Income: Kaise Apply Karein
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Strategies for Obtaining a Personal Loan on a Low Income: Kaise Apply Karein
Are you planning to gain some financial assistance? Do you face a low income issue? Welcome to Stashfin, one of the leading platforms for Personal Loan Finance. It is well-known that unexpected emergencies can arise anytime, and they don’t come based on your financial situation. This is where such financial avenues come into the game.
Remember that securing such a facility is no big task and is easily achievable with careful and meticulous planning. In this blog, we’ll equip you with the right knowledge to navigate the lending landscape in our country and increase your chances of loan approval.
Understanding the potential roadblocks for loan
As such loans are unsecured and don’t require any collateral and even offer the Lowest Interest Rate For Personal Loan, it is still essential to fulfil certain criteria to avail of this facility.
Credit Score
A high score (ideally above 750) signifies responsible credit management and increases your loan eligibility. On the other hand, a low score raises red flags for lenders.
Income Stability
Consistent income from a reliable source reassures lenders that you are a responsible borrower and have the ability to repay. Keep in mind that low or high income isn’t significant; what is essential is that recent job changes or irregular income patterns can be a major disadvantage.
Debt-to-Income Ratio (DTI)
This is basically the ratio of your monthly debt obligations to your gross income. If it is high, it clearly indicates that you are having difficulty managing your existing debt.
Strategies for Obtaining a Personal Loan on a Low Income
Co-signer
If you have a friend or family member with a good credit score and stable income, consider asking them to co-sign the loan. This will increase your chances of approval and help you secure a lower Interest On Personal Loan.
Build and Maintain a Healthy Credit Score
This is one of the most important strategies. Ensure that this crucial 3-digit number is intact to avoid any hassle. You can get your free CIBIL report every year and rectify any errors. Furthermore, ensure that you pay your bills on time and demonstrate responsible credit management.
Go with Stashfin
Yes, you heard it right. Come to us to avail a Personal Loan Finance if you have low income. Our minimum income requirement is just Rs 15,000/- per month and we also offer interest free loans. This means you must pay us back the amount you initially borrowed from us without a penny (Terms and Conditions Apply).
How to initiate a Personal Loan Online Apply?
If you are planning to use such a facility from us, it is not rocket science. Our official Personal loan application is available on both the App Store and the Play Store. With just four easy steps, you can easily use the facility.
- Download the app from the Play Store/App Store
- Sign up using your mobile number
- Add your personal details to check your credit limit
- Complete KYC, and you will be good to go!
You can even explore our website for the same and easily apply via it as well.
Final thoughts
If you are planning to avail such a loan facility in India, there is no need to worry. Stashfin offers Lowest Interest Rate On Personal Loan and only requires a minimum salary of Rs 15,000/- which is not a big deal in our country.
Lastly, remember that borrowing responsibly is the key. Therefore, use the loan amount wisely and prioritize timely repayments to build a robust credit history.
So, what are you waiting for? Download our application now!
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