Personal Loan

What is the Easiest Way to Get a Personal Loan Approved?

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A personal loan is a go-to option for many people these days. It is easy to avail a loan, since there is no collateral requirement, which means you don’t have to surrender any assets such as deposits, inventory, property, etc., in exchange for borrowing funds.

On top of it, many financial institutions don’t even ask you for what purpose the loan is used for. Because it is an open-ended credit and you can utilise it to meet any number of financial goals. These goals can include paying off medical expenses, funding for children’s education, funding a wedding, and many more.

Nonetheless, you should ensure that you meet certain prerequisites for a personal loan approval.

Easiest Ways to Get a Personal Loan Approved

Here’s how you can boost your approval chances for a personal loan.

  • Upgrade your CIBIL score – If not collateral, then what is the other factor with which lender can assure that you are a creditworthy borrower? It is your CIBIL score! This 3-digit number falls between 300-850 points and can serve as the best proof of your repayment capacity and creditworthiness. If you are having a high credit score, then your chances of approval at reasonable interest rates can hike significantly.

But this does not mean that you cannot be eligible for a personal loan if you are having a low CIBIL score. You can still get approved but at a slightly higher rate of interest. So, to avoid this, it is advised to improve your credit score by timely repayments of ongoing loan EMIs and credit card bills.

  • Submit only one application at a period – To help boost approval chances, many people apply for a loan with several lenders simultaneously. This practice is wrong! Remember that, every time you apply for a loan for any purpose, your lender will raise an inquiry about your credit score from CIBIL, which is referred to as a hard inquiry. Too many hard inquiries on your credit score and that too within a short period can likely decrease your CIBIL score and lessen your approval chances.

Hence, it is advised to select only one lender (after conducting brief research) and apply with them. If under any circumstances, your loan application gets rejected, then you will have to wait for another six months to apply for a loan with another lender.

  • Pool all income sources – You can further strengthen your approval chances for a personal loan, by submitting all your income sources to the lender. These include your salary and other alternative income sources such as rental or income that is coming from shares, dividends, and mutual funds. Proving income stability can go a long way as it helps in getting a loan at a low rate of interest. In case, if you are not earning a regular income, then worry not! You can just apply for a personal loan with a co-borrower who earns a regular income.


If you are looking for a genuine and trustworthy lender who offers personal loans at reasonable interest rates, easy tenures, and quick processing, then your search ends at.

It is a loan offering product of a non-banking finance company (NBFC) called Vivifi India Finance Private Limited, which is registered with the Reserve Bank of India (RBI). With it, you can avail of a personal loan anywhere ranging from a minimum loan amount of INR 4,000 to a maximum loan amount of INR 2,00,000. Then, why wait? Apply now either by visiting the website or by downloading the app – a user-friendly app available both in the Google Play Store and the App store.

Read more on KulFiy

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