| 5 Ways to maximize your personal loan amount? |
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| Written by Site Administrator |
| Wednesday, 28 October 2009 05:27 |
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Follow the steps below before you apply for a personal loan. This will allow you to maximize the loan amount as much as possible. 1. Apply jointly keeping your spouse or child (who are also earning) as co-applicant. Their income is also considered when calculating the eligible loan amount. As a result a larger sum may be sanctioned as loan. 2. Main a good credit history If you have too many bounced payments etc in your bank statements your credibility suffers a beating and you may sometimes even by disapproved for a loan. Always maintain enough balance in your account to meet all automated payments in your account. Keep track of all your payment and make sure that you are doing them on time without delay. 3. Close all existing loans on your name before applying for a personal loan. There is the risk of your existing loan EMIs being first deducted from your take home salary before calculating your eligible loan amount. This will reduce your loan amount drastically. If your account is clean and does not have any existing loan payments to be made, you will get maximum personal loan. 4. Your educational qualifications, the area where you live, your stability in your career and the reputation of your employer are also considered when calculating the amount you can get as personal loan. If you are working with one employer for more than 1 or 2 5. Apply for a personal loan two to three months after you get a salary hike. As the recent hike in your salary would have reflected in your bank statement, the bank will consider this amount when calculating your eligible loan amount. Comments (0) |