How to Apply for a Personal Loan at mymoneykarma - Credit Score For Personal Loan

 How to apply for a personal loan?

There are several ways in which you can apply for a personal loan. Some financial institutions require you to log in at their website and then apply for a loan directly from a bank or NBFC. Alternatively, you can also go to the bank branch in person to apply for a loan.

How can mymoneykarma help you in getting a personal loan online?

When you want a loan of any kind, you have to approach the bank or other lenders directly. That can be quite a hassle. We understand that, and that’s why we do the heavy-lifting for you.

Let’s say that you want a personal loan for Rs. 1,00,000. You approach us and tell us about your requirements. mymoneykarma is partnered with various notable banks around the country like Axis Bank, SBI, and HDFC Bank, to name a few. Hence, you can compare the various loan products from all these banks and pick the one that suits you. Based on your wish, we approach our partner to give you the loan.

3 steps to a personal loan online

Visit mymoneykarma website or click here to be taken directly to the personal loan portal.

Compare loan interest rates and calculate your personal loan EMI.

Apply right away.

You can also choose from various personal loan types like wedding loans, holiday loans, premium bike loans, rental deposit loans, salary loans, and credit card takeover loans.

Where can I go for taking a personal loan online?

There are several places where you can go for getting a personal loan. Note that getting loans from some of these sources is tougher than the rest. Moreover, they may also differ in terms of qualifying criteria like salary level, nature of your job, educational qualification, and more.Banks: It can be tough to get loans from banks, even though these are the most preferred avenue. Getting funds from a bank is convenient and secure. In most cases, banks prefer candidates who already have an account with them. You can improve your chances by having a co-guarantor. In this way, you get the funds, but your co-guarantor will also be responsible for paying it back. If you choose this option, make sure that your finances are in good order.

P2P Lending: Peer-to-Peer lending is a comparatively new development. You can get loans from money lenders, along with suggestions and multiple loan options. This option can be helpful if you do not qualify for credit through mainstream channels.

mymoneykarma: Visiting multiple banks or lenders can take a lot of time and energy. mymoneykarma makes it easier for you. Just visit our personal loan portal and we’ll take over from there!

How Can I Qualify for Personal Loans Without Collateral?

Unsecured loans may seem attractive as you do not need to give any collateral, but there’s a catch. Banks do not offer loans to just anyone. Candidates are chosen very carefully based on their ability to pay back loans. For this, banks see your debt to income ratio.

If you are still interested in getting a personal loan online, here are the fool-proof steps you need to take.

Check your credit score: No one is going to give you a personal loan just like that. One of the main determinants is your credit score. Most lenders will not tell you outright what credit score they are looking for. However, know that generally, they mean good to an excellent score. This means anything upwards from 740. Before applying for any loan, ensure that you know what your credit score is and from where you can get it. mymoneykarma helps you to check your credit score for free!

Get your latest credit report: Credit score shows you how creditworthy you are, but still does not show the whole picture. Lenders often need a bit more detail. This detail is obtained from your credit report. The good news is that you are eligible to get one free report from each of the three credit bureaus namely, Experian, Equifax, and TransUnion. Credit Report is important as it shows outstanding debts, repayment history, and other factors that determine your credit score. At mymoneykarma, we help you to make sense of your Credit Report!

Pay bills on time: You can improve your credit score by paying back all your bills on time. Doing so shall increase your creditworthiness and your credit score, which shall increase your chances of getting a loan.

Pay back your debts: Another important determinant factor of your credit score is your debt-to-income ratio. Have a high ratio? Try paying back all your debts first before applying for any loans. You can do this by making extra payments, taking a side job or by increasing your income.

Have a stable source of income: This is one of the most important factors. Having a stable income means that you will be able to pay off the loan no matter what. Some lenders even have a specific income range as a qualifier.

Is a low or damaged credit score bothering you? Is it keeping you away from getting a personal loan online? mymoneykarma is there to help you out - we offer expert credit repair services as well.