6 Easy Ways To Increase Your Instant Loan Eligibility for Buying An Automatic Wa

Posted by Vikas Sharma on October 14th, 2021

A fully automatic washing machine is a must-have choice, but it is an expensive one. If you are eager to buy one, you need to have a personal loan. Make a purchase with a personal loan from Clix Capital. In order to get a personal loan, you need to meet all the eligibility criteria. It will help you sort out your laundry days. Find out how you can meet the personal loan eligibility criteria.

6 ways to increase your eligibility to get a loan

1. Debt to income ratio: When you look for a personal loan to make a purchase, you will need the right debt to income ratio. The ideal ratio is always below 30%. If you have a ratio that is more than 50%, you need to work on it. The debt to income ratio will help you determine what percentage of the amount you pay for debt out of your income. You must be careful not to take on too much responsibility, as this may result in a rejection.
2. Credit Mix: You must have the right credit mix when you need a personal loan. It is helpful for you to find out that with a good credit mix, you can actually get a personal loan to do your shopping for a washing machine. To get an automatic washing machine is a perfect relief, and to get one you must meet the eligibility criteria.
3. A good credit score: A credit score is a representation of your credit background and credit record. It takes into account all the past debt and credit transactions that have taken place. Even the smallest credit activity is noted and makes a difference in the credit score. A good score signifies that the individual is capable of handling the debt and the loan provider offers you one. You must aim for a score of more than 650, as that makes you a responsible borrower in terms of your past credit record. It represents all your credit activities and then a score is given. This credit score helps the personal loan provider make a decision on whether or not to approve your loan application.
4. A stable income: Income is directly responsible for repayments. One needs to have a stable income to conduct the debt repayment. When you have a good income, there is less possibility of being a loan defaulter. If you have one source of income, try and start working on some extra ways too. Do this before you start borrowing. A stable income will make it possible to handle and accommodate debt along with other expenses in the right order. Make sure you add on an extra source of income before you take up a debt burden.
5. Security: A secured personal loan always has a low rate of interest. When the risk is high, the rate of interest will also be high. If you have a property that you do not use, then go for a secured loan. You can check the interest rates with the help of a personal loan interest calculator.
6. Employer: The right employer will help you get a low rate of interest. When there is reputation and job stability, you will easily get a good rate. When you need a personal loan to buy a washing machine, you need this right. To fulfill the wish, you have to meet the eligibility criteria.

Read More: 5 Smart Ways To Use An Instant Personal Loan During COVID-19

Finishing up

Did you know that now it is possible to get a personal loan on a pan card? Well, with Clix Capital, you can meet the eligibility requirements and obtain the appropriate loan. You must meet the personal loan eligibility so that your rate of interest is low.