Make a statement in the Wedding Ceremony with Aditya Birla Personal Loan

Posted by shruti keshre on February 18th, 2020

Weddings are an important occasion in life. And to make it more grand and eventful, one plans for days ahead in advance.

A lot of memories are created and eventful happenings make a lasting impression in people’s minds. 

From getting all the best event organizers to board and planning for the day ahead, needs funds and organizing. 

To make all that happen, there is no need to dive into the savings which have been done for years.

Aditya Personal offers personal loans for weddings and other short-term monetary requirements that occur in life. 

But before going ahead with any step it is important to look out for a few things, such as:

Eligibility: Evaluate and calculate everything about personal loan eligibility by using tools like personal loan eligibility calculator and personal loan EMI calculator. It will give you a fair idea about monthly cash outflow. 

Credit Score: Credit score/CIBIL score is an important factor that a lender considers in the approval of your loan. Usually, an applicant’s creditworthiness is determined by evaluating his credit score and the previous financial history reflects financial behaviour.

Once done with all the necessary findings of the loan, then you can proceed with the proceedings ahead.

Features of Aditya Birla Personal Loan

•The loan amount available up to Rs 15 lakh

•Affordable interest rates

•Convenient application process

•Quick approval of loans

•No collateral required to be put up

•Flexible repayment tenures

Eligibility Criteria

Individuals applying for the loan should fall in the below-mentioned criteria :

•Should be a resident of India

•Should be of 23 years of age and above

•Should be salaried with a regular source of income

Documents required to apply for a personal loan at Aditya Personal Loan

•Photograph

•Identity Proof

•Address Proof

•Bank Statements

The lender analyses various factors before granting the loan application. It is no doubt individuals with a healthy credit score are always at an advantage in negotiating for a better credit score. Let us discuss points on how one can make a loan approval which will garner better chances of approval.

CIBIL Report – This is the prime factor that an applicant needs to check before filing a loan application. It is critical to pay all the previous debts and make a clean track record and then apply for the loan. Keep a track of the credit score and update from time to time. Many times it happens that the CIBIL is not updated which might result in cancellation of the Loan application.

Monthly Income –Every lender before lending any amount is primarily concerned about the repayment capacity of the borrower. Make sure you pitch in with a reliable and regular source of income to land up a good deal. Try pitching in a few other sources of income, which the lender considers good enough to grant a better rate of interest and required amount of loan.

Negotiation skills – Applicants who are seeking a loan from the bank in which they have an account might get lucky in features and rates. As the bank is aware of the person’s timely income, a borrower can leverage this opportunity.  A long-term relationship with the bank certainly pays off in times of availing a loan, and also can be with better interest rates.

Debt to Income Ratio - Fixed Obligation to Income Ratio is a parameter used by lenders to understand the repayment capability of the borrower. According to the parameter, it is important for the borrower to fix their obligation to 50% of the income, and the rest can be utilized for repaying the loan. In addition to credit score, lenders will evaluate your repayment capacity of the loan.

Loan Amount and Tenure – Loan amount and tenure and Interest rates run in tandem with each other. Higher the loan amount, lower the interest rate and vice versa. The loan amount and tenure is also an important factor in deciding the interest rate for the loan. A borrower can take the assistance of the EMI calculator in figuring out the monthly EMI outflow towards the loan and can make the decision accordingly. 

Association with the Work Organisation – As personal loans are unsecured loan, an individual’s association with the reputed organization gives the lender confidence in lending. The reputed organization has the stability in paying the employees a timely salary. On the other hand, smaller organizations and start-ups may or may not run as successfully in the coming years, which poses a challenge to the lender. Therefore, the role of working in reputed organizations also is deemed as important as other factors in deciding the interest rate of personal loans. 

Personal loans in recent years are much talked about and have become the most selling financial product. With increasing needs of day to day life requirements, managing everything with salary becomes difficult at times. Emergency expenditures can crop up anytime and may disrupt normal routines. It is always not the case that savings can be put to use. For those circumstances. One can tend towards personal loans and manage their temporary financial shortcomings with personal loans at their disposal. 

Aditya Birla loans come with great features and affordable interest rates for personal loans to help borrowers meet their temporary requirement of funds. Its features and benefits have been designed keeping in mind the requirement of the borrowers and tends to solve the purpose in the most efficient way. 

Personal loans with Aditya Birla can be customized to the needs and requirements of borrowers. Every individual is different and so are their needs, and that is well taken care of by Aditya Birla Personal loans. With all the benefits and features specially tailor-made for helping borrowers, availing personal loans with Aditya Birla will be a wise choice.