Keep Credit Counts Low A good credit rating is really important in obtaining a personal loan which cannot be overemphasized as credit scales measure the ability to repay a consumer loan according to past credit history. The borrower must be on top of payments, timely repayment of existing loans and installments, and credit card fees, as late payment can be a problem in credit history. The higher the debt, the better the chances of getting a loan. Getting a loan can be a breeze for those applying for a loan with a Cibil loan value of more than 760, and those below can cancel a previous loan before applying for a loan again. Reduce the outstanding debt Debt-to-income ratio (DTI) eg Your monthly debt divided by monthly income is a measure of how much you can borrow. The rule is that the person should not spend more than 40 percent on a monthly salary to pay off a loan. Lenders want to be sure of the borrower's ability to repay and set a DTI rating before deciding on a loan application. Avoid Excessive Loan Requests Do not go to extremes, hoping to get a loan that is not easily accessible, as this could give you a sense of hopelessness over the debt. The use of multiple credit targets also gives you a negative image of your financial situation, which is the first red signal of slow credit crunch. You as a borrower do not want to be in that situation. All credit rejection leads to debt reduction, making it more difficult to get a loan in the future. Have a steady job Personal income is an important factor in the success of a loan application. Lenders want to make sure you make enough money to repay the loan and the cash flow will be permanent in the future. Regular job changes may cause lenders to worry about personal or financial stability. In addition, a significant decrease in income or a change in employment before applying for a loan can expose a person to a negative light as a responsible borrower. Do not rush to apply for a loan It is a good idea to keep a gap for at least six months between loan applications. If a loan application is rejected for any reason and obtaining a personal loan is not a matter for life and death, it makes sense to go back before applying for a loan again. This will show that your financial life and financial behavior are good enough for you to continue without a loan and thus improve your chances of getting a second loan. The only bottom line is that there is no guaranteed way to get a mortgage, after all. But with care and diligence, you can increase the chances of hearing a 'Yes' from a lender of your choice. Getting a Personal Loan with Allahabad Bank has never been easier, just call Dialabank at 9878981166.