A personal loan is an unsecured loan that you borrow from a bank or from NBFCs. Since these are unsecured loans, you are not asked to furnish any collateral or security. This means that the lender is assuming a certain amount of risk by lending you money. Therefore, before giving out an instant personal loan, the lender will evaluate the applicant of the loan thoroughly and rigorously. The evaluation takes into account your credit score, past credit history, your monthly income, among other parameters. When you apply for a personal loan you should be sure about your eligibility as these parameters also determine the amount of personal loan that may be sanctioned to you.

Here are a few ways in which you can boost your personal loan eligibility.

  1. Pay Off all Existing Loans

If you have other debts and loans due, then your loan repayment capacity is impaired to the extent of the amount unpaid on the existing liabilities. When you already have other EMIs to pay each month (or at regular intervals), you may not be able to commit to another debt repayment as freely. So if you want to borrow a personal loan, make sure you have no other loan repayments due.

  1. Keep a good credit score

Your credit score, also called CIBIL score is a ranking/quantified reflection of a person’s creditworthiness. It shows your ability to repay a loan. It is a tool in the hands of the banks and lenders to assess the risk of default involved in lending money to a particular borrower. In India, the Credit Information Bureau (India) Limited) (CIBIL) is the credit bureau that calculates your credit score on the basis of your credit history, resulting in a 3-digit CIBIL score between 300-900. If you have a consistently decent CIBIL score, chances of your personal loan application getting approved are higher.

  1. Choose Longer Tenure

One of the lesser-known hacks of boosting your personal loan eligibility is by choosing a longer tenure. A longer time period for repayment indicates to your lender that you have the ability to repay the loan for a long time in the future. This acts as a safety net.

  1. Be meticulous with your credit card and bill repayment

If you are paying your credit card bills and other bills on time, it sends a message to your borrower that you honour your financial commitments, that you are disciplined when it comes to making timely payments and that you care about your credit score as much as they do. Your repayment history is very crucial in the determination of your credit score as well as the trust that your lender will have on you.

If you are regular and disciplined with your bill payments, you should have little to worry about.

  1. Residential or Commercial Rental Income

Apart from your salary, what are the other sources of income for you in a month? If you own property- whether commercial or residential, then the rental income you earn from it is also a good boost to your financial profile. Not only does it act as a steady inflow of money, but it also boosts your profile as an applicant for a personal loan.

  1. Good Variable Pay

If you have sources of income other than the assured income of salary, rental avenues etc., then such variable pay can also help boost your chances of securing a personal loan. You should keep a proper record of the same – if you earn high variable pay, that also counts towards a source of income that can be used by you to pay your instalments later. The rationale is that you will have multiple avenues from where you can source the money for loan repayment!


Before you apply for a loan, you can check your approximate EMI schedule using personal loan EMI calculator. On Bajaj Finserv MARKETS, you can avail attractive interest rates for loan amounts of up to Rs. 25 lakhs. Moreover, you can avail flexible repayment tenures, ranging from 12 to 60 months. Your personal loan application can be approved within 3 minutes and the loan amount can be disbursed and credited to your bank account within 24 hours.

An instant personal loan from available online can be a handy solution for your financial worries.

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