Dreaming of that dream vacation, wedding, or home renovation? See if you qualify for an Axis Bank Personal Loan with their quick & easy online eligibility checker. Improving personal loan chance means demonstrating a good repayment behavior and enhance your financial profile. Mentioned below are five ways to improve your personal loan eligibility. Your credit score is a crucial factor in determining personal loan eligibility. Banks expect a credit score of atleast 650 and above in order to consider your for a loan. To improve your credit score, make timely repayments to your loan or credit card dues, settle all the existing dues, check for discrepancy in your credit report. Lenders assess your debt to income ratio, which is the proportion of your monthly income used to repay the existing debts. You must strive for a debt-to-income-ratio of less than 40% in order to boost your chances of getting a personal loan. People who have existing relationship with the lender such as savings account or fixed deposit can improve your eligibility. Banks and Financial institutions consider lending to individuals who have individual relationship with them
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