Looking for a Personal Loan?
We can help you with all your personal needs. From a new car or home to pay off an existing loan or credit card, we offer personal loans at interest rates that are among the most competitive in the industry.
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application gets approved based on your eligibility, you will be having your loan amount disbursed to your bank account.
Things You Should Consider Before Applying for a Personal Loan
Applying for a Personal Loan is no Rocket Science, whereas to cancel out all the chances of getting rejected for approval, you must consider a few things closely, such as:
Examine your loan’s needs.
Do proper research to get the best rate
Examine your credit report
Carefully read the fine print on your loan agreement.
Assess your repayment ability before deciding on a loan term
Select a reasonable interest rate.
Examine your EMIs thoroughly
Examine the processing costs
Depending on your option, choose a fixed or variable interest rate
Tips for successful Personal Loan applicationWhen looking for a personal loan, there are a few factors to keep in mind. Check out this list of the most useful tips for dealing with personal loans:
Your credit score is one of the most important variables that lenders check. A high credit score makes it easier to obtain a personal loan. If your score is poor, you should double-check your reports for any inaccuracies. Sometimes, simple inaccuracies can have a negative impact on your scores, and you must submit them to CIBIL if you discover any.
Rebalancing your income and debts
When you apply for a personal loan, lenders will ask for proof of income to determine your debt-to-income ratio. To boost your annual income, consider selling liquid assets like stocks or taking on a part-time job. This will raise your debt-to-income ratio and your chances of getting approved for a loan.
If you’re having trouble getting a personal loan on your own, you can apply with the help of a co-signer or guarantor. A solid credit score is required of the individual you choose as a guarantor. Their primary goal is to ensure that you return the debt. They will, however, be responsible for repaying the debt if you are unable to do so. Choosing someone with a credit score of 650-700 can significantly improve your chances of obtaining a personal loan.
Asking for more money than you need to fulfill your financial goals can be too risky. Make sure you figure out how much you’ll need and just apply for that amount.
Choose the Right Lender
When it comes to credit scores and income, each lender has its own set of requirements. Choose a lender whose eligibility criteria you fulfill and apply accordingly while looking for personal loans. The trouble with applying to many lenders is that each one will examine your credit score, and each time your full credit report is accessed, your credit score declines slightly.
Advantages of Getting a Personal Loan from ReferLoan
Getting a loan from ReferLoan is the most convenient and beneficial way to get a mortgage. As you start your home-buying journey, we are here to help with our easy loan process, competitive rates, and flexible closing times.
Determined Loan Tenure
Wide Range of Lenders
No Collateral Required*
Eligibility and Criteria
Age of applicant
The age of the applicant always plays an important role in the rate of interest as well as the tenure of the Personal Loan and the minimum age should be 21 Years and the maximum age decided is 60 Years.
Income of applicant
the loan amount is decided by the income of the applicant and the income should not be less than Rs.15,000/- per month some banks do consider an in-hand salary of Rs.13,000/- per month as well.
it was always recommended to have a CIBIL score of 700 and if your CIBIL score is no less than 650 then you’re also eligible for the loan amount.
Continuity of Job
this differs from different bank policies and requires a minimum 3-month job or more.
the eligibility is different, but the applicant who is salaried employees, self–employed professionals, self–employed nonprofessionals, and private limited companies are applicable.
The Co-applicant must have a regular and reliable source of income
KYC of an applicant consist of the following documents
Salaried income documents
Last 3 months' salary slip
Form 16 of last 2 years
Income Tax Return if any of last 2 Years
Last 3 months' bank statement if the salary directly credited in the bank account
Certificate of employment from current employer
Self Employed person documents
Income tax returns of previous 2 years
Statement of finances with a proper balance sheet with profit and loss in that sheet
Bank statement with continuity of business
GST registration evidence of business
Choose from 175 banks & NFCs that include HDFC Bank, SBI, Axis Bank, ICICI Bank, IndusInd Bank, and more.
Chances of Approval
ReferLoan has a unique feature called ‘chances of approval,’ which compares your credit profile to several lending criteria used by banks and NBFCs to determine the likelihood of your loan application being accepted – Excellent, Good, Fair, or Poor – for each lender.
Pre-approved Personal Loan Offers
Our customers receive pre-approved personal loan offers from our partners based on their credit profiles. Our pre-approved personal loan offers have a high acceptance rate, need little documentation, and are available immediately.
Customers can choose the best personal loan offer for their circumstances with the help of ReferLoan’s team of specialists. Our team of experts from various financial fields advises customers throughout the loan process, from application to disbursement to cancel out any possibility of getting their applications rejected.
What is a Personal Loan?There’s nothing like a helping hand in a time of need. With a Personal Loan, you look after all your personal financial needs and repay flexibly.
Personal loans are unsecured loans offered by financial institutions and are based on factors such as employment history, repayment capacity, income level, profession, and credit history. A personal loan, also known as a consumer loan is a multi-purpose loan that can be used to cover a variety of immediate requirements.