Personal loans provide quick and easy access to funds for various needs, including medical emergencies, weddings, home renovations, or business expansion. If you require a personal loan of Rs. 35 lakh, securing approval for such a high amount requires careful financial planning and meeting specific eligibility criteria.
In this guide, we will walk you through the steps to increase your chances of approval and make the loan application process smooth and hassle-free.
- Check Your Eligibility
Before applying for a personal loan of Rs. 35 lakh, ensure that you meet the lender’s eligibility criteria. These criteria may vary from one financial institution to another but generally include:
- Age: Typically between 21 and 60 years.
- Income: Higher income increases the chances of approval. Salaried individuals earning Rs. 75,000+ per month and self-employed professionals with a stable income stand a better chance.
- Employment Stability: Salaried individuals should have a minimum of two years of work experience, and self-employed applicants should have at least three years of stable business income.
- Credit Score: A credit score of 680 or above significantly improves loan approval chances.
You can use a personal loan eligibility calculator to check whether you qualify before applying.
- Maintain a High Credit Score
Your credit score plays a crucial role in determining loan eligibility and interest rates. To maintain a good score:
- Pay all existing EMIs and credit card bills on time.
- Avoid excessive credit applications, as multiple hard inquiries can reduce your score.
- Keep your credit utilization ratio below 30%.
- Maintain a healthy mix of secured and unsecured loans.
If your score is below 750, consider improving it before applying for a high-value loan.
- Choose the Right Lender
Different banks and NBFCs offer different interest rates, tenures, and eligibility criteria for high-value loans. Research lenders who provide a personal loan of Rs. 35 lakh with flexible repayment options and competitive interest rates.
Look for:
- Low interest rates: Compare rates to minimize repayment costs.
- Flexible tenure: Choose a repayment period of up to 7 years for manageable EMIs.
- Minimal processing fees: Check for hidden charges and prepayment penalties.
- Showcase a Strong Repayment Capacity
Lenders assess your repayment capacity before approving high-value loans. You can strengthen your profile by:
- Increasing your income through salary hikes, business expansion, or additional income sources.
- Reducing existing debt to improve your debt-to-income ratio (DTI), ideally keeping it below 40%.
- Applying with a co-applicant (spouse or parent) to improve eligibility.
Providing income proof, such as salary slips, tax returns, and bank statements, helps lenders verify your repayment ability.
- Use a Personal Loan Eligibility Calculator
A personal loan eligibility calculator helps you estimate the loan amount you qualify for based on your income, credit score, and existing debts. Using this tool before applying can:
- Save time by showing realistic loan approval chances.
- Help adjust loan tenure and EMI for better affordability.
- Prevent rejections, which can negatively impact your credit score.
Most banks and NBFCs offer online eligibility calculators for instant assessment.
- Prepare the Required Documents
To ensure a smooth loan application, gather the necessary documents in advance. These usually include:
- Identity Proof: Aadhaar Card, PAN Card, Passport, or Voter ID.
- Address Proof: Utility bill, rent agreement, or passport.
- Income Proof: Salary slips (for salaried), ITR (for self-employed), and bank statements for the last 6 months.
- Employment Proof: Offer letter or business registration documents.
Having these documents ready can speed up loan processing.
- Apply Online for Faster Approval
Many lenders provide digital loan application facilities, allowing you to apply online without visiting a branch. Online applications offer benefits such as:
- Instant eligibility check and approval.
- Minimal paperwork.
- Faster disbursal (within 24-48 hours in some cases).
Choose a reputed lender with a user-friendly online application process for quick access to funds.
Conclusion
Getting a personal loan of Rs. 35 lakh is achievable with proper financial planning. By maintaining a high credit score, meeting eligibility criteria, and selecting the right lender, you can improve your chances of securing a high-value loan at favourable terms. Additionally, using a personal loan eligibility calculator can help you determine loan feasibility before applying.
