How to be eligible for Quick Cash Loans in India all the time?

A quick cash loan is nothing but a cash loan that can help you borrow instant funds for your
immediate needs such as month-end cash crunch, emergency medical bills, tuition fee
payment, emergency medical bills, impromptu vacations or any other urgent need. To always be
eligible for quick cash loans in India from any lender or any financial institution, you need to
meet certain eligibility criteria.

So, let’s have a look at it in detail:

How can you be eligible all the time?

To be eligible all the time for quick cash loans, you must be very careful with your:

CIBIL Score:

To avail a quick cash loan from the lenders, you must have a good CIBIL score. We know that
CIBIL score is such an important benchmark considered by almost all the lenders before giving
approval on your loan. A very good score implies that you have been managing all your
finances so well and you are responsible. Lenders will also check your repayments history.
Having a good CIBIL score indicates that you have a good history with the secured and
unsecured loans you have taken so far.

So, always be on top of your existing repayments to enhance your CIBIL score.

Monthly Income:
To pay back any loan in EMIs, you should have enough money in your hands and even after
you pay all your equal monthly installments, you should have enough money left for your other
needs such as utility bills, food, rent, transportation, etc. Ensure that your total EMIs for the
month do not exceed 35% of your income per month, only then, there will be sufficient money
left for your other necessities. Make sure that even if your salary range is high, your fixed
monthly commitments must not be more than 60% of your in-hand income per month.

So, whatever be your salary, if your Fixed-Obligation-to-Income ratio (FOIR) is higher, you must
lower your equated monthly installments. This will significantly boost your chances of getting a
quick cash loan from the lenders.

Job stability:

One of the important factors considered by many lenders is job stability. Lenders or financial
institutions can easily determine the eligibility of the applicant and approve his/her loan if their
career is very much stable without many gaps. This will make it easier for the lender to examine
the financial situation of the borrower and their payback capability. It is also to be noted that
applicants with too many job changes may not look trustworthy for the lenders to approve their
loan because of their unsteady income.

So, job stability is one of the mainly focused criteria by the lenders to decide whether or not to
approve your loan application. If your job isn’t stable, the lenders would naturally decline your
application.

Takeaway:

To conclude, we can say that to have access to funds from the lenders all the time, you need to
meet the above-discussed criteria without fail. Make sure you are in-line with those so that your
loan is approved without any hassle.

Source:- https://www.mostinside.com/quick-cash-loans-in-india/