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A popular misconception about personal loan<\/a> is that individuals who work for proprietorship firms find it hard to receive loan approval. That\u2019s not true! Sure, a lender checks the credibility of the organisation you work for, but if it is a sustainable, growing enterprise, your loan approval is hassle-free.<\/p>\n\n\n\n Even if the proprietorship company you work for is a startup, there are ways through which you can avail of personal finance. Here is what you can do to improve your loan eligibility.<\/p>\n\n\n\n CIBIL or credit score is a three-digit numeric that ranges between 300 and 900 and depicts your creditworthiness. So, before approaching the lending institution, you must check your CIBIL score<\/a>. Here, the higher your score, the better are your chances of getting loan approval.<\/p>\n\n\n\n If you have a low score, fret not! You can improve it in a matter of months. How? Firstly, timely pay your credit card bills because even a single missed payment can lower your score.<\/p>\n\n\n\n Besides that, limit your credit card spending to up to 50% of your approved limit. Why? That\u2019s because it shows a good spending discipline. However, your CIBIL score can also drop if you stop using your credit card altogether. So, spending judiciously and paying credit card bills on time is key to maintaining a healthy CIBIL score.<\/p>\n\n\n\n The eligibility criteria for a personal loan<\/a> for proprietorship employees also include income. Lenders only approve a loan application if they are sure about your repayment capability. So, before applying, try to negotiate a higher salary with your organisation. By negotiating a higher salary with your proprietorship company, you will likely improve your loan approval chances.<\/p>\n\n\n\n However, if you already receive a substantial pay pack, your chances of approval go up regardless of how new your company is. Remember, with a handsome monthly income, you can qualify for more competitive personal loan interest rates<\/a>.<\/p>\n\n\n\n Additional Read: <\/strong>Tips & Tricks to Track Your Personal Loan Status Online<\/a><\/strong><\/p>\n\n\n\n Before going ahead with your application, have the following documents ready:<\/p>\n\n\n\n The eligibility criteria can vary for lenders. However, as a salaried employee, you can fulfil the following conditions to get personal finance with Tata Capital:<\/p>\n\n\n\n Additional Read: <\/strong>How has the COVID Second Wave Impacted Personal Loan Industry<\/a><\/p>\n\n\n\n Are you looking for a reputed lender to get personal finance at competitive interest rates? Well, your search ends at Tata Capital! Besides easy-to-meet eligibility criteria, we also extend negotiable repayment terms.<\/p>\n\n\n\n Before applying for a loan, you can use our personal loan EMI calculator<\/a> to calculate your potential monthly instalments.<\/p>\n\n\n\n So, what are you waiting for? Apply for personal finance with us today!<\/p>\n\n\n\nCheck your CIBIL score<\/strong><\/h2>\n\n\n\n
Negotiate a higher salary<\/strong><\/h2>\n\n\n\n
Documents required for this loan<\/strong><\/h2>\n\n\n\n
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Personal loan eligibility criteria<\/strong><\/h2>\n\n\n\n
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The bottom line<\/strong><\/h2>\n\n\n\n