5 Tips to Improve Your Loan Eligibility

Improving your loan eligibility is crucial for getting better loan terms. Here are five tips:

1. Maintain a High Credit Score: A credit score above 750 is generally considered good. Pay your bills and EMIs on time.
2. Reduce Your Debt-to-Income Ratio: Lenders prefer a lower ratio. Try to pay off existing debts before applying for a new loan.
3. Provide Accurate Information: Ensure all details in your application are correct and match your documents.
4. Avoid Multiple Loan Applications: Each application results in a hard inquiry on your credit report, which can lower your score.
5. Show a Stable Income Source: A steady job or business income gives lenders confidence in your repayment ability.