Personal loans are one of the trusted and popular types of financial assistance for working-class people. These loans come in handy when there are planned or unplanned small expenses like vacations, buying things, or any pending bill that goes beyond your current financial condition.
People require small personal loans to meet expenses that are difficult to fulfill with an already exhausted salary or delay in receiving the paycheque. In India, approximately 77% of individuals rely on personal loans to arrange external funds out of which 30% trust small instant cash loans. There is an increasing reliability on small personal loans because of fast financial assistance, quick verification, and easy repayment options.
That being said, Rufilo, a scam-free personal loan app offers quick monetary support to working individuals. A user-friendly app allows the borrowers to apply online and that too at any point in time, when facing cash shortage. In a way, personal loan apps like Rufilo are continuously reshaping the borrowing flexibility of people, and that too based on the following factors.
- Easy online loan application process.
- Fast loan verification.
- Only basic personal details are required.
- Only an Aadhar card's digital copy is required as proof of identification.
- Enter the PAN number to meet the eligibility criteria.
- 100% paperless fast personal loan.
- Quick loan disbursement into borrower's account.
- Flexibility to repay via UPI, net banking, Debit card, bank transfer, and payment wallets.
What Makes Rufilo Personal Loans Ideal for You?
Let’s understand why personal loans have risen to widespread acceptance and become a preferred short-term cash loan option for many people.
- One of the main reasons why people choose personal loans is because they are not tied to any kind of security. Unlike home loans or low interest rate car loans, people don't need to give anything valuable as a way to make sure they pay back the money borrowed. Because there's no need for extra things called collaterals, you don't have to fill out any paperwork in person when asking for a personal loan.
- People like Rufilo personal loans because after getting approved, they can use the money for any reason. Rufilo doesn't put any control or limit on how the money from a personal loan is used. You can use a personal loan to pay off old debts, utility bills and credit card costs. It also helps when you need money for short trips or other expenses.
In the end, personal loan interest rates are set and don't change over time like floating rate traditional loans. By doing this, you will not only be making the same fixed payment amount but also pay off your loan in no time.
Explaining the Personal Loan Eligibility Conditions
When you need a specific amount or fall short of funds, you can approach Rufilo, a financial entity to apply for a personal loan.
Here are some of the basic criteria that you need to meet:
1.You need to be at least 21 years of age.
2.You should be an Indian citizen.
3.You should have the required work experience.
4.Salaried employees must have a minimum drawn monthly salary of INR 12,000.
5.For self-employed applications, there has to be a minimum monthly income of INR 15,000.
In addition to this, along with a duly filled application form, you also need to be able to furnish the below-mentioned digital information to the lender:
- Basic personal details
- PAN card details
- Add a digital photo of your Aadhar card
- Salary income declaration
Apart from the above, no other detail is required from your side to provide and seamlessly experience fast loan approval. Not only this, but soon after the approval, receive the loan amount in your bank account within a few minutes.
Improve Rufilo's Loan Borrowing Capacity with Important Tips
1.Check the lender’s eligibility criteria
Before you select a lender like Rufilo, ensure that you scan through all their requirements. It will help you prevent facing loan rejection on the grounds of unsatisfactory income or age.
2. Track your fixed-obligation-to-income ratio (FOIR)
When you use a lot of your money to pay back old debts, this also makes it harder for getting new loans. This might make it tougher to get a loan. Plus, the lenders may charge you more interest just because there's extra danger for them.
Always make sure you keep a FOIR of 40% to 50%. To make things better, try paying off what you owe and credit card bills.
3. Request the correct loan amount
To have your loan request approved, you must apply for the correct amount. Before you go to get a loan, use an eligibility calculator for personal loans. This will tell how much money you can borrow based on what income is coming in and other things like your current debts.
4. Don't ask for many loans at once
When a person needs quick money, they might ask for loans from different lenders to help get their loan accepted. This may make them hope that some of the lenders will say yes, but this is definitely not the right way to do it.
5. Remember to say all the places you get money from
When you want a personal loan, you must prove that can pay back the money. So don't just give your basic money details, make sure you share information about your income This will not only increase your odds of getting a loan approved but you can also get more money.
In the end, using the above-mentioned information can make you more likely to get a small loan. This will also increase your chance of being approved for one. It's very important to pick the right lender like Rufilo. This will make sure you have an easy and smooth experience from starting your loan request until getting it approved, and then getting money in hand.