Uncertainties in life can strike any time. Unforeseen circumstances and the need of cash can be a cause for stress, especially when combined. Imagine being in a medical emergency or running short of money while planning a wedding or needing that much-needed vacation with your family.

Managing any situation becomes easier if you have cash on hand. But what if you don’t? What if you face an unseen uncertainty and do not have the money to help you get through it?

The simplest and easiest way to gather funds during such a situation would be to take a personal loan. Yes, with personal loans there is no restriction on how you use the money so you can actually use it for any purpose. You can then repay the personal loan over easy instalments over a few years, and your immediate cash requirement will be met meanwhile.

These days, you can apply for personal loan online on the website of reputed banks and financial institutions such as Tata Capital. However, to ensure that your personal loan application is successfully approved, you have to keep a few things in mind. Let’s look at the things that you need to keep in mind:

A good CIBIL score:

A good CIBIL score or credit score is of utmost importance when you apply for a personal loan. If your CIBIL score is poor, your chances of availing a personal loan are negligible. To maintain a good CIBIL score, you must always pay your existing loan EMIs on time, you must pay your credit card bills on time, and basically, you should have a good repayment history. More is the regularity of your credit bill payments; the higher is your credit score. Remember, if your credit score is higher than 700, then there are high chances of your personal loan getting approved. You can yourself check your credit score or CIBIL score online.

Meet all the eligibility criteria:

For your personal loan application to get approved, it’s crucial that you fulfill all the eligibility criteria demanded by the lender. If you apply for a personal loan at financial institutions such as Tata Capital, then you will have to be in the age group of 22- 58 years. You should have a minimum monthly income of ?15,000, and you should be in the same job for six months. Besides, you should have a minimum of one-year work experience. If you meet all these criteria, the chances of your personal loan application getting approved are certainly higher.

Keep all your documents handy:

Make sure you have all the documents in place when you fill up and submit the personal loan application. Make no error while filling up the application form, because incorrect information can lead to rejection of loan application. The documents that you need in financial institutions such as Tata Capital to avail a personal loan are, address proof, photo ID proof, income proof, salary slips and employment certificate. If you have all the documents with you, you can apply for a personal loan more confidently.

Do not send multiple applications:

If you believe that applying to more number of banks will increase your possibility of getting the personal loan, it is, in fact, the exact opposite. Banks or financial institutions do not like the applicant applying to multiple banks or financial institutions because then it tends to weaken the possibility of the applicant choosing that specific institution.

Choose loan amount judiciously:

Do not go for an exorbitant amount that you cannot possibly repay. Financial institutions will anyway be in possession of your income proof and salary slips so they know very well what your repayment capacity is. If you apply for a personal loan amount, which is beyond your repayment ability, then banks or financial institutions will not approve your personal loan application.

So, be cool and calm, gather your documents, decide upon a reasonable amount and abide by the above points so that your personal loan application is easily approved.