Getting a personal loan with good terms isn’t always easy, especially if you’re unsure about your credit score. Delays, rejections, or high interest rates can make the borrowing process stressful. That’s where the OneScore App makes a difference.
It is more than just a loan app as it helps you check, track, and improve your credit score so you can qualify for better, quicker, and more affordable personal loans. Find out more about how to qualify for a personal loan and how OneScore helps you stay loan-ready.
What Factors Affect Your Personal Loan Eligibility?
Some key factors influence your loan eligibility and offers. Here is a breakdown of these general factors:
- Age
Usually, lenders require you to be between 21 and 58 years of age. This indicates that you have enough working years left to repay the loan.
- Income
Lenders check if your income is high enough to manage EMIs comfortably along with your other expenses and debts.
- Current Obligations
If you already have loans, like home or car loans, lenders will review these before approving a new personal loan.
- Credit Score
A credit score plays an important role in getting affordable or expensive loan offers. A good credit score increases your chances of approval for better interest rates and higher loan amounts. Most lenders prefer a CIBIL score of 730 or higher.
- Your Debt-to-Income Ratio
If most of your income is being diverted to EMIs, it reduces your chances of getting a new loan. Keep this ratio under 40% to improve your loan approval chances.
How OneScore Helps You Qualify for Better Loans
OneScore doesn’t just help you check your credit score but actively helps you improve your credit profile and access affordable loans. Here’s how:
- Free Credit Health Monitoring
Track your TransUnion CIBIL and Experian scores for free, anytime, without affecting your score on the OneScore App. You can also download your credit reports from both bureaus to understand your credit record.
- Tips to Improve Your Credit Score
Apart from checking your score, you can get personalised suggestions from the app to boost your credit score. This helps you qualify for better loan offers and use, repay, and apply for credit in a more informed manner.
- Timely Reminders
You can also set reminders for repaying your loans and paying credit card bills on the app. Since paying by the due date is a big factor in how good your score is, this feature can help you boost your creditworthiness with ease.
- Fraud Detection
This app also monitors your credit profile for suspicious activity and alerts you immediately. This way, you can spot and report fraudulent loans or cards taken in your name and improve your credit health.
Guide to Personal Loans on the OneScore App
Applying for a loan on OneScore Loan App is simple. Here are its advantages:
- Easy Loan Application
On this loan app, you can get personal loans up to ₹5 Lakhs starting at just 12.5% p.a. from trusted lenders like:
• Federal Bank
• South Indian Bank
• Kisetsu Saison Finance India
You can apply for personal loans for travel, medical needs, or other emergencies as soon as your credit score reaches 730. The best part is that you can apply without any physical documents.
- Instant Loan Disbursal
You can get funds transferred instantly once your loan is approved, which is ideal for urgent financial requirements.
- 100% Digital and Secure
You can apply digitally through your phone with secure encryption, which helps in keeping your financial details safe.
- Flexible EMIs
Choose a repayment tenure that suits your budget from up to 48 months. You can set up auto-debit to avoid missed payments, too.
- No Spam and Hidden Charges
The app ensures no unwanted calls, emails, or hidden fees. It offers transparent loan terms without spamming your inbox.
Tips to Boost Your Loan Eligibility
If you want a better personal loan offer, you must work on your credit profile. Here are some effective tips that can increase your loan eligibility:
- Maintain Your Credit Score
Maintain your credit score by paying your EMIs and credit card bills on time.
- Clear Existing Debts
Close existing loans before applying for a new one if possible. This lowers your total debt and improves your chances of getting funds.
- Avoid Applying for Multiple Loans At Once
Sending many loan applications simultaneously can hurt your credit score as each application results in a hard inquiry, which reduces your score slightly. Taken together, this can harm your score and make lenders wary of approving your application.
- Give Correct Information
Enter your personal information accurately, so that it matches your KYC documents. Also mention your job and income details correctly. Wrong or mismatched information can delay approval or lead to rejection of your application.
How to Apply for a Personal Loan on OneScore
On OneScore, applying for a personal loan is simple, digital, and hassle-free. Here’s how to do it:
- Download the OneScore App
Get the app from the Play Store or App Store and sign up with your mobile number
- Complete Profile Setup
Fill in your personal details such as your name, email, date of birth, and PAN card details
- Check Your Credit Score
View your latest score instantly and get tips to improve it if needed
- Explore Personal Loan Offers
Go to the ‘Personal Loan’ section to see personalised loan offers based on your credit score
- Select Loan Amount and Tenure
Choose the loan amount, EMI, interest rate, and repayment tenure as per your budget - Complete KYC Verification
Complete your KYC process by verifying Aadhaar with the help of DigiLocker
- Verify Bank Account
Confirm your bank details with a ₹1 test deposit for loan disbursal
- Set Up Auto-Debit
Enable auto-debit from your bank account to ensure timely EMI payments
Better loan deals start with better credit habits, and OneScore makes it easy to build them. It helps you to check your CIBIL score for free, monitor your credit health, and apply for personal loans all in one place.
Download the OneScore app today and take the first step towards smarter, more affordable personal loan offers.
