Everybody has their unique mindset on how you deal with financial problems as they come. Some have a hefty saving up their bank account and others prefer taking a loan for even the small financial situations. But getting a loan is not like getting butter from the market, it needs preparation, planning, and collateral too in most cases. You can get an unsecured loan too if you have good bargaining skills and an eye for great deals. But all that is possible if you have the eligibility and these tips-

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Increase Your Credit Score- If you have time to prepare for your loan like you are planning to buy something or some undue payment which is to be paid in the near future. You can use this time to build your credit score, especially if your credit score is poor in the first place. Some of the activities which you want to include pay your bills on time, get rid of bad loan repayment history, and keep the good loan repayment history, if there are any errors in your credit report which are affecting your credit score negatively, then get rid of those as well. You can call CIBIL office for the rectification.

Approach a Co-operative Bank – Unlike Govt. bank and commercial bank, co-operative banks comes under the co-privative society which serves the people in need. You can say it is a credit union of India. If you have a genuine eligibility for a loan, you can easily get the loan without the security.

Find a Co-Signer – If you don’t have the required eligibility for an unsecured loan. You can ask a person who trusts you to become your co-signer. You can easily get an unsecured loan, if your co-signer has a good credit score, as that would prove their ability to repay the loan on your behalf.

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Take Your Loan Application Seriously – A bank goes through your loan application like a teacher goes through an answer sheet. If you do well in that part, you pass and if you perform poorly, you fail. Your application should have all the small details which would show the loan officer that you have a well-planned timeline of how the things should be taken care of.

Tip– Even if you find an offer which is providing you an unsecured loan, don’t just sign the offer out of joy. For instance, if you have applied for hdfc personal loan, and it gets approved. Firstly, go through their terms and conditions, if the terms are found out to be unfavorable, ignore the offer. You wouldn’t want to be stuck paying a high-interest fee, just because you want an unsecured loan because in the end putting your home as a collateral wouldn’t be a problem if you have the ability to pay.