Decline after decline they despair and resort either to unscrupulous lenders or other financial products that are not meant for what they need to solve. Following are some easy tips and advice that will help you secure your desired personal loan within a short period of time without hassles or delays and with the most advantageous terms possible.

Tip 1: Be Cautious With The Information You Submit

When completing your forms make sure to be accurate. It makes no sense to include false information on your application because almost all information (especially the relevant one) will be verified. You would be surprised at how many loan applications would have been approved if the applicant had correctly filled the application instead of forging the income or stating lower amounts of debt than the ones that appeared on their credit report.

Also, it is important to double check certain information like your address and other personal details. If this information cannot be verified your application may be declined, so be especially careful when filling that part of the form. As regards to the address, lenders check it against the voters roll details. Therefore, you should enter those details even if you have recently moved. You can always add a note or send it later once your application has been approved notifying the new address.

Tip 2: Where To Apply First

At this point, by doing a quick search on the net you will find thousands of personal loan lenders. However, if you already have a business or financial relationship with a bank, the smart way to go is to apply with them first.

Why? Because as with everything in this world, in finance there are two set of rules, the ones that lenders apply to new clients and the ones that apply to people they already know. Of course, this is true only if you have a good credit record with them, if you have not defaulted on any product, if you do not have more than two late payments, etc.

Tip 3: Keep It Sound, Keep It Balanced

Prepare yourself for the application, keep your credit lines open but do not max them out. Instead, try to keep the balance below half of the credit limit. If you can show low use of your available credit and prove that your financial behavior has been impeccable for at least the last 4 or 5 months, you will certainly be able to get approved for the personal loan or personal line of credit that you are seeking.

Tip 4: Try to Contact Lenders Informally

Even when everything seems to be automated, it is still possible to contact lenders informally and the staff may be able to provide you with a more personalized solution. Also, many times there are two or more ways of filling a form (without providing false information) and one of them may be more fitting if you want to get approved.

This kind of situation is an example of what you can take advantage of if you contact a representative prior to actually applying for your desired loan.

Personal Loan from Oriental Bank of Commerce

PERSONAL LOAN SCHEME

Purpose :
To meet personal/ family expenses like marriage/education/family functions .
For purchase of consumer durables, gold / gold ornaments.
To meet expenditure on medical treatment of self and/or dependent at Hospitals/Nursing Homes registered with local Govt. bodies.

Eligibility:
1. Permanent and regular employee in Centre/State Govt. Deptt. and other institutions like Universities, Schools/College, PSUs, reputed hospitals, and well established corporate. Professionals and doctors shall also be eligible for loan
2. Minimum 3 years of service, including service with the previous employer(s), if any.
3. The net monthly salary should not be less then Rs 6,000/-.
4. The net take home salary should not be less than 30% of gross salary after deducting the EMI of the proposed loan.

Relaxation in Eligibility
Minimum net monthly salary of Rs. 3000/- subject to fulfillment of the following conditions for the regular employees of Central / State Govt. Deptt. And other institutions like Universities, Schools / College, PSUs, reputed Hospitals and well established Corporate.
1. Where the employer is maintaining the salary accounts of its employees with the branch and monthly installment is recovered from the salary account for adjustment of loan.
OR
2. Where there is specific agreement / tie up arrangement made between employer and the Bank for education of loan installments from salary of the employee in more than two accounts.

Amount of Loan
Upto 15 months net take home salary, subject to maximum of Rs.1.50 Lac
Income of spouse can be included, provided he/she guarantees the loan or loan is availed jointly.

Nature of Facility
Term Loan
Overdraft limit (on liquidation basis in exceptional cases to Senior Bureaucrats/Administrators/Judges & customers of high net worth).

Margin
Nil

Process Fee:
0.50% of loan amount with minimum of Rs. 500/-.

Security

* Charge over tangible assets, if created out of loan.
* One personal guarantee preferably of fellow employee, subject to the condition that one employee will not stand as guarantor in more than two accounts.

Repayment
60 EMI (subject to remaining period of service)
Sources : http://www.obcindia.co.in/

A Personal Loan is a loan that can be obtained whenever there is a financial need. Personal loans are available and lenders are always willing to offer such loans to solve many purposes, whether to purchase a house, purchase a car, to consolidate debts, to make small, big improvements in house or to pay for a holiday trip. A personal loan will fulfill your need.

Information about Personal Loan Scheme from Oriental Bank Of Commerce

PERSONAL LOAN SCHEME

Purpose :
To meet personal/ family expenses like marriage/education/family functions .
For purchase of consumer durables, gold / gold ornaments.
To meet expenditure on medical treatment of self and/or dependent at Hospitals/Nursing Homes registered with local Govt. bodies.

Eligibility:
1. Permanent and regular employee in Centre/State Govt. Deptt. and other institutions like Universities, Schools/College, PSUs, reputed hospitals, and well established corporate. Professionals and doctors shall also be eligible for loan
2. Minimum 3 years of service, including service with the previous employer(s), if any.
3. The net monthly salary should not be less then Rs 6,000/-.
4. The net take home salary should not be less than 30% of gross salary after deducting the EMI of the proposed loan.

Relaxation in Eligibility
Minimum net monthly salary of Rs. 3000/- subject to fulfillment of the following conditions for the regular employees of Central / State Govt. Deptt. And other institutions like Universities, Schools / College, PSUs, reputed Hospitals and well established Corporate.
1. Where the employer is maintaining the salary accounts of its employees with the branch and monthly installment is recovered from the salary account for adjustment of loan.
OR
2. Where there is specific agreement / tie up arrangement made between employer and the Bank for education of loan installments from salary of the employee in more than two accounts.

Amount of Loan
Upto 15 months net take home salary, subject to maximum of Rs.1.50 Lac
Income of spouse can be included, provided he/she guarantees the loan or loan is availed jointly.

Nature of Facility
Term Loan
Overdraft limit (on liquidation basis in exceptional cases to Senior Bureaucrats/Administrators/Judges & customers of high net worth).

Margin
Nil

Process Fee:
0.50% of loan amount with minimum of Rs. 500/-.

Security

* Charge over tangible assets, if created out of loan.
* One personal guarantee preferably of fellow employee, subject to the condition that one employee will not stand as guarantor in more than two accounts.

Repayment
60 EMI (subject to remaining period of service)

Sources : http://www.obcindia.co.in/