How to take personal loan from Upwards | How to apply for loan from Upwards
A personal loan, offered by financial institutions, is an unsecured form of borrowing. It allows individuals to access a fixed sum for diverse needs like debt consolidation or unexpected expenses. Interest rates and terms fluctuate based on the borrower's creditworthiness and the lender's criteria, providing flexibility and financial assistance.
About Upwards App
Founded in the year 2017, Upwards is a RBI registered NBFC committed to offering personal loans to salaried professionals. It stand for catering to your personal financing needs in an easy way by adding technology to the loan buying process, thereby providing you instant access to funds in a simple and transparent way.
Requirements
- Good Credit Score: It requires a good credit score of 650 or higher.
Click here to check your credit score for free - Proof of Income: Employment or a stable income source to ensure repayment capability.
- Personal Identification: Valid ID, Adhaar Card, a driver's license or passport.
- PAN card
- 6 month bank statements or last 2 ITR (Income tax return)
- Residential Proof: Verification of current address through utility bills or lease agreements.
- Collateral (for secured loans): Assets such as a home or vehicle may be required for secured loans.(Only required when loan amount is high)
Steps to apply of loan
When you have all the above documents you can apply for personal loan by following the steps below:
- Downloan Upwards app or goto their website.
Click here to goto Upwards website
Click here to download Upwards App - Login Using Gmail, Mobile number or Facebook.
- Go to personal loan section.
- Fill your details.
- After that you will see all the available loan options for you.
- Choose the loan option and loan amount
- Submit your documents
- Your application will be approved in a matter of hours and the loan amount will be dispatched within 48 hours.
How to improve your credit score.
- Pay Your Bills on Time. ...
- Get Credit for Making Utility and Cell Phone Payments on Time. ...
- Pay off Debt and Keep Balances Low on Credit Cards and Other Revolving Credit. ...
- Apply for and Open New Credit Accounts Only as Needed. ...
- Don't Close Unused Credit Cards.
Best financial tips to manage your budget
- Monitor Your Expenses: Keep tabs on where your money is going by tracking expenses regularly.
- Develop a Budget: Create a budget outlining your income and expenditures to manage finances more efficiently.
- Prioritize Essentials: Allocate funds for critical expenses like rent, utilities, groceries, and debt payments first.
- Establish Financial Goals: Set short-term and long-term financial objectives to guide your budgeting decisions effectively.
- Utilize Budgeting Tools: Take advantage of budgeting apps such as Mint or YNAB to track spending and set financial goals.
- Keep an Eye on Your Credit Score: Regularly monitor your credit score and take steps to improve it if necessary.
- Cut Unnecessary Expenses: Identify and eliminate non-essential expenses to free up funds for savings and debt repayment.
- Employ Cash Envelopes: Allocate cash for different spending categories to help curb overspending.
- Negotiate Bills: Negotiate with service providers to reduce monthly bills for utilities, internet, and insurance.
- Plan Your Meals and Groceries: Create meal plans and grocery lists to minimize food expenses and avoid impulse purchases.
- Automate Savings: Set up automatic transfers to savings or investment accounts to build savings consistently.
- Review Subscriptions: Evaluate and cancel unnecessary subscriptions for services you no longer use or need.
- Build an Emergency Fund: Establish an emergency fund to cover unexpected expenses and prevent falling into debt.
- Comparison Shop: Compare prices before making purchases to ensure you get the best deals and discounts available.
- Resist Impulse Buying: Be mindful of your spending habits and avoid making impulse purchases whenever possible.
- Budget for Irregular Expenses: Set aside funds for irregular expenses such as car maintenance, medical costs, and gifts.
- Take Advantage of Coupons and Discounts: Use coupons, discounts, and loyalty programs to save money on purchases.
- Strategically Pay Off Debt: Focus on paying off high-interest debt first while making minimum payments on other debts.
- Regularly Review and Adjust Your Budget: Make it a habit to review your budget regularly and make adjustments as needed based on changes in income or expenses.
- Seek Professional Financial Advice: Consider consulting with a financial advisor for personalized guidance and strategies to improve your financial situation.