Whether you’re planning to buy your dream home, grow your business, or handle a major financial need, a big loan can make it happen. But getting a high-value loan isn’t always easy — lenders want to know that you can be trusted with a large amount of money. The good news is, with the right steps, you can improve your chances of approval. Let’s break it down.
What Counts as a Big Loan?
In general, any loan above ₹10 lakh is considered a big loan in India. These loans are often taken for things like:
- Buying a house or flat
- Expanding a business
- Funding overseas education
- Medical emergencies
- Debt consolidation
Big loans can be personal (unsecured) or backed by security (like property or gold).
Step 1: Check Your Credit Score
This is one of the first things lenders look at. A credit score above 750 tells them that you’ve handled your past loans and payments well. A low score? That can be a red flag.
Quick tips to improve your score:
- Always pay EMIs and credit card bills on time
- Don’t use your full credit card limit
- Avoid applying for multiple loans at once
If your score needs work, spend a few months improving it before applying.
Step 2: Know What Type of Loan You Need
If you have something to offer as security — like property, gold, or even fixed deposits — you’ll find it easier to get a big loan. These are called secured loans, and they usually come with lower interest rates too.
If you don’t have collateral, you’ll need to go for an unsecured loan, like a personal loan — but be prepared to show strong income proof and a solid credit score.
Step 3: Show Stable Income
Lenders want to see that you can repay the loan without any issues. That means showing proof of a regular and sufficient income.
You may need:
- Salary slips or income tax returns for the last 2–3 years
- Recent bank statements
- Business documents (if you’re self-employed)
The higher your income, the better your chances.
Step 4: Reduce Existing EMIs
If you’re already paying off other loans, your chances of getting a new big loan can drop. Lenders will check your debt-to-income ratio — basically, how much of your income is already going toward EMIs.
Paying off smaller debts before applying can make a big difference.
Step 5: Add a Co-applicant if Needed
Don’t qualify alone? You can apply with a co-applicant, like a spouse or parent, especially if they have good income and a clean credit record. It improves your eligibility and could even get you a better interest rate.
Step 6: Compare Offers Before You Choose
Never go with the first loan offer you get. Different lenders offer different interest rates, fees, and terms. Take some time to compare — it can save you a lot in the long run.
Final Word
Getting a big amount loan isn’t as hard as it sounds — it just takes preparation. Keep your credit score healthy, your income documents ready, and your existing debts low. Apply wisely, borrow only what you need, and make sure you’re comfortable with the monthly payments.
Bonus Tip: Use an online EMI calculator to plan your budget before you apply.
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