Loan borrowing is quite a popular concept these days. But the process of taking loans is not as straight-forward as it looks. In some cases, the loan applications are approved or rejected at the high-interest rates. So, whether you are an experienced borrower or a first-time one, it is necessary to learn about the factors that influence quick personal loan approval in Johor Bahru so that you can have a better chance of getting the loan approval. Check the Credit Score: This is one of the important parameters factored in by the lenders while checking the personal loan application of the users. As a good credit score can boost the chances of loan approval, it is better to adopt habits like regularly paying credit card bills, loan EMIs, monitoring co-signed loan accounts for maintaining strong credit scores, and containing the credit utilization ratio within the 20-30% range. Compare Between different loan offers: Now with different banks and financial institutes offering personal loans with different interest rates, it is necessary to select the right personal loan provider in Johor Bahru. Decide the loan tenure as per the repayment capacity: While evaluating the personal loan application, lenders mostly access the repayment capacity of the borrowers by computing the FOIR or Fixed Obligation to Income Ratio including loan EMIs and credit card bills. As lenders mostly prefer lending to those applicants with more than 40-50% FOIR, it is important to ensure to choose loan tenure whose corresponding EMI would keep the FOIR within this range. Don’t submit a loan application to different lenders: Whenever you apply for a credit card or loan, the lender would fetch your details from the credit bureau to evaluate the creditworthiness and the repayment behavior. These requests are treated as hard inquiries. So, these can easily pull down the credit score by several points. So, making several inquiries within a short time can portray you as credit hungry and this can also result in the lenders disapproving of your loan applications. So, you must select a specific lender to get the loan with the best personal loan interest in Johor Bahru.