How can you add to your income to increase personal loan amount? Here are 8 ways | Mint

If you currently have a personal loan request pending and are unable to raise the required amount, then it could be either because your credit score or your income is too low that you failed to convince the bank’s credit department. So, what could be the alternative in this case?

You could raise your income so that your profile gets accentuated further, thus improving your chances of raising a loan in the near future. You can take the following steps to raise your income.

These are some of the steps to follow:

I. Side gig: You can indulge in a side gig to raise your income. Being involved only in a full time job is a passe now. The growing trend is to increase your income streams so that you don’t rely only on your salary to remain financially sound.

II. Clear off liabilities: If you have a short term liability, you can clear it to improve your credit utilisation ratio (CUR). This will improve your profile .

III. Consider changing your job: Typically banks ask for the past three months’ salary slips. So if you can change your job and get a better high paying job then you may want to consider this. 

Although changing a job entails a number of nuances, if you are planning to change your job anyway – you might as well plan it a few months before your loan application.

IV. Short term consulting: If you have professional skills, you can offer short-term consulting.

V. Online tuition: If you have expertise in a subject, you can teach students online.

VI. Freelance projects: You can offer services such as writing, coding and graphic designing on platforms such as Upwork, or Freelancer. These skills can help you earn quick and easy income.

VII. Sell online: You can even consider selling some products online such as Facebook Marketplace to supplement your income.

VIII. Sell online: You can even consider selling custom designs on the products such as T-shirts and mugs.

(Note: Raising a loan comes with its own risks. So, due caution is advised)