Get money in your account, Apply for a Personal Loan online!
Sudden financial emergencies can occur, and we might not be able to fulfil these on our own without taking a loan, especially during these challenging times of the pandemic. In this era of internet and technology, getting a personal loan is not a daunting task, and you have to submit an online personal loan application to apply for it.
What is a Personal Loan?
Personal loans are taken to fulfil personal expenses like a wedding, child’s education or any
sudden medical emergency. No collateral is required, and you can keep a check on the cash outflow considering the personal loan interest you get. You can also meet your business expenses with a personal loan.
Eligibility Criteria for a Personal Loan
● It is vital to be a salaried individual employed with a private or public company. If you are self-employed, your annual turnover and yearly PAT should meet the minimum amount as per the lender’s policy at the time of application.
● You must be of a minimum of 21 years of age at the time of loan application and a maximum of 65 years by the time of loan maturity.
● You must be an Indian citizen to apply for a personal loan from a lender operating in India.
● The ideal CIBIL score required to be eligible for the personal loan is above 750.
● You must earn a minimum of INR 25,000 to be eligible to apply for a personal loan. Please note that this value varies among lenders.
Benefits of taking a Personal Loan
● Avail up to INR 25 Lakhs:
You can avail up to INR 25 lakhs in case of emergencies, and the amount of the loan is based on your income, age and credit history.
● Flexible and Reasonable Interest Rates:
The personal loan interest rates are usually reasonable and competitive when provided by trusted lenders.
● Seamless Process:
Applying for a personal loan online is a smooth experience, and you just have to upload a soft copy of the documents, a completed loan application form and submit it for approval. You don’t have to stand in any queues to apply for a personal loan.
● Digital Processing:
Many trusted lenders have an end to end digital process which ensures that they can quickly check your application and perform their verification checks. Thus, you can get the loan amount shortly after it has been approved in your bank account.
Steps to apply for a Personal Online
● Fill the OTP and verify your mobile number.
● Fill in your personal, bank details, income and employment details.
● Plan on the amount and the tenure required.
● You then have to upload documents for the process to begin.
● You will get the information about the approval or rejection of your application once you submit it.
● If approved, your application will be processed further. You will get a tracking number, making it easier for you to track the status.
● The lender’s representatives are always available to clarify any doubts you may have and for any additional details if needed.
● On successful verification of all the documents, the amount will be transferred to your bank.
Essential things to consider before applying for a personal loan:
● Interest Rate Comparison:
Comparing the interest rates in the market provided by lenders and other financial institutions is vital to ensure that you get a competitive and reasonable interest rate.
● Additional Costs:
While availing a personal loan, you should consider all the other expenses such as processing fee, late payment or prepayment fee to ensure the actual amount you have to spend to avail a personal loan.
● Decide on the Loan Amount:
This is one of the essential factors before applying for a loan. It is recommended to ensure that the loan amount is decided based on your actual needs and that the cash outflow is comfortable and you can pay with ease because defaulting would lead to a bad credit score.
● Repayment of the Loan:
Considering your ability to repay the loan before taking one is vital. You can use tools like the personal loan EMI calculator and keep track of the cash outflow that will happen and whether you are ready for it or not.
Be careful of offers that seem too good:
It is also advisable to not fall for the offers and plans that seem to be giving loans at low-interest rates but in reality, making you spend more. Please ensure that you check out their terms thoroughly before applying for the loan, and make sure that you find out about any hidden charges or the way the interest rates will be applied.
Therefore, applying for a personal loan online is swift, easy and convenient as it takes less time and gives you the advantage of applying for it anytime, from anywhere with competitive interest rates and minimal documentation.
