Personal loans have become one of India’s most popular financial products. The number of personal loan borrowers has risen dramatically in recent years because of its easy availability, simplicity, and lack of end-use limitations.
The online loan application process allows you to get the finances you need in minutes without ever having to visit the lender’s office. So if you’re thinking to apply for online loan, don’t worry. Instead, understand the process to apply for an online loan by following this step-by-step guide.
- BE AWARE OF YOUR PURPOSE
A personal loan can be used for a variety of things, including home renovations, weddings, medical emergencies, higher education, travel, and debt reduction.
- WORK OUT THE LOAN AMOUNT
Before deciding on the loan amount, you should ask to calculate your demands and expenses. Taking out a large loan may appear to be advantageous, but it may disrupt your finances in the long run because you will have to repay the borrowed amount as well as the interest.
- COMPARE FINANCIAL INSTITUTIONS
Accepting the first loan offer you come across is a bad idea. Comparing lenders has become as simple as comparing apples to oranges these days. Simply go to the internet and look at the websites of several lenders to learn about their terms and conditions. Because one lender may not be the most excellent choice for everyone, you must evaluate your needs and select the lender that best meets your budget and expectations.
- CHECK THE ELIGIBILITY REQUIREMENTS
It is critical to know whether you are eligible to apply for online loan. You must meet a variety of requirements, including your income, age, credit score, employment status, work experience, and so on. To apply for a personal loan from Finnable, for example, you must meet the following requirements:
- You should be between the ages of 21 and 47.
- You must be an Indian citizen.
- You must be a salaried employee with a monthly salary of at least 15,000 INR.
- You should have worked for your present employer for at least 3 months and have 6 months of overall work experience.
- You should have a credit score of more than 725 points to get the process smooth enough.
- GET THE LOAN APPLICATION STARTED
The procedure to apply for an online loan is easier and faster than it was previously. After you submit the application, a customer service person will contact you to discuss the loan specifics. Filling out the form with attention is important because even a minor mistake or error might lead to suspicion and loan refusal.
Lenders of personal loans have simple paperwork requirements that everyone can meet. For example, you only need a few documents to establish your identification, address, and income.
You do not need to upload or submit your documents elsewhere when trying to apply for an online loan with Finnable. Simply give your KYC details, and your documents will be confirmed online in minutes if your KYC has been updated with Aadhaar or PAN.
- WAIT FOR THE LOAN TO BE APPROVED
You will receive a loan offer when you have submitted all of your information and papers, which you can analyze and accept if you agree. You receive the approved loan amount in your bank account within minutes after getting the loan offer and selecting your loan repayment term. Finally, stick to your repayment plan in order to pay your EMIs on time and enhance your credit score.
Margherita Ceresa an enthusiastic editor and writer at ExtraLargeAsLife.com. She has worked with many publications as a senior editor. Known for her incredible passion for everything new, she is a champion of celebrity news & lifestyle writing.