A personal loan offers a complete solution for your financial needs. Whether you need funds for the renovation of your home, planning a wedding, or have a medical emergency, you can apply for a loan that fits your purpose. One of the most preferred forms of borrowing in India, the instant personal loan will offer immediate access to funds and has a simple and straightforward application procedure. If you are thinking about applying for a personal loan, here are the steps to follow:
Estimate your needs
Before applying for any loan, you need to decide the purpose of borrowing and the exact amount you require. The loan can be applied for different purposes but you need to be aware of where you want to use the funds and whether there are any restrictions associated with it or not. You must be very clear at the time of application and have a specific amount in mind. If you underestimate or overestimate the amount, then it will not serve the purpose of borrowing.
Compare the lenders
Before you make the loan application, it is important to be aware of the different lenders in the industry and their terms on the loan. Do not make an application with the first lender you come across. You need to compare the eligibility criteria and understand the terms of borrowing. It also helps to compare the rate of interest offered by different lenders. With a low-interest rate, you can reduce the cost of borrowing and ensure that the loan amount is repaid in time.
An instant personal loan is the first choice of borrowers because it has basic eligibility criteria. Most lenders require you to be aged between 21 to 58 years, employed for a minimum period of 6 months or have a business in existence for the past 2 years, and have a consistent flow of income. The minimum income requirement is Rs. 15,000 a month. If you meet this eligibility criterion, you can proceed with the loan application. With a good credit score, the loan approval will be quicker and you may enjoy a low-interest rate but if you have a poor credit score, the lender might have a higher rate of interest on the loan.
Use the loan calculator
It is highly recommended to use the personal loan EMI calculator to get an idea about the EMI payable on the loan. You will only need the loan amount and tenure for the calculator to get you an estimate. When you use the calculator before applying for the loan, you are in a better position to negotiate the terms of the loan. It will also help prepare for the monthly repayment in the form of EMI. If you think that the EMI amount is very high, you can use the calculator again and change the inputs. Always make the borrowing decision after using the EMI calculator.
Make online application
There is no longer the need to visit the physical branch of the lender. If you want to make a loan application, you can proceed with it from the comfort of your home. Simply make an online application by filling the application form. You must also submit the KYC documents, PAN Card, income proof, and passport-sized photographs. If everything is in place, the loan application will be processed and approved without any delay.
Once you submit the application, the lender will verify the documents and approve your loan. The loan amount will be disbursed in no time and you will have immediate access to funds. You can use the funds for any purpose and the lenders will not question you about the same. Remember to make timely payments of EMIs to ensure that you build a strong credit score and enjoy quick loan approvals in the future. An instant personal loan can get you funds right when you need them. This way, you do not have to worry about making a large payment or borrowing from friends and family. The loan is designed to help you on days when you are in dire need of funds and have to make a quick payment. Follow the steps mentioned above and enjoy quick and hassle-free loan approval.