Personal loan is a type of unsecured loan that is taken by individual from bank, Non-Banking Financial Company (NBFC) or financial institutions to meet the financial requirements, personal needs, financial crunch in emergency etc. People are opting to take the personal loan to meet the variety of requirements such as fulfilling the educational needs, medical emergency, purchase a new vehicle such as four wheeler and two wheeler, and to purchase or to renovate the house, purpose of travel & tourism, purchase electronic gadgets such as desktop, laptop, mobile phones or to buy kitchen appliances or furniture and many more.
Instant personal loans are a boon in modern age as it comes to your rescue when you need the money and cash most. There are many lenders available in the market; those are offering the personal loan. The personal loan can be availed by following some simple steps. The borrower has to simply go on the website that offers the personal loan and check the various options offered. The customer or the borrower can chose the loan amount and the rate of interest followed with tenure of the loan. It is also essential for the customer to check the eligibility criteria before applying for the loan. Needless to say, that if the customer falls under the eligibility criteria, then the chances of sanctioning of the loan gets increased. At the same time, if the customer does not fall under the eligibility criteria, then there are high chances that the loan does not get approved.
The customer can carefully follow certain steps while applying for Online Loans in order to get the instant approval. First of all, the customer must check the variety of options that are available and who are offering the instant loans. The customer has to carefully evaluate rate of interest, repayment schedule, tenure of the loan, amount of the loan that is offered etc. The customer can carry out the cost and benefit analysis among all the options available and chose the best option that is available. The borrower has to choose the option according to his or her requirement of the loan, in a way, the borrower has to smartly make a choice in terms of loan.
Once, the customer chose the best deal for him, then he or she should check the eligibility criteria online. The eligibility criteria consists of various elements such as age, income, occupation, capacity to repay the loan, residence place, CIBIL score, credit rating etc. If the person or the borrower holds a good credit rating, then the chances of the loan to get approved gets higher. At the same time, if a person does not hold a good credit history, then the chances of the loan approval gets reduced. Hence, the borrower should focus on improving the credit ratings before he or she applies for the personal loan. The same can be improved by paying off the pending credit card bills, pending monthly instalments, due loans, debts and so on. The good credit score gives the sense of assurance to the lender as far as repayment of the loan is concerned.
Whether the person is salaried or self-employed, the person must own the regular source of income. The borrower has to submit certain documents while applying for the loan. Such documents are income proof, salary slip of last three months (in case of salaried person), and identity proof such as License, Passport, Adhar card, Voter Id, Bank statements of past six months, form 16, income tax returns, relieving letter of past company, PAN card etc. All the documents that are asked by the lender should be submitted carefully. Also, the applicant of the personal loan has to sign the application form that is dually signed.
Now a days, the lenders are offering the facility to avail the loan online as well. The applicant can follow some simple steps that is mentioned on the website of the lender and can apply for the loan online. The lenders are providing the EMI Calculator online, with the help of which the borrower can plan the repayment schedule of the loan. The EMI calculator is helpful for the borrower to plan a repayment schedule in such a way that does not hamper the monthly budget of a person.
While applying for the personal loan, it is essential for the person to get all the needed information that is required. The person can carry out the cost and benefit analysis that is helpful for him or her to make a choice of the best deal available. Also, the borrower has to check all the mentioned terms and conditions and evaluate the same carefully. If the borrower has any query, it is important that he or she should raise the query to the concerned department and get the same solved in order to avoid future problem or consequences. All the policies and processes have to be evaluated properly.
Once, the customer chooses the option for the personal loan, he or she can apply for the personal loan by submitting the physical application copy or digital application copy. The application of the personal loan can be done through phone banking, internet banking or SMS services etc. All the necessary documents that are asked by the lender should be submitted either in the case of physical copy or digital copy. Dully signed application copy has to be submitted to the respective department that goes for the approval to the respective department. Anyone who earns a decent salary, like more than ₹50,000 per month and have good CIBIL Score would not face any hassle in getting the loan amount disbursed in one day. Once, the loan gets sanctioned, the borrower gets the credit of disbursal of the loan amount in his or her bank account. The process of the same is quite quick and instant and thus in the situation of crisis, it is an effective tool to help the borrower.