You do not have to be an expert in finance in order to get a personal loan for yourself. In India, there are multiple lenders that you can assume when applying for a personal loan. In today’s time, getting your loans approved has become so easy and convenient, that you can obtain them from anywhere you stay.
You are not asked to visit the registered office of the lender as of now there are several mobile applications that process your loans instantly after filling in the required information. Not just this, you can also use a personal loan interest calculator, for estimating the total interest you will pay on the loan and the EMI amount.
In this article, we are going to talk about how you can avail the facility of personal loans for yourself in a step-by-step manner.
What is a personal loan?
Let us first understand what is a personal loan and when do you apply for a personal loan. It is an unsecured form of loan whereby your lender grants you the loan amount without taking any collateral security.
The amount can be repaid to the lender along with interest is easy instalments. A person can have multiple reasons to apply for a personal loan. Borrowers might need funds for their higher education, making payments to third parties, purchasing a bike, or meeting any other personal need.
The loans are collateral-free but in order to be eligible for it, you must have a good income and a high credit score. The documentary requirements for obtaining this form of loan is minimal and lenders will provide you funds after evaluation of your profile.
Apply for a personal loan in easy steps
You can apply for a personal loan in both online and offline modes. In offline mode, you have to visit the branch of your loan provider.
After you submit the application, a representative of the lender will verify your details. And determine your eligibility for the loan based on the criteria laid down by them in place.
But guess what? Now the loans can easily be taken with the help of instant loan apps! By anyone once they have a minimum income of INR 15000 for the last 6 months and a good loan repayment history.
You need to follow the following steps while applying for a personal loan through mobile applications-
- Select your lender, read all his terms and conditions, and download their loan application. Now, majority of reputed businesses have an online presence.
- In case, your lender does not have a mobile loan application. The application can also be made through the website.
- Once you have opened the required page on the website or downloaded the loan app. You need to select the loan product you need to buy. Many reputed loan providers have different products for personal loans based on the purpose of the loan and associated terms and conditions.
- Various personal loan products include education loans, pension loans, travel loans, wedding loans, etc. You can check with the lender for the availability of loan products.
- In many cases, personal loans are multipurpose loans and you only have to mention the reason for loan application in the form itself.
- Fill out your personal information, and enter your salary details.
- Enter loan amount and loan tenure. Most lenders will provide you loans up to 2.5 lacs.
- Submit the loan application
- The lender will review and approve your application and the funds will be credited to your bank account within 24 hours.
Know your EMI with a personal loan interest calculator
You can always use the inbuilt personal loan interest calculator. That is provided on the website of your lender, as well as on the app, to know your monthly instalments. You can adjust the given scale to any amount of your choice or can even enter the loan amount manually.
Select the loan tenure, i.e. the time for which you will pay the EMIs and the interest rate. The calculator will automatically show you the amount of your EMIs that you will be paying throughout the loan period. It is a smart tool that assists you in making smart financial choices.
Seal the deal with instant loan apps
Applying for personal loans has now become synonymous with instant loan apps. You must read all your lender’s policies before taking an online loan.
Since you are not face-to-face with your lender’s representative. You can consider calling their support team in case of any query. That is in most cases, available on lenders’ websites.
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