Digitization has made it simple to get a personal loan online. In this new era, the ‘going touchless’ phenomenon has made paperless personal loan quite common. It is a quick and easy way to apply for a loan for everyone. Perhaps, the offline personal loan application process has become tedious, time-consuming, and challenging for everyone.
Given the time-strapped life situations we all dwell in every day, online personal loans have become more relevant and beneficial than ever. Here’s what you need to know about applying for online personal loans.
Eligibility to get a personal loan online
The online eligibility criteria to get a personal loan are the same as offline eligibility criteria.
- A person between 21 and 55 is eligible to file a personal loan application.
- The candidate should be earning a minimum salary of INR 18000 in metro cities and INR 15000 in non-metro cities.
- The applicant should be an Indian resident.
KYC Data needed
When filing for a personal loan, you may have to add several supporting documents with your personal loan application. Some of the updated virtual documents you should keep in hand are a passport size photograph, identification proof such as Driver’s license, Address proof, and Aadhar Card. You also need to attach proof of income as bank statements and salary slips from your current employer. If you’re a self-employed individual, you need to submit your business income ITRs.
Online Personal Loan Interest rates
Online personal loans offer similar interest rates and processing fees as offline personal loans. Your lender will provide personal loan interest rates depending on your credit score, income, employment stability, and repayment capacity. All in all, the rate may be as low as 10% and as high as 36%. Before choosing a personal loan, you should do a comparative study of the different interest offers available to you and choose the one that works best in your favor.
Steps to apply for an instant online personal loan
Several lenders are ready to offer instant online loans to eligible applicants. Apply with a reliable and reputable lender on their official website to get an instant loan. Read on and follow the steps to apply for a personal loan.
Apply on the website of the lender
The first step is to choose your lender wisely before filling out a loan application. Check the loan eligibility on the website to enjoy a simple, easy, and hassle-free loan filling procedure. If you pass the eligibility criteria, you should proceed further.
Find your loan variable
When filing a loan, you can customize the loan as per your monetary needs. The significant parameters to consider for a personal loan are the amount of loan and the number of years. Considering these points will help you calculate the repayment of the funds. To do this, you should calculate the EMI with an online calculator and pick the ideal loan amount and payment tenure, and you will get the EMIs you need to pay monthly in hand.
Support your eligibility with documents
After the application is approved, you should check out the supporting documents to authenticate your application, depending on your eligibility. The procedure is easily done by uploading the essential documents online. Whether you apply for a small or big loan, have your documents in hand to get your loan approved quickly. You need to submit salary slips, bank statements, PAN Card, Aadhaar cards as proof. After the documents are ready, you should fill out the form and apply.
Get funds instantly deposited in your account
After your application has been reviewed by the lender and given a green signal, you need to wait for the amount to be credited into your account. The process is fast, and reliable lenders deposit the money in about 24-72 working hours. The speedy disbursal feature of a personal loan further enhances its benefits.
Filling a form online to apply for the best personal loans is a simple and convenient procedure. Check out all terms and conditions before applying for a loan and ensure to choose the right lender to get your loan approved.
Early Salary offers flexible loan options and competitive loan interest rates. An NBFC like Early Salary is a reliable and reputable option for everyone looking for efficient loan schemes. You can calculate your EMIs on the instant calculator and find out if you are eligible and financially prepared to take the loan or not. Avail of the lowest interest rates and instant loan approvals from the comfort of your home. Just fill out the paperless loan application form and get immediate approval for your personal loan.
Hi! I am Shweta Dutta. I am a writer that enjoys creating beautiful blogs that complement unique and great work.
