In the Indian financial market, a personal loan has always been one of the popular emergency funding sources for individuals. The personal loan segment in India registered a growth of 11.2% in July 2021 that is 220 higher basis points than July 2020, as per a recent report.
Besides, the accessibility of personal loans on different online platforms and websites is further boosting its growth. Therefore, individuals in need of quick funds can borrow money online with a personal loan in no time.
Steps to acquire personal loans online
To borrow money online, borrowers need to research and compare various personal loans available on different websites. Following are the ways to borrow money with a personal loan-
Step 1: Check eligibility and documents required
To borrow money online from leading NBFCs, borrowers need to fulfil certain eligibility criteria and submit the necessary documents to enjoy instant approval at the earliest. Though the eligibility parameters vary with lenders, some of the common criteria are-
- Applicant must be within the age of 20-60 years
- One must be a salaried individual in an MNC, public and private company
- Must be a resident of India
Apart from this, borrowers need to submit the following important documents required while applying for a personal loan:
- KYC documents
- Salary slip of last 2 months
- Financial statement of previous 3 months
- Employee ID card
Borrowers must note that they will be qualified for the loan if they meet the salary requirement depending on their residence.
Step 2: Choose tenor wisely
Borrowers can repay the amount conveniently based on their financial capability. Reputed NBFCs like Bajaj Finserv offer flexible repayment tenors to facilitate borrower’s repayment into easy EMIs. In this context, borrowers can use a personal loan EMI calculator by inputting minimal details, such as loan amount, tenor, and interest rate. The computed figure will give borrowers a fair idea about their monthly financial outgo. This beneficial online tool will further assist borrowers to manage their personal loan EMI repayment efficiently.
Step 3: Determine loan amount
Determining the purpose and amount required is crucial while applying for a personal loan. A borrower can start to plan his/her personal loan EMI repayment by opting for an affordable principal amount.
However, one must remember that it is always advisable to apply for only as much as one needs. Otherwise, repayment can become challenging, leading to added financial strain.
Step 4: Check for hassle-free loan application
Individuals looking to borrow money online can quickly apply for a personal loan in simple steps. Borrowers need to provide essential professional, personal and financial details for the loan application. Eligible borrowers can avail substantial loan amounts at competitive interest rates and flexible tenors.
Apart from these factors that will allow borrowers to avail money online conveniently, one can also download online personal loan apps and apply for the desired amount without any hassle. With a clear and simple interface, borrowers can borrow money online through these beneficial apps from the comfort of their homes.
Borrowers with a low credit score and inadequate eligibility can apply for a personal loan via these apps. These applications require registration and some basic details. However, it is entirely digital and requires less paperwork. Reputed NBFCs also have these applications available on online websites.
Apart from these, eligible borrowers can also avail pre-approved offers extended by the NBFCs. These lucrative offers are available on various financial products, such as personal loans, business loans, credit cards etc., accelerating and simplifying the loaning procedure. One can check their pre-approved offers online by submitting their essential credentials.
Thus, the aforementioned checklist has been designed to help individuals when they choose to borrow money online. But before deciding on a particular financial product, borrowers must conduct thorough research regarding the associated fees and charges to avoid any financial burden in future.