Personal loans are in high demand because they are an easy form of credit, have no end-usage restriction, and one can meet various financial requirements by availing these. In addition, these loans have quick disbursal and flexible repayment methods, resulting in 13.5% YOY growth in March 2021, per the RBI’s data.
The leading financial institutions in India offer personal loans at affordable interest rates. Individuals requiring Rs.1 lakh loan instantly can follow the steps mentioned below.
Steps to apply for Rs.1 lakh loan
In order to get Rs.1 lakh loan from this NBFC, one needs to follow these steps:
Step 1: Visit the official website of the lender
Step 2: On the top right-hand corner, one can find the ‘apply online’ option.
Step 3: Individuals need to click on the ‘apply online’ button to get the application form
Step 4: Borrowers then need to duly fill in the application form with the required details
Step 5: Individuals need to enter the OTP sent to their mobile numbers
Step 6: Borrowers will also have to enter their KYC and income data
Step 7: Applicants then need to choose the loan amount they want to borrow
Step 8: The last and final step is to submit the application
Applicants will receive a call shortly after they have successfully submitted the requirements.
Here are the eligibility criteria one needs to meet to avail of a personal loan:
- The applicant must be a residing Indian citizen
- He/she must be a salaried/self-employed person
- The minimum income criteria, however, vary according to different cities
- He/she must have active employment for the last three years
- A CIBIL score of 750 or above
Individuals can use the online eligibility calculator for Personal Loan to know the amount of personal loan they are eligible for. Using this calculator can give borrowers an approximate idea of the loan amount they can obtain. However, a person’s credit score, repayment capacity, etc., is also taken into consideration by the lending institution before the final disbursal of the loan.
Documents required for a personal loan
Here is the list of documents required to avail a personal loan:
- KYC documents, such as Aadhaar card, PAN card
- Previous 2 months’ salary slips
- Employee ID card
- Previous 3 months’ bank statements
While applicants fill out their application forms, they should keep the required documents handy. After successfully verifying the documents, the loan will be sanctioned, and the money will be sent to their bank accounts.
Features and benefits of a personal loan
The features and benefits one can enjoy by availing a personal loan are-
- Quick approval of loans
Some reputed lenders offer instant approval of loans to their customers. Once the verification process is complete and successful, borrowers get their loans approved shortly.
- Affordable loans without security
Borrowers can avail of personal loans to meet multiple financial requirements like weddings, children’s education and more. While the events can be hectic, availing of simple unsecured loans can relieve the financial stress of individuals. Moreover, these loans do not require any collateral. Thus, borrowers can safeguard their assets and meet their financial needs simultaneously.
- No hidden charges
Other than the processing fee and interest rates, no hidden charges are taken when individuals avail of a personal loan from a leading financial institution like Bajaj Finserv.
- Quick disbursal
The loan is disbursed to the borrowers’ accounts within a short time. Thus, personal loans are excellent in times of financial emergencies.
- Flexible repayment methods and tenor
Borrowers get a substantial amount of time to repay their loans in the form of easy monthly instalments.
Besides being a suitable option for emergency funds, availing of a personal loan can also provide tax benefits to borrowers.
In the FY2020-21, 40.1% of auto-debit transactions failed in October, which is worse than 31.5% in February 2020. Thus, borrowers need to keep track of their finances to avoid such circumstances.
Hence, before opting for a loan amount, one must calculate the EMIs, and the total cost of borrowing. Manual calculations can be a hectic task for borrowers. It is time-consuming and can lead to results with factual errors. In this regard, one can use a personal loan EMI calculator to assess loan EMIs and related details. Moreover, these EMI calculators are easy to use, accessible by all and display error-free results in no time.
Furthermore, some lenders offer pre-approved offers to their existing customers to simplify and accelerate the personal loan process. Borrowers need to enter their names and contact numbers on the official website to check their pre-approved offers.
To conclude, borrowers need to follow the given steps and the lender-specific requirements to avail Rs.1 lakh loan successfully without any hassle.