Today’s integrated financial structure allows a lender in one state to provide financing to a borrower living in another state or even country. Such is the ease of funding access that lending institutions presently provide to their customer base. All of this has been possible primarily due to the introduction of the digital financial landscape that allows one to borrow online. Especially with the need for personal financing rising more than ever in the present times, the availability of online personal loans has simplified financing exponentially. You can thus send your loan application sitting right within the comfort of your home.
If all the eligibility parameters are in place, reputed lenders do not sigh away from approving the loan amount instantly and sending the approved value to your account within one working day. With this ease access to financing, meeting emergency funding needs is a cake walk for eligible candidates. However, to ensure that the loan offer available is suitable and to receive fast approval. It is essential that you check a few things first. We have brought a few of these aspects to the fore to help you with your online loan access. Let’s find them out.
The Process of Online Personal Loan Application
It is easy to apply for your online personal loan and involves only a few simple steps. When applying for the loan, complete the following steps.
– Visit the official website of your financial institution.
– Next, navigate to the personal loan page.
– On the page, choose the ‘Apply Now’ option.
– On the form that displays in the next page, fill up your personal, employment, and financial details. Make sure to enter all these details accurately as any error in the entries can lead to a delay in processing or even rejection of your application.
– Proceed to fill up the form with the loan details, like the amount you seek to avail, the tenure you would like to repay the advance over, and the likes.
– If required, proceed to submit soft copies of the documents asked for. In case the application process does not require you to submit the application, you would need to complete this submission later.
Once all these steps are complete, you can send your application by clicking on the ‘Submit’ button. Before submitting, make sure to check and verify all information provided for accuracy.
Eligibility and Documents Required
Before going for your online personal loan application, it is important to check the eligibility for the advance and if you fulfil all of it appropriately. Below given are some eligibility requirements that you must fulfil commonly to avail the loan.
– You must be between the minimum and maximum age range of 20 and 60 years.
– You should have a stable job with a total experience of at least 1 year, and at least 6 months in the current job.
– If self-employed, the applicant must be having the business running for at least 3 years in total and a minimum of 1 year in the current business.
– If employed, the individual must be working with a public/private company or firm, or with an MNC.
– He/she must hold a minimum credit score of 700.
– He/she should be a residing citizen of India too with a stability of at least 1 year.
To back this eligibility fulfilment, one must also provide the necessary documents as well. Some of the common documents that an individual must submit for loan approval include the following.
– KYC documents, which primarily include the PAN card, Aadhaar card, Voter ID card, Passport, Driving License, and such other valid documents.
– Proof of income, commonly including the bank account statements. ITR filed for specified number of years, salary slips, and financial statements, as and when applicable.
– And proof of work experience as applicable based on the applicant’s occupation.
– Proof of current employment in the case of salaried individuals.
Once you have collected all these documents, you can proceed to apply for your online personal loan.
Document Collection Facility
When applying, also make sure to check if the lender provides a doorstep facility for document collection. Some lenders provide this facility to make online financing convenient for all.
Interest Rates and Charges
In addition to these specifics, you must also check the personal loan rate of interest as. Well as the additional charges applicable to the loan. Knowing these should help you decide on the final affordability of your loan, and help plan with repayment conveniently. Once you have check all these details, arrange the necessary documents. Both in hard copy and as photo copy, for required submission as and when needed. Keeping all documents handy helps you streamline the loan processing through prompt submission during your online personal loan application.