How to Compare and Apply For A Best Personal Loan Online in India

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We live in uncertain times, with the past two years being the most glaring example. With the pandemic affecting one and all, many of us have faced emergency requirements of funds. Situations have been emergent to the extent that it has not given sufficient time to visit a lending institution for a loan. Under the circumstances, it is beneficial to know the avenues of getting loans online to meet financial requirements. It saves time and gives you instant access to finances for your personal needs. Depending on the personal loan you apply for, you can get your loan amount disbursed in about 6 to 7 business days.

 

personal loan

When you apply for a loan online, several lending institutions provide loans in short periods without lengthy formalities and documentation procedures. It makes it ideal for individuals or households that need urgent cash or a surplus amount to meet instant needs but cannot approach financial institutions for any reason. It has become easier than ever to compare and apply for personal loans online.

 

 

Documents Required for Personal Loan Application:

 

While applying for a personal loan, there is a simple structured process to follow. It starts by evaluating your eligibility and ends with the disbursal of the loan to your bank account.

 

As you apply for a personal loan online, there are several documents that you must submit to further your application. These documents differ based on whether you are a salaried individual or self-employed.

 

Documents required for a salaried individual:

-          Identity proof - Voter ID, PAN Card, Passport, or Driving License

-          Residence proof - Passport, electricity bill, or any utility bill

-          Income proof - Bank statement from the salary account showing transactions of the last two years

 

Documents required for a self-employed individual:

-          Identity proof - Voter ID, PAN Card, Passport, or Driving License

-          Residence proof - Passport, electricity bill, or any utility bill

-          Income proof - Audited financial statements for the last two years

 

 

Additional Fees on Personal Loans:

 

Besides the personal loan interest amount to pay on your principal loan amount, there are a few miscellaneous charges you should be aware of:

-          GST

-          Processing fees

-          Verification charges

-          Defaulting penalties

-          Pre-payment or part payment charges

-          Duplicate statement issuance charges

 

Some lenders also charge for stamping, documentation, and credit administration, among other things. Note that not all these charges apply to every person since they differ from one lender to another. By going through the charges levied by your lender online you can be prepared for everything you need to pay for.

 

 

Types of Personal Loans You Can Avail of:

 

A personal loan can be used for any reason as long as the usage is not harmful or illegal. However, several lenders provide loans specifically for their purpose to meet particular requirements borrowers might have. Based on utility and purpose, you can apply for any of the following types of loans:

 

Personal loan for weddings:

This loan is for meeting expenses related to weddings.

 

Personal loan for home renovation:

Home renovation loans help borrowers pay for renovations or repairs at home. These can either be paired with home loans or taken separately.

 

Personal loan for travel:

These loans are designed specifically for vacations and travels. As a borrower, you can get a loan before going on a holiday and pay it back through easy EMIs.

 

Personal loan for pensioners:

It is a loan designed specifically for pensioners.

 

Personal loan for festivals:

This type of personal loan is for people making large-scale arrangements for a festival.

 

Personal loan for medical emergencies:

These loans finance medical emergencies that might come up suddenly.

 

 

Tips to Apply for a Personal Loan Successfully:

 

While applying for a personal loan is straightforward, you can only get the loan if you meet the existing eligibility criteria. Here are a few tips to ensure you get the loan you are looking for:

  1. Define the type of personal loan you are applying for.
  2. Do sufficient research to find the ideal rates.
  3. Check your credit score and financial history.
  4. Review your loan document’s fine print several times.
  5. Choose a loan tenure by judging your repayment capabilities.
  6. Choose affordable personal loan interest rates.
  7. Select a loan amount you can pay back without any stress.
  8. Check your EMI amount.
  9. Compare miscellaneous fees for processing etc.

 

 

To get started on your personal loan application, get in touch with our team today.

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