The modern world has added many expenses to people’s lives. Here are some of the daily expenses examples School fees, wedding expenses, home renovations, sudden medical expenses, starting a new business, expanding the existing business, buying electronic gadgets, travelling and any other small expense that you can think of is not manageable without loans.
Fortunately, there are enough lenders which are offering personal loans in the market. And the process of availing personal loans has become more accessible due to online procedures. Yet we all know that these loans are unsecured loans and don’t need any type of collateral. You get your loan amount deposited in your bank account after a small application and verification procedure, that too on your mobile phones. This article will brief you about this simple process.
How Many Types Of Personal Loans Are Available In The Market?
Before knowing the process for getting a quick personal loan, you need to know that the umbrella of personal loan accommodates four significant types of loans under it:
- A loan with minimum documentation: As this loan requires minimum legal papers, the process for application and sanction is quick and easy. You can apply on the online application/website of the lender and get the amount instantly.
- Loan without collaterals: Such loans do not demand your assets as a part of security. But there is a limitation on the loan amount of such loans.
- Quick low-interest personal loans: Tap away the lender’s application/website to get this loan. These low-interest loans demand few documents be uploaded, and then you get the amount in your bank account instantly.
- Flexi loans: As the name suggests, these loans are flexible as they do not have restrictions on spending. You can withdraw the money when required.
So, the first step of any borrower is to analyze his/her requirements. And choose the type of loan he/she wants to avail from the list mentioned above.
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The process of application for the loan
Immediately after deciding the type of loan, the borrower needs to do intense market research and search out the lender offering best interest rates and repayment as well as prepayment schemes. One of the important steps is to check if you fit in the personal loan eligibility criteria of the lender. If yes, then proceed
- Go to the website of lender OR download the application of the lender: Ask the lender about their website or application where borrowers can apply for instant personal loans. Go to the web page/ mobile app page for loan application.
- Fill the application form: Provide your correct personal details in the application form. See that you do not miss any details that have been asked in the form.
- Upload the documents: Scan your Aadhar card, PAN card, photograph, bank statement (proof of bank account) and other documents (if mentioned). Upload these files under correct sections. The lender will verify your documents through unique IDs.
- Read the terms and conditions: This is the essential step of the entire loan application procedure. Do not leave any point unread. Otherwise, you will be at trouble at the time of repayment.
- Enter the loan amount and tap the submit button: After you fill the entire form, the final step is entering the loan amount. The personal loan calculator will display the EMI on the screen. If you are okay with paying the EMI displayed on the screen, then click on submit, the amount will get deposited in your bank account in few minutes.
Documents Required for Availing an instant personal are:
- Identity proof- driving license, Aadhaar card, voter ID card, PAN card
- Residential proof- Aadhaar card, voter ID card, Ration card, Utility bill, Electricity bill
- Signature proof
- Latest photographs
- Complete application form
- Salary slip
- Bank statement
Technology has converted the tiresome process of availing loans into a quick and easy process. It is a boon at the time of emergencies. You need not rush from one lender to another to get the money. You just need to find out for why you need to avail a loan, search for the best lender which offering loan as per your requirement with lowest interest rate and match the eligibility criteria and apply for it.