In today’s times, Loans have gained significant popularity. This is because their application processes are simplified now. Through a click, you gain access to different Loan options. This way, you get to choose the one that satisfies your purpose.
The most popular type is a Personal Loan. It is an unsecured Loan. It has a quick processing time, which means your application gets approved faster. Hence, it does not require any collateral and is easy to seek. So, how to apply for one?
Eligibility criteria
Before you apply for Personal Loan, check its eligibility criteria. Most lenders only grant Loans to those between 21-60 years of age. So, ensure to fall under that age category. You should be an Indian resident and citizen. To prove this and your identity, check the list of documents needed. Some of the documents asked are your age, address proofs, salary slips, etc. Once you have gathered the enlisted documents, only then go ahead with it.
Interest rates
Personal Loan interest rates get charged as a percentage of the amount borrowed. These rates depend on your Loan amount, creditworthiness, and other such factors. Besides, there is also a processing fee. So, make sure that you go through them.
EMI calculation
Equated monthly instalments is a fixed amount that you pay your lender regularly. These enable you to repay your Loan timely. While applying for the Loan, calculate the monthly EMI. For this, you need to consider the total Loan amount, tenure, and interest rates. Also, ask yourself questions like if you can afford this? Is the amount within your means? This gives you better financial clarity.
Fill application form
After considering all the Loan aspects, duly fill and sign the application form. For this, you may either go to your lender’s branch or fill it online. Most lenders ask you to fill it online. The online process is quick and hassle-free. The application form includes personal information, mobile number, employment details, bank details, etc. You must also upload all relevant documents. Before doing so, ensure that the documents get scanned.
Be patient
A Loan application takes time to get approved. It undergoes various checks. Once verified, your Loan gets granted. A customer care representative then contacts you for further steps. If your documents are valid, this process does not take long. But there is no guarantee of how much time it may take. So, be patient.