A personal loan is an unsecured loan that can be used to meet all your unexpected expenses and fulfill all your financial crunch. You can use it for various purposes that may include your wedding, traveling, home renovation or for a business startup. In addition to all this you are able to borrow the loan amount according to your financial need.
A personal loan can even help you to improve your credit score. Moreover, you can apply for it online instead of running from one bank to another. In this article, we delve deeper into how to get personal loan online and everything else you need to know about it. We also have compiled a list of the documents and the eligibility criteria that are needed to get a personal loan.
What are the documents that are required to get a personal loan online?
Proof of your identity
Your income proof
Your address proof
Proof of your age
The salary slips of last three months
Income tax returns
Fully signed loan application
Your credit score
What are the eligibility criteria to get a personal loan online?
Here are the lists of terms and conditions that you need to follow to get personal loan:
You must be an Indian citizen.
Your age should be 21-60 years old,
You must be working for an established organization, or government agency.
Your minimum income must 25k.
Your credit score must be more than 750
Your company must be stable and resurgent.
You must be submitting the Tax returns from the past two years.
You have to provide the statements of your account and business records.
How to get apply for an online personal loan
To get personal loan online, you need to follow some important steps which we have mentioned below:
Step 1. First, you must determine on the bank or the lender from which you want to get a personal loan
Step 2. After That you must visit the bank's website and click on the apply now sections.
Step 3. Thereafter, you must enter your phone number and choose whether you are employed or jobless.
Step 4: After that, the mobile verification will be carried out.
Step 5. It will now send you to the following phase, where you can choose the type of loan and the length of time you want to pay it back. You will also have the opportunity to fill in the needed information on the application form, such as your name, age, loan amount, and EMIs.
Step 6. A lender representative will next call you to confirm the loan application details and complete further procedures such as document collecting.
A Personal Loan can get you out of any temporary financial crisis and can be a great solution to an unnecessary expense. However, if you won't select the loan and banks carefully, then it can become a nightmare for your finances. Hence it is suggested that you do your research carefully while deciding the bank or the financial institutions to get a personal loan online.