You Need to Know Before You Apply for a Personal Loan Online

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Apply for a Personal Loan Online
Apply for a Personal Loan Online

A financing emergency may come up anytime in the day, which one ought to meet on priority, keeping all other things aside. The funding needed may or may not be easy to meet based on one’s financial standing. Lending institutions have thus introduced personal loans, which simplify funding at short notice for eligible candidates. The option to apply for a personal loan online has only simplified the overall availability of the advance to meet emergency funding needs. The complete digitisation initiated for the banking and finance sector in India has made such loan processing possible.

To apply for a personal loan online, one needs to complete a few simple steps only. The process is simplistic and you can access your personal loan application form digitally via the official website of your lender. Once it is duly filled up with all the necessary details, you can submit the form online itself for the application processing to begin. Let’s check out what you would need to do to complete your online personal loan application.

Steps to Complete for Online Personal Loan Application

Once you have visited the official website of your selected lender, you can complete the following steps to apply for a personal loan online.

  1. Navigate to the personal loan product page on your lender website.
  2. On the page, select the ‘Apply Now’ option to access the online application form.
  3. Next, fill it up with necessary persona, financial, and occupational details. Make sure to fill in all the required details correctly. Any error in the application so sent can result in a delayed processing of your loan, resulting in late access to funding. Significant errors can lead to rejection of your personal loan application altogether.
  4. Once you have filled up the required details as outlined, proceed to fill up the form with the loan amount needed along with a suitable tenure that can ease your repayment liability.
  5. On completion of the application form fill-up, complete paperwork by submitting the soft copies of all required documents.
  6. For lending institutions that do not ask applicants to provide documents simultaneously, you would need to complete paperwork once your lender representative connects with you for document collection. Some best lending institutions in the market provide doorstep document collection facility to ensure easy paperwork completion for applicants without then needing to step out of their homes when they apply for a personal loan online.

Having completed all these steps, you can proceed to submit your loan application form on the website and wait for the approval to come by. For eligible candidates, applying with reputed lenders brings fast approval of the advance, almost instantly. Once approved, the loan amount is disbursed to your account shortly, preferably within the next 24 to 48 hours.

With some financial institutions, existing customers can access financing through their pre-approved offers as well. Once you have visited the website of your selected lender, you can choose the ‘Pre-approved Personal Loans’ option available on the ‘Personal Loan’ page. Once it opens the pre-approval form, provide only your name and contact number to check this offer customised only for you based on your financial standing and other pertinent factors that the lender deems fit to assess for loan application processing.

Things to Keep in Mind When Applying for a Personal Loan

When availing a personal loan, keep the following few factors in mind to ensure easy approval of your advance along with favourable terms on the loan.

  • Interest rate affordability:

If availing a personal loan, you must make sure to check its interest rate affordability through a detailed lender comparison. You can also use your eligibility to secure suitable interest rate reduction on the advance.

  • EMI affordability

Similarly, you must also consider if the loan amount and tenure selected brings a suitable EMI that accommodates easily in your budget. You can use an EMI calculator for the purpose. Financial institutions also provide dedicated tools like personal loan eligibility calculator to help borrowers make suitable assessments related to their loan options.

  • Loan amount required

You must also make sure to borrow a loan amount only as much as you need and not so much as you are eligible for even though your financial profile accommodates additional funding.

  • Tenure flexibility

Make sure to check the tenure available for your personal loan repayment as well. Know that while a long tenure means smaller EMIs, it increases the overall interest payment on your advance. Conversely, shorter tenures increase the EMIs but also keep a check on the total interest payable by the tenure’s end.

  • Available repayment options

Check how you can repay the advance before you apply for a personal loan as it helps make suitable strategy that compliments your income and financial standing. You can choose to go for personal loan prepayment as it should help save on total interest payable.

Once you have examined all these concerning aspects, you can proceed to apply for a personal loan online. Even though offline application processes are eligible and available, it is preferable to go for an online application as it simplifies and quickens the entire loan processing, helping save valuable time.

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