The integration of the digital landscape with the Indian financial market has simplified the borrowing-lending equation for individuals seeking as well as businesses providing funding. Not only are all loan details available online, but also you can send your loan application to your selected lender without stepping out of your home’s comfort.
This has typically benefited individuals and households, who usually remain on the fringe of the lending-borrowing market due to the lack of necessary information. The availability of personal loans online, one of the most popular financing options among households, has only simplified the entire financing arena.
When planning to avail the funding option, it is good to first know all the details related to the application process, including how to apply for a personal loan. So, here we bring you all the critical details related to the application process of your personal loan. Let’s check them out.
How to Apply for a Personal Loan?
Today, you can apply for a personal loan both online and offline through the pen and paper mode. The online mode of application, however, comes with additional perks for the prospective borrower, like –
- Application from the comfort of your home
- Need to visit the lender’s branch eliminated
- Reduced paperwork
- Quick processing through an elimination of steps involved
- Fast approval within a few minutes of application
Following the approval, the loan disbursal comes by fast too, within the next 24 to 48 hours
You, however, need to be adequate with the personal loan eligibility and document requirements to receive easy loan approval irrespective of your mode of application selected.
Below given are the steps explaining how to apply for a personal loan.
- Visit the official website of your selected loan provider.
- Next, go to the ‘Personal Loan’ page and locate the ‘Apply Now’ or ‘Online Application Form’ tab.
- On the new application form page that you are redirected to, fill up all your personal details required, like your name, age, profession, contact number, etc.
- Next, fill out the required financial details accurately in the form. Make sure to recheck all the filled-up details for accuracy and validity.
Once you have filled up the form, you can submit it for further processing.
Some application processes may require you to submit the soft copy of all documents required. It is thus best that you keep all these documents handy before proceeding with the application. If the lender does not require paperwork submission immediately. You will ideally receive a lender representative shortly at your provided residential address for doorstep document submission. Once the form is filled up, you only need to wait out the processing to receive loan approval.
The offline process is a more lengthy one and involves visiting the nearest branch of your selected lender for application form fill-up and document submission through a series of steps.
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Personal Loan Eligibility and Document Requirements
Make sure that you have met all the eligibility and document requirements before proceeding on the application process. Usually, you need to be in the age range of 20 to 70 years, either a salaried or self-employed individual holding a credit score above 700 to avail the advance.
Simultaneously, also check the paperwork requirement, which spans across identity, address, and income proofs.
Now that you know how to apply for a personal loan, you can proceed with the application form fill-up either online or offline. You must have also completed the loan affordability assessment as well. In case you have not, use financial tools like the personal loan EMI and eligibility calculators to assess how much you should borrow and proceed accordingly.