Personal loans are the best instrument to get instant funds for urgent financing. These loans provide the fastest solutions to meet unforeseen expenses or fuel dream aspirations. The added advantage of personal loan is they do not come with end-use restrictions. The borrower can avail the funds of up to 25 lakhs and put them to any use, personal or professional.
The borrower can repay personal loans easily within 12 months to 5 years in equated monthly installments (EMI). One can avail of these loans at the lowest interest rates if one meets the eligibility criteria. Low-interest rates make it easier to meet the loan repayments, sans any financial burdens. However, borrowers face this question while applying for an instant personal loan online – which is the best way to avail of an online personal loan?
This article answers this question with comprehensive information, thereby guiding you with easy and proven ways to apply for a personal loan without hassles. Read till the end to know everything in detail:
Understand Your Budget with the Help of a Personal Loan EMI Calculator
The first and foremost step is to understand the loan amount you require. It will eliminate overborrowing or asking for less than what’s needed. Calculate all your financial requirements and arrive at an approximated value. Add the loan requirement to the personal loan EMI calculator and understand the number of monthly installments you will have to pay if you take the loan. The EMI calculator includes the interest rate and computes the EMI you will have to pay if you go ahead with the loan.
It is imperative to check the EMI affordability to keep your finances in check.
Check Your Loan Eligibility
Checking your loan eligibility using an eligibility calculator will help the borrower understand if the selected lender will offer the required loan amount. The eligibility calculator is easy to use. Key in the city, DOB, net monthly income, monthly affordable EMI, and the tenure to check if you are eligible for the loan. Checking the eligibility beforehand will save the hassle of loan rejection after completing the entire process.
Keep the Paperwork Ready
It is advisable to keep the essential KYC and income documents ready before applying for the loan. Borrower’s readiness, equipped with a complete understanding of the loan process, expedites the verification, enabling a quick approval.
Borrowers will need the following documents to support the loan application:
- ID Proof
- Address Proof
- Bank Statement
- Salary Slips
- Other Income Proofs
Apply Online Through Instant Loan Apps
Most progressive lenders offer online avenues such as loan apps for easy and seamless loan applications. Thus, the personal loan application process is reduced to a few clicks before a dedicated loan manager is assigned to assist them through the rest of the process.
The added benefits of loan apps are personalised loan offers, quicker loan sanctions, a real-time loan application tracker, free online calculators to compute the loan, paperless documentation, and EMI payment reminders.
The instant loan apps also eliminate the need to submit hard copies of the KYC and other supporting documents. A quick upload of softcopies suffices to kickstart the process.
The foremost benefit of loan apps is that all imperative loan details such as borrowed amount, repayment schedules, interest rates, balance amount etc., remain handy to the applicant through the mobile access of the loan app.
Additional Read: What is the Income Tax Benefits on Personal loan?
When in need of a quick personal loan, the best way to approach it is to plan smartly, reach the right lender, understand their process, and log in to the suitable loan application mode provided by them. If the applicant is prudent enough to follow each step meticulously and comply with the requisites, a personal loan application becomes hassle-free. Now that you are equipped with the correct information apply for that much-needed personal loan now!