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Getting An Online Personal Loan Is Now Made Easy
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"A personal loan is the best way for one to purchase an expensive item that one always wanted but couldn’t afford to, such as a bike, an expensive gadget or even a piece of jewelry. Earlier on, getting a personal loan used to be quite a hassle as one had to make several visits to the bank. On top of that, the filling of several complex forms was a mandate and then there was the waiting time for approval.
However, now getting a personal loan is very easy as one can just apply online and get instant approval. Here’s how-
1. Check your eligibility criteria
The eligibility criteria for an online personal loan is fairly simple. Qualified individuals include salaried professionals such as CAs, salaried doctors, engineers, any employee of a private limited company or a public sector employee. Applicants should also be aged between 21 and 60 years and should have had a job for at least last 2 years with a minimum of the last 1 year with the current organization. A minimum net income of Rs 15, 000 per month is generally considered acceptable.
2. Register yourself
The first thing you have to do is get on the website of the bank you wish to take a loan from. In the menu section of the website, you’ll see an option for personal loan. Click on the apply button (or whatever the option is on the website). You will be taken to an online form which you will have to fill in correctly.
Details you may be asked to furnish include your basic KYC (know your customer) information such as your name, address, date of birth etc. along with your annual/monthly income.
3. Get your documentation in order
Fortunately, to get an online personal loan, you do not have to furnish a long list of documents. Simply uploading the scanned copies of basic documents is enough. That said, the documents you have to furnish include
• ID proof, which could be a copy of either your Aadhaar, passport, voter ID card or driving license
• Your address proof, which can be a copy of any one of your ID proofs
• Your bank statement of the last 3 months
• And your latest salary slip or salary certificate
4. Choose your offer and apply
Banks may offer several personal loan schemes with varying rates of interest. Generally, the details of these schemes will be available on the website and you must go through them before making your choice. Also, search the website for the details of the fees of the loan. Once you’re done making your choice, and have already carried out the above steps, apply for your loan.
Most banks process the loan instantly or in 4 to 5 hours. That’s how easy it is to get an online personal loan. "
Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about the EMI calculator and why is it important to calculate the EMI. Through her articles, you can find out how to get an online personal loan easily.
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