A financial emergency can arise at any time. To address such situations, individuals often resort to availing of quick loans online. A personal loan serves as a great borrowing option during any financial crisis, thanks to its collateral-free nature and zero end-use restrictions. A survey indicates that almost 18% of borrowers availed of a personal loan to address emergency financial needs such as medical expenses.
Similarly, individuals can avail of this instant funding solution to address other short-term unplanned and planned expenses. Nonetheless, first, they need to know how to get this loan, especially when in a hurry.
Steps to get a personal loan online
Considering the borrowers’ convenience, almost all reputed financial institutions have adopted digitization for their lending services. Most of them offer online personal loans that are easy to access.
Following are some simple steps to enjoy high loan amount sanctions for quick loans online.
Step 1: Decide the loan amount
No matter how emergency the situation is, it is necessary to determine the exact credit requirement while applying for quick loans online. It saves individuals from over-borrowing and ensures seamless repayment.
Although lenders offer a substantial personal loan to eligible applicants, it will be wiser to borrow the amount you can repay conveniently. For better debt management, you can also use the instant loan app to track loan account transactions.
Step 2: Meet the eligibility
Although availing of quick loans online is a hassle-free process, individuals need to fulfil the lender-specific eligibility to get a sizeable amount. Generally, to qualify for personal loans, individuals need to fulfil only some basic eligibility criteria.
- Should be aged between 20 and 60 years.
- Should be a salaried employee at an MNC or public or private firm.
- Should be a residing citizen of India.
Besides, the CIBIL score also plays a vital role in getting approval for an instant personal loan. Generally, individuals with a score of 750 and above are eligible for such advances.
Step 3: Check the repayment options
Irrespective of the loan size, repayment plays a vital role while opting for quick loans online. Usually, advances such as personal loans accompany a tenor of up to 60 months. You can choose a repayment tenor best suited to your financial capacity. For better estimation, you can use a personal loan calculator and check the EMI payable and other crucial information.
Step 4: Compare interest rates
Lenders approve a personal loan against competitive interest rates only to eligible candidates. Besides, this rate also depends on the interest type chosen and varies with different lenders. Selected NBFCs like Bajaj Finserv provide personal loans at attractive interest rates without imposing any additional charges on part-prepayment and loan foreclosure.
They also bring pre-approved offers that simplify and expedite loan processing. Such offers are available on a range of financial products, including personal loans, business loans, and credit cards. You can check your pre-approved offer online by providing your name and mobile number.
Step 5: Keep documents ready
Besides meeting the eligibility requisites, borrowers also need to complete simple documentation requirements. You can also opt for paperless e-KYC document verification while applying for this paperless loan from leading financiers. However, it is crucial to keep ready the important documents required while applying for a personal loan.
Generally, individuals need to submit documents such as KYC, income proof, employment proof, and financial statements. Lenders may also ask for additional documents if the need arises.
Step 6: Apply online
The next step comprises the application process. Since it varies from lender to lender, you should check the application process beforehand and save time by applying for your loan online. You only have to fill up the online personal loan application form and submit it alongside the necessary documents.
After checking the eligibility and documents, lenders generally approve the funds within a few hours. Once approved, the loan disbursal happens almost instantly.
Nevertheless, individuals should check the loan processing timing before choosing a lender for quick loan approval.
Thus, individuals can secure high-value quick loans online by following these consecutive steps. Regardless of the loan type, these steps work equally well for all of them to get the required funds at the right time.
Fig Loans is a lender. It is available only online. It provides small loans to its customers who need money in an emergency. Fig loans login To check your schedule and any other information you can log in to your account. Everyone has different passwords to their accounts.