Everything You Need To Know About Online Personal Loan

by Mohit Saxena Apply and Get Instant Personal Loan Approval

What is a personal loan?

A personal loan is an unsecured form of debt that can be availed without pledging any collateral or security. All a person needs to do before applying for a personal loan is to check eligibility. The best part about going with an online personal loan is that all the verification processes are done just with a click of the mouse. All this becomes possible with the commencement of new-age technologies like Artificial Intelligence (AI) and Big Data. These technologies have made it easier for lenders to verify your eligibility faster and quick document verification. This, in turn, speeds up the loan disbursal process.

Know about personal loan eligibility

• Age must be between 18 years to 60 years

• You can apply for this loan if you are salaried and your monthly income should be at least 20,000 if you are residing in metro cities and Rs 15000 for non-metro cities.

• Individuals who work for a private company or are employed in a government job can avail an instant personal loan based on their creditworthiness.

• The final loan amount decision is in the hands of a lender based on a factor such as financial history and credit score.

• A person should have a credit score of 750 and above with a good credit history

Required documents to get an online personal loan

There is no standardized list of documents as it may differ from lender to lender. But the basic documents required are listed below:

• Permanent Account Number (PAN)

• Address proof such as ration card, Aadhar card, passport, electricity bill

• Three months’ payslips

• Six months’ salary account bank statement

The process to apply for an online personal loan

• Login to the lender’s website or one can also download their mobile app to check the personal loan eligibility.

• Compare the various interest rates offered by various lenders ensures that you get the personal loan at a low-interest rate.

• If you are meeting the eligibility criteria, then fill out an online application form and upload the scanned copy of the required documents.

• You can upload the documents on the website or send an e-mail with the attached documents on the e-mail address that is provided.

• Post verification of the documents, they will activate the instant disbursal of the loan amount to your account.

• This whole process will take a few hours.

Features like easy accessibility, instant approval, personal loan at a low-interest rate and easy repayment facility make online personal loan popular. The evolution has taken place in the process of applying personal loan has helped a lot of people in meeting financial requirements instantly.