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Instant Personal Loan Application Process: Here’s What You Need to Know

Instant personal loans are among the popular financing options that have been the most in demand in present times due to their easy availability. Medical emergencies have been one of the top reasons why people have looked out for instant personal loans. As a personal loan does not come with any restriction to end-use of the fund, you can also avail the advance for other funding emergencies as well.

The personal loan application process is equally convenient to complete, involving only a few simple steps required online. When applying for the loan, it is always the best to be well-informed beforehand as it would enable you to complete the process without any hassle.

Let’s check out some simple steps that are involved in your instant personal loan application process online.

Decide on Your Loan Amount Needed

You can start your instant personal loan application planning by deciding on the loan amount required. Identify the funding purpose for which you require your loan and select a suitable amount accordingly.

Make sure that the loan amount you select is also suitable as per your monthly income and repayment capacity. A loan whose EMIs create unnecessarily additional burden on your income is most likely to be rejected.

Compare Applicable Interest Rates and Charges for the Best Offer

Affordability is another crucial concern you must keep in mind when selecting your loan option to get the most attractive offer. Before proceeding, thus, check the applicable rate of interest and other charges on various loan options.

You can also leverage various eligibility factors and other related aspects to negotiate for an affordable interest rate for your instant personal loan. For instance, your employment with a reputed company, application with a co-signor. Income exceeding the minimum requirement, and negotiation with the existing lender can help you secure the advance at the lowest possible rate.

Further, you can also consider comparing lenders based on other loan features and benefits. To decide on a financial institution that turns out to be the most favourable.

Meet All Eligibility Requirements

Once you have decided your lending institution based on the considerations mentioned above. You must make sure to check their eligibility requirements. To successfully complete your instant personal loan application, it is essential that you meet all lender requirements. As they assess your creditworthiness based on these parameters only that reduce the risk for lending this unsecured advance.

Some standard eligibility requirements you would need to meet for the application include the following. Make sure you check lender-specific criteria before proceeding.

  • Age between 21 and 55 years
  • A minimum monthly income based on the city of residence, starting from Rs.15,000
  • Credit score of not less than 750
  • Employment or business stability for a stipulated number of years depending on the applicant’s occupation
  • Indian residential citizenship for at least a year

Having met the necessary eligibility requirement from your lender. You can delve into other important considerations as well, such as EMI estimation before applying for your instant personal loan.

Must Read: Starting An Online Grocery Shopping Business From Scratch.

Complete EMI Estimation for Suitable Loan Selection

It is crucial to estimate the EMIs payable towards your personal loan repayment as it can determine your overall loan suitability. Doing so has been made easier than ever with the help of dedicated tools like personal loan EMI calculator.

In this tool, you would need to provide your essential personal loan details like the loan amount you seek to avail. A suitable tenure for loan repayment, and the applicable rate of interest. Once the values are entered, the calculator would reflect the EMI amount payable immediately. You can toggle the loan amount and tenure values to arrive at a suitable EMI and proceed to the next steps.

Arrange All Necessary Documents

The final planning for loan application would involve paperwork arrangement. You must make sure that all the documents required by your lender are in place so that the application process is completed without any hassle. Confirm with your lender for document requirement and arrange the necessary paperwork.

Complete the Application Process

You can then proceed to complete your instant personal loan application in a few simple steps from your lender’s website. Fill in the application form with the required personal and financial details and submit with required documents.

Once submitted, you can expect approval for your instant personal loan application in a few minutes only. Following this approval, the loan amount is sent to your bank account in the next 24 hours. Meeting all lender requirements is, however, crucial to receive your loan amount quickly.

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