Simple Way To Apply For an Instant Personal Loan

Today’s tech-savvy generation demands instant gratification and contactless support in different fields, including lending services. Thanks to continuous digital upgradation in the financial sector, individuals can get instant access to the required funds via a personal loan online and overcome a financial crunch. 

Way to Apply for an Instant Personal Loan

Following a 100% paperless process, one can obtain a personal loan conveniently with reputable NBFCs (Non-banking Financial Companies). A quick guide to the personal loan online application process is as follows: 

• Step 1: Check personal loan eligibility.

First, go through the eligibility parameters set by the lender. Generally, it is easy-to-meet eligibility criteria to provide an easy and short-term loan. Common parameters are the age limit between 21-65 years, a credit score of 750+, and a salaried or self-employed person. In Pune, salaried individuals should earn a minimum of Rs.20,000 monthly.

• Step 2: Get Ready with Documents. 

The lender needs a few basic documents to initiate loan processing with authenticated details of the borrower. Get copies of ID proof, address proof, age proof, and income proof to get an instant personal loan. 

• Step 3: Enter Mobile Number. 

After accessing the online personal loan application form, individuals need to provide an active mobile number to receive the OTP (one-time password). Verify the OTP. 

• Step 4: Enter Personal Details.

Next enter personal, banking, income, and PAN (Permanent Account Number) details.

• Step 5: Input Loan Details. 

Select the loan amount and loan tenure as per the repayment capability. Personal loan EMIs (Equated Monthly Instalments) are based on the loan amount and tenure. Therefore, it is easy to apply for a suitable loan amount and tenure using a personal loan EMI calculator. 

• Step 6: Upload the documents.

Upload the relevant document to support the loan application form. 

The lender will review the form and authenticate the uploaded documents to initiate the loan processing. After successful verification, the lender can disburse the loan amount.