If you have a large payment to make and are worried about the funds, you no longer need to worry. Simply apply for personal loan online and get access to funds. You can use the funds for renovation, to plan for a wedding or to pay for the medical emergency expenses. No matter the purpose of borrowing, a personal loan can make a lot of difference and help you in many ways. Choose a reliable lender for the purpose of borrowing and make an online loan application. Due to increase in competition across the country, lenders are offering the loan at low interest and have flexible repayment tenure.
In order to apply for the personal loan, you need to have a constant source of income. You will have to attach proof of income when you apply for the loan. Salaried employees and self-employed individuals are eligible for the loan and the loan will be processed and approved without any delay. First of all, you must identify the purpose of borrowing and decide on the amount you need. If you under estimate or over estimate the fund requirement, you could end up in trouble. Hence, take your time and estimate the amount you need for the purpose.
Eligibility criteria for salaried:
- You should be aged between 21 and 58 years.
- You must be employed for at least 6 months.
- You should have a minimum monthly income of Rs. 15,000.
Eligibility criteria for self-employed:
- You must be aged between 21 and 58 years.
- You should be in the current business for a minimum period of 2 years.
- Your monthly income must be at least Rs. 15,000.
Documents required:
You can make an online loan application by filling the form and submitting the personal loan documents including identity proof, address proof, PAN Card, salary slip for the past 6 months, bank statement of 6 months, and two passport sized photographs.
The lender will verify your documents and if everything is in place, your loan application will be approved in no time. Your credit score will also make a lot of difference here. If you have a strong credit score, you will enjoy a low interest rate and quick approval of the loan. Hence, it helps to check the credit score before you make the application.
A personal loan can help you in many ways and make it easier for you to handle the large payments. You no longer need to head to the physical branch of the lender and can apply for personal loan online from the comfort of your home. If you repay the loan in time, you will be able to build a strong credit score and enjoy quick approvals in the future.
Repayment:
The loan amount will have to be repaid in EMIs over the tenure. Before you sign on the loan documents and agree to the EMI amount, you need to use the EMI calculator and understand its impact on your finances. The calculator will be available on the website of the lender and it is free to use. All you need to do is provide the loan amount and tenure and you will have an estimate within minutes.
No matter the loan product you choose, it is important to use the EMI calculator. Based on the estimate, you will be able to decide if the EMI is within your monthly limits or not. Remember to take this step before you apply for personal loan online or sign on the loan documents. With a personal loan, you can achieve all your goals and fulfil your dreams!
