How to Get a Personal Loan Online in India - Instant Process to Get Loans Online
Email: support@loanadda.com
Url:
Noida, Uttar Pradesh 201301

LoanAdda Logo

Apply Personal Loan Online

Financial Blog

Category

recent posts

How to Get a Personal Loan Online in India - Instant Process to Get Loans Online

How to Get a Personal Loan Online in India - Instant Process to Get Loans Online

posted on 2020-06-22 10:32:44 by Admin

How to Get a Personal Loan Online in India - Instant Process to Get Loans Online..

A personal loan is a financial product by which money is borrowed from a bank when there is a need for emergency funds. A person lends money as per the need, pays the borrowed amount in installments within the opted time frame. This repayment also includes an amount of interest that the lender pays on the original amount. This repayment depends on the type of personal loan and the amount one has borrowed. Personal loans are offered by banks by using online and offline platforms both. Both the platforms have their own process to follow to avail a personal loan.

Every bank, be it government or private bank, has its own online process to avail a personal loan. So, let’s discuss here the general online processes of getting the personal loan in step by step.

6 Steps to Get Personal Loan Online in India

You can get the personal loan via filling an online application. With these easy 6 steps, you can easily apply for the required funds.

How


Step 1- Online Registration

Firstly, one needs to select a bank or NBFC from where he/ she wants to take a personal loan. After this, one needs to register themselves online by visiting the bank’s website. One can also switch to the mobile application of that particular bank for doing the registration process. Online registration requires only your email id and mobile number. Here, basic information like your name, date of birth, gender, pin code, city, like basic information is asked.

Step 2- Online Application

This step includes the application form. Here, a full detailed version of the personal loan application form is made available to the customer and every detail regarding the person and the personal loan is being asked for. This application asks about your employment status details, civil status, citizenship, address, qualification, existing bank, and card details, spouse and children information, and other details along with the purpose of the loan.

This is the most crucial part which you need to go through because this is the details on which your application will further proceed. This application plays a vital role in deciding that you will be given a loan or not and how much amount of loan you are eligible to get sanctioned on your name.                      

Step 3- Verification

This is the verification process wherein the bank starts to verify the details provided in the application. It checks all the eligibility criteria including personal and professional both. In case, if you are an existing customer of the bank already then the bank by default checks all the financial details which are associated with the bank.

After this, the KYC documents are verified which were uploaded online with the online application. Bank also verifies the address also by sending its executive to the mentioned home address and office address.

Step 4- Loan Approval                                        

This is the approval process in which the bank or the lender will check the CIBIL score or the credit score of the customer. The credit score eligibility is checked on the basis of the documents you have submitted to the bank like the salary slips, IT returns, and the past repayments (if any).

If your credit score comes out to be low then this will lead to the rejection of the loan and if it has a high credit score then the bank approves the loan. One should have a credit score of 750 or above to be considered as the high credit score bearer. So, if you have a low credit score, then try to improve it by 750 atleast.  It is only when all the eligibility criteria meet then only the loan gets approved.

The approval time of the loan can vary from as little as 24 hours to 7 working days based on the documents submitted. During the approval period, you will be offered a fixed and variable rate of interest both. Both of these will keep fluctuating as per the market.

Step 5- Interest rate and loan tenure

Here, the loan amount, loan tenure, interest rates are decided based on your employment, credit score, age, etc. The opportunity of choosing the loan tenure and the loan repayment ability is completely in the hands of the customer.

Step 6- Processing fees

When everything is decided including the loan amount, loan tenure, loan repayments, and other things then the processing fees come into picture. After paying the processing fee amount, the personal loan will be transferred into your provided bank account in 3-5 working days.

Documents Required and Eligibility Criteria

This process requires some basic documents of the customer. This includes:

  • Proof of Identity- PAN Card
  • Residential Address Proof- Indian Citizenship
  • Net Banking- A must required document
  • Age- Must be above 19 years of age
  • Income- Minimum Rupees 10000
  • Latest Credit Information Report
  • Bank statements
  • KYC documents like Identity, Signature, Address proof
  • Income Statement
  • Last 3 years IT return for self- employed

Other things one should know while applying online.

The personal loan which you have applied consists of interest rates which depends on many factors. So, have a look at the following:

  • By determining the credit profile based on the Credit Information Report
  • By checking the repayment history
  •  By going through the company profile you are employed in
  • By comparing loan amount to your income

Depends on the loan tenure

The rate of interest on personal loans or any other loans keeps fluctuating depending upon the market.

There are a different kind of interest rates being provided by the bank such as:

  • Home Loan @ 6.95%
  • Gold Loan @9.90%
  • Business Loan @13.50%
  • Personal Loan @ 10.50%
  •  Loan against property @ 8.15%

The interest rate provided by a few banks are:

  • HDFC Bank Personal loan @ 10.75%
  • Kotak Bank Personal Loan @ 10.75%
  • ICICI Bank Personal Loan @ 11.25%
  • SBI Bank Personal Loan @ 11.30%
  • Bank of India Personal Loan @ 12.15%
  • IDBI Bank Personal Loans @ 12%

Advantages of Opting Personal Loan Online

Here are some features and benefits of personal loan.

Easiness

Applying for personal loans is easy as one can apply from any place any time by just using small gadgets like mobile or laptop through the internet. Whereas, in offline scenarios, one has to visit the bank as per their given timings.

Comparison

Online there is a convenience of choosing between various banks offers, interest rates, and the eligibility criteria offered by the banks. By comparing online, the customer saves time and also gets huge information regarding their requirements.

No paperwork

One can register, fill the application, and upload the required documents online on their website rather than physically providing the documents by visiting the bank.

Fast processing

The online loan process is much faster than the offline process. Each and every step of getting a personal loan can be done online just by the use of the internet whereas in offline mode everything is done manually.

No additional charges

As the online application does not require any agent in the whole process, no additional fee is charged whereas in offline process physical involvement is needed in every step till the completion of the whole process. Hence, charged an additional amount.

Availability of online tools

Various digital tools are available for assisting the customers. A few of these tools help you check the personal loan eligibility, personal loan EMI, interest rates of all the banks, etc. For this, you only need to fill in the basic details and the calculator will do the rest for you. These help you plan everything before actually deciding and applying for a personal loan.

Conclusion

In case you are thinking of taking a personal loan, research online thoroughly on the internet before applying for it. Also, keep in mind that you need to maintain a good credit score which can be done by always paying dues on time as your whole financial history is checked and verified by the lender bank.

 

To apply for personal loans, home loans, business loans, credit cards, visit Loanadda.com. Best assistance and guidance is just one call away.