Banks and non-banking finance companies (NBFCs) are providing instant personal loans online. The online application process has made the overall manner simple and swift, and the borrower can get the money in a matter of few clicks, availing for an unsecured personal loan has never been this smooth. In times of urgency or a financial crisis, getting a personal loan is of great help. Funds are made available without much bother, notably with a lower interest rate when compared with other instant credit options like a credit card. It is noticed that several people are now opting for personal loans even for making monetary intensive purchases.
Despite its convenience, a loan is a monetary commitment and needs to be returned within the stipulated time. Or else, it strikes the borrower’s credit report and changes credit score negatively. To forgo the chances, borrowers can use an online personal loan calculator. It provides information about one’s personal loan EMI and other important factors regarding the loan. In order to apply for a personal loan online, the documents that are required are usually KYC documents and income documentation.
Points to remember while applying for an online personal loan online
- Decide on the exact loan amount you need and then apply for a personal loan.
- Take into account any existing loan or credit card dues that you may currently be repaying. This will determine the EMI you can afford to repay monthly.
- Find out if your qualify for the loan or not, satisfying eligibility conditions. It includes income and employment status.
- Review the interest rate given by the bank and compare the interest rate of banks and other online lenders.
- If you are opting for a loan from your own bank, it will be more accessible for you to apply for the loan through the bank’s mobile app or through internet banking.
Apply for a loan online with Axis Bank
- If you are an existing customer of Axis bank, apply for the loan through the bank’s mobile app or through internet banking. If you are a new customer, download the app from the bank’s website.
- Along with the application form provide documents for KYC, with address proof and income proof, for verification.
- Pay the necessary processing charges and pay that digitally or cheque.
- Once the bank verifies the documents, the loan will be approved and the amount will be recommended based on your eligibility.
- After validating and legalizing the agreement with the bank, the funds will be dispensed to your account.
Apply for a personal loan with Bajaj Finserv
- Visit the official website of Bajaj Finserv
- From the ‘products’ dropdown menu, click on ‘apply now’ under ‘personal loan’
- Fill in the online application form with personal, employment and financial details as necessitated
- Choose the loan amount and repayment course that you want to apply for
- For verification, Bajaj Finserv spokesperson will get in contact with you
- Then you need to provide all required documents
- Once the loan is approved, you can get the loan disbursal within 24 hours of approval.
