A Step by Step Guide for Availing a Personal Loan for the First Time

Personal Loan

Personal loans are a way out to almost all of us when we need it quickly and for a short span of time. If compared to other kinds of loans, a personal loan is usually quicker to avail and get access to. Personal loans also do not intend to take up any sort of documents for further verification and this itself makes the procedure a lot easier and faster. On the other hand, personal loans are also a good option if you do not have any assets to pledge as collateral for a loan.

If a bank agrees upon providing you with a personal loan, they just intend to check up on your credit score and if you’re at a stable position to repay back the amount within a certain time limit. A credit score of 750 usually works the way around for the approval of personal loans in almost all banks.

The advantage with personal loans is that they do not have any limit set up with the amount that you can apply for. It may range from a thousand to a lakh or more accordingly to the need of the customers. However, you cannot apply for a huge personal loan in terms of your net income salary because if the average exceeds, your request might be cancelled and this, in turn, will affect your credit score where you will lose points, thus making it way harder for the application of personal loans in future. On the other hand, the loan period of a personal loan can range anywhere between 1 to 5 years.

With the advancement in almost all sectors, you can now also apply for a personal loan online and for that, you just need to follow these simple steps:

  • Whichever bank/ personal loan lender you choose to take your personal loan from, you need to first fill up all the required mentioned fields in the application form. This may vary from proving your personal details to your employment, net salary, and financial status.
  • Next, you need to select your favored loan amount and the period within which you can repay back the amount. In this way, you can avail the quick disbursement of personal loan for yourself. On other notes, with the help of many online calculators, you can also check the amount that you have to pay on EMI for a time span. This way you can be more aware and know if you’re eligible to apply for a certain loan amount without facing any rejection.
  • As mentioned earlier, you need to provide any security while applying for a personal loan and this way the loans are generated quite quickly and easily. However, there are certain personal loan eligibility criteria to be followed and they are as follows:
  1. You must be a citizen of India.
  2. You must be in the age group of 23-55 years.
  3. You must have your KYC Documents.
  4. You should have your employee ID card
  5. You need to show your salary of the previous 3 months for the assurance.
  6. You should be working under an MNC as salaried personnel. It can also vary within public or private organizations.

To find more about personal loan eligibility requirements, you can check a variety of websites that are available online.

Once you follow all these personal loan eligibility criteria, you’re all good to go. The lender further verifies the application and ensures the smooth conduct of the process. The loan is sanctioned within 5 minutes and the amount is transferred within 24 hours.

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