When it comes to personal loans, most people take a loan in unexpected situations or in urgent need
of money for child education, marriage, medical treatment, emergency, etc. Nowadays, applying for
a personal loan is easier than you thought. If you need a personal loan and have a smartphone with
the internet, you can instantly get a personal loan online and apply in minutes. In this Digital Era, lenders are leveraging the power of the internet and making the personal loan online app easier and paperless.
Many lenders are offering personal loans with different interest rates. You need to do detailed
research and find where you’ll get personal loan eligibility with a lower interest rate, flexible EMIs,
and an online application process.
Let’s get started!
Key Points to Remember before applying for a personal loan online
When you’re applying for a personal loan online, auto eligibility criteria can approve or decline your
request before reaching the lender. So some important points to keep in mind before applying for a
personal loan online:
1. CIBIL Score
Before applying for a personal loan online, you need to make sure that your CIBIL Score will be
higher because it determines whether you’re eligible for a personal loan or not.
2. Interest Rate
There are so many lenders available in the market that offer different interest rates. You need to
find those lenders offering lower interest rates on a personal loan.
3. All Fees & Charges
Applying for a personal loan online comes with many other additional charges and fees, including
interest rates, processing fees, prepayment costs, foreclosure charges, etc. So you need to compare
different lenders and find where you’ll get a lower interest rate and fewer charges.
4. Income
The applicant’s income will determine eligibility for a personal loan. Whether you’re a salaried
person or self-employed, you can get eligibility for a personal loan if you’ve all the required
documents.
5. Down Payment
Down Payment is a first-time payment you’re paying to the lender, and the rest of the amount is
converted into EMIs. When you pay a high down payment, you’ll get fewer EMIs with a lower
interest rate.
6. Loan Tenure
Tenure is a period of time that Lenders offer on loan to repay the EMIs with interest rate. If you
increase the tenure of your loan, then you’ll get a lower interest rate.
These six key points help you to find the best personal loan lender where you’ll get a lower interest
rate, flexible EMIs, and instant personal loan online apply.
Features and Benefits of Getting a Personal Loan Online
There are numerous benefits of getting a personal loan online:
Less Paperwork
It clearly shows that when you’re applying for a personal loan online, you need to submit fewer
documents to determine your eligibility.
Flexible EMIs
Lenders are providing personal loans online with flexible EMIs options where you have many options
to choose the amount of EMIs, loan tenure, lower interest rate, prepayment, or foreclosure as per
your suitability.
Instant Approval
When you apply for a personal loan online, and if you’re eligible for a personal loan, then you’ll get
your loan amount credited in minutes. Many lenders release the amount instantly when you’re
eligible.
Easy Online Access
Once you’ve taken the personal loan online, Lenders will provide facilities to check your loan account
online, balance, EMIs, interest rate, and other things you need to know.
Eligibility Criteria for Online Personal Loan
Here are some things that require for getting personal loan eligibility:
The applicant’s age must be between 23 to 58 years
CIBIL Score must be higher for eligibility
Must be a resident of India
Applicants must be salaried persons for at least one year or self-employed for at least three
years.
Documents Required for Personal Loan Online
Applicants must have these documents before applying for a personal loan online:
Identify Proof (Aadhar card, PAN card, Voter ID, etc.)
Income Proof (Last three months’ salary for a salaried person or latest ITR for self-employed)
Address Proof (Ration card, Driving license, Electricity bill, etc.)
Bank Statement (Last six months’ bank statement)
These are some essential documents required before applying for a personal loan online.
Conclusion
If you’re a budding business owner who is planning for a personal loan online apply to uplift your
business, then you need to visit a trusted financial solution provider website. There are numerous
financial intuitions that offer an absolutely free online calculator. You may submit all your and your
business details for a quick check. Test the personal loan eligibility criteria, required documents, and
benefits of getting an online personal loan. Now it’s your turn to find the best lender to get a
personal loan online apply with a lower interest rate, flexible EMIs, and less paperwork.
