Obtaining a personal loan has become easy with the introduction of online lending platforms. Many people use personal loan apps to meet their financial needs. Personal loan apps tend to make the entire lending process easier. These apps often allow you to verify your eligibility before applying, upload documents, and track the status of your loan application. This article explains step-by-step procedures to obtain an instant personal loan online and certain common eligibility criteria in detail. 

What is an Instant Personal Loan Online? 

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An instant personal loan is an unsecured loan that offers instant and easy access to funds. By utilising digital technology, these loans tend to speed up the approval process. They can often be accessed through the financial institution’s website and app. This type of loan tends to offer required support when one has urgent financial needs and often does not require any collateral from the borrower. However, you should consider interest rates, processing fees, and loan duration so that you can get suitable terms from your lender.  

 Basic Eligibility Requirements for Instant Personal Loan 

Before applying for any online personal loan, you need to check if you meet basic eligibility requirements. This includes: 

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  • Age: Many lenders often expect an applicant to be in the age bracket of 21-65.     
  • Income: Salaried employees need a minimum of ?15,000 monthly income, while self-employed persons usually need to earn a minimum of ?2 lakh annually.     
  • Employment: Salaried workers need 6 months with their current employer, whereas self-employed individuals need to have at least 2 years of business experience. 
  • Credit Score: Applicants need a minimum 650 score with a clear credit history. 

The exact eligibility requirements may vary from lender to lender. Therefore, you may check the official website of your reputed lender to check the eligibility for an instant personal loan online. 

Step-by-Step Process of Instant Personal Loan Online 

Following these detailed steps will help you apply for an instant personal loan:  

Step 1: Registration and Account Setup  

First, you need to visit lender’s official website or download the mobile app from the Google Play Store or App Store. After that, create an account or log in securely using your registered mobile number and email address.  

Step 2: Enter Personal Information  

Then, you have to provide all your personal details correctly, such as full name, date of birth, marital status, etc. Moreover, the current residential address should also be given, and all the information must be in accordance with the identity documents. 

Step 3: Employment and Income Details 

You need to select your employment type as either salaried employee or self-employed business owner for proper categorisation. You should provide your current company name, designation, work experience, and monthly or annual income details. 

Step 4: Loan Amount and Tenure Selection 

Choose your required loan amount based on your financial needs and repayment capacity. Select a suitable loan tenure that balances affordable EMI amounts with total interest payable. 

Step 5: Document Upload Process 

Following this, you need to upload clear, scanned copies of your identity proof documents, like your Aadhaar card or PAN card. Additionally, you must add address proof documents, including utility bills or bank statements that are recent and valid. 

Step 6: Application Review and Submission 

Before proceeding, you need to review all entered information carefully and check for any errors or missing details. You should submit your completed application and note down the application reference number for future tracking. 

Step 7: Verification and Approval Process 

After submitting your application, the lender begins verification. Therefore, this process includes checking uploaded documents, verifying personal information, reviewing credit scores, and assessing repayment capacity.  

Step 8: Loan Approval and Offer 

Once verification is complete, you receive a loan approval notification. In general, the lender makes a proper loan proposal with all the details, such as loan amount, interest rate, EMI amount, repayment period, and terms and conditions. 

Step 9: Application Tracking 

After submission, you must monitor your application status through the personal loan apps India or the lender’s website regularly. You should respond promptly to any requests for additional information or documents from the lender’s verification team. 

Step 10: Loan Disbursement 

After accepting the loan offer, the lender disburses the payment and transfers the approved amount directly to your bank account. You’ll receive a confirmation message once the funds are successfully credited to your account. 

Conclusion 

Getting an instant personal loan online has become simpler and more efficient. You should start by checking your eligibility and collecting required documents. Furthermore, you need to use online personal loan calculators to plan your loan amount and EMI. You should choose a reliable lender and apply through personal loan apps in India. Furthermore, you need to maintain your loan by paying EMIs on time and checking your repayment date. You should remember to compare lenders, read the terms carefully, and choose a loan as per your financial condition.