You toil hard to fulfil your dreams. But the chances are high that many of your aspirations haven’t yet seen the light of the day. There may be two reasons for this – either you haven’t been able to manage the funds, or you may consider the dream to be too trivial.
With an instant personal loan by your side, you do not need to compromise with your aspirations anymore. Remember, no dream is trivial when online personal loans are a click away.
Be it a new car with ultra-modern features, a motorcycle to fly past traffic, an extravagant Indian wedding, or an international holiday trip with your family and friends; an instant personal loan can help you to strike them all off your bucket list.
Personal Loan Online – A Primer
Online personal loans are unsecured, which means that the lender will never ask you for collateral security. Usually, when you apply for loans, like a home loan, auto loan, or property loan, the lender approves the loan amount against collateral. The collateral acts as a guarantee in the case of a default.
However, instant personal loan approval depends on your income status and credit score. That being said, if you fail to repay the loan, the lender may report it to the credit bureau, who would downgrade your credit rating, making the future loan or card approvals difficult.
Personal Loan Online – The Fastest Way to Get Instant Approval
Right from submitting the documents required for a personal loan to the loan approval, there are five steps that you may follow to ensure a speedy loan approval.
Step 1 – Figure Out Your Requirement
You may require online personal loans for several reasons. Here are the most common reasons which prompt people to apply for a personal loan:
- Arrange funds for a medical emergency
- Organise a big event, such as a wedding, anniversary, or birthday party
- Sponsor a holiday trip to an exotic destination
- Set up a business or buy machinery, equipment, or even a new office
- Purchase a dream home
- Carry out urgent home repairs, like plumbing, electrical work, or painting
- Consolidate debt by converting many loans into a personal loan
- Tide over a short-term financial crisis
After figuring out your need for the personal loan, you should determine the amount you require. As a thumb-rule, you should try not to let the loan EMI cross 30-40% of your net monthly income.
- Check Your Eligibility
Now that you know why you need the loan and how much you need, it’s time to check the loan eligibility. You can use a personal loan eligibility calculator and enter details like monthly income, date of birth, and other information, to see the loan amount you are eligible to receive.
Ideally, you may apply for an instant personal loan if you are a citizen of India between 21 and 64 years of age. Additionally, your take-home salary should be above INR 25,000, if you live in Delhi or Mumbai, or INR 20,000. If, however, you are self-employed, then your minimum income has to be above the limit prescribed by the lender, which changes from time to time.
Step 3 – Calculate the EMI
Here comes the most critical part of your instant personal loan application – EMI calculation. It’s not that difficult, though.
You may open a personal loan EMI calculator and enter details like the loan amount, interest rate, and loan term, and wait for the calculator to display the EMI figure. If you feel the EMI is higher than what you can afford, increase the loan term. If you do not mind paying something extra, a short-term loan can be the best thing for you.
Step 4 – Arrange the Documents
The documents required for availing online personal loans are few and manageable.
Keep your PAN, Aadhaar, income statement, proof of employment/business, bank account statement, and photograph ready, and you are good to go with your loan application. The loan processing will be much faster if your Aadhaar card reflects your current address, and is linked to your bank account, PAN and mobile number.
Step 5 – Choose the Right Medium
You may apply for an instant personal loan through the website of the lender or an app.
If you choose the website mode, you have to visit the appropriate section on their website, fill in the application form, upload documents required for a personal loan, and submit the application.
An app can make this task much more straightforward. When you download a loan app, you will find the ‘Apply’ button on the first page. You need to click on it, and the system will guide you through the next steps.
When you apply for an instant personal loan from a reputed lender like Fullerton India, getting loan approval for upto INR 25 lakhs in less than 10 minutes is possible. Make sure you choose the loan amount and read the terms carefully before hitting the ‘Submit’ button.