Step-by-Step Guide to Apply Online for an Instant Personal Loan

If you have an emergency expense that you cannot cover with what you have now, you might want to consider an instant Personal Loan.  

Over the decades, instant Personal Loans have become a source of emergency funding for individuals.

Thanks to advances in online processes, it is now easier than ever to apply for a quick Personal Loan online. The loan application and approval processes have also been streamlined. 

This makes applying for an immediate Personal Loan and starting repayment much easier. So why bother going through the hassle of visiting multiple lenders in person when you can complete your application in less time and simultaneously save travelling and documentation costs?

How can an applicant apply for an instant Personal Loan?

A person can follow the steps below to apply for an instant Personal Loan:

Choose a reliable lender 

Before signing any contract, applicants must check the lender’s reliability and compare their rates, fees, policies, and services. 

A legitimate lender will provide clear information about their interest rate, repayment terms, fees, application requirements, loan types, and other relevant details.

When selecting a lender, ensure that they offer flexible repayment plans and that their website is user-friendly. 

With Poonawalla Fincorp, securing a Personal Loan is quick and seamless, with easy-to-meet eligibility requirements, competitive interest rates starting from 10.99% and a 100% digital process. 

Check the eligibility criteria of the lender 

Before applying for a loan, borrowers must ensure that they meet the minimum eligibility criteria of the lender. Eligibility criteria refer to the applicant’s age, employment status, income, residence, credit score, etc. 

Lenders may want to verify the applicant’s identity before granting them a loan. 

With Poonawalla Fincorp, the eligibility conditions are: 

• The applicant needs to be an Indian citizen. 
• Applicants must have at least one year of job experience, with at least two months of consistent employment at their present job.
• The applicant’s age should be 22 years when applying for the loan and 58 at the end of the tenure. 

Apply on the lender’s website 

Once a borrower has chosen a suitable lender and checked the eligibility conditions, they can complete the online application form and submit it. 

The applicant must provide the correct information to avoid rejection. 

With Poonawalla Fincorp, borrowers can easily apply for a loan and get instant funds to meet their needs. 

Choose the loan amount and repayment tenure

Borrowers must pick how much money to borrow and for how long while keeping their loan eligibility in mind. 

Personal Loans frequently carry a higher interest rate, which fluctuates based on the loan’s term. Even if they are eligible to borrow more, one must try to keep the amount and term as low as possible.

Borrowers can also pick between monthly or more flexible repayment arrangements, provided their lender allows it.

Borrowers can quickly compute the EMIs by inputting different loan amounts and repayment tenures using the personal loan EMI calculator.  

Provide the necessary documents 

If the borrower’s application is authorised based on their eligibility, they will be required to provide supporting documentation for a Personal Loan to verify their application. 

Whether the borrower has applied for a small or large loan, they must keep their documentation ready for quick loan approval.

They will have to provide some KYC documents, proof of identification, proof of employment, proof of income, proof of residence, etc. 

Get funds in the account 

Once the documents are submitted, and the lender approves the application, the funds are credited instantly to your account. 

Conclusion

Instant Personal Loans appear to be a realistic choice for those needing immediate finances, particularly during emergencies.

Choosing a Personal Loan is a serious financial decision. Making a misinformed decision is the last thing anyone wants to do. To get the greatest bargain, compare your options.

Furthermore, applicants must do their research on the lender and terms when considering taking out a loan.

Using a personal loan EMI calculator to calculate the EMIs to manage the finances and make an informed decision effectively will make your Personal Loan application process easier and seamless.