Lack of information and preconceived notions always hold individuals back from applying for an online personal loan and taking advantage of its unique features. These loans are tailor-made and can be used at your discretion, i.e., these Personal loans come to your rescue especially when you have an emergency to cover. Some people are wary of these loans because of their unsecured nature, i.e., no collateral is involved for its approval. In fact, an unsecured loan approved online is a safe financial tool. Let’s bust all the myths, doubts or vague ideas surrounding Personal loans and make that personal loan work for you.
Advantages of a Personal loan – What makes it a great option?
- Easily Available – Personal loans are offered at affordable interest rates by all lending institutions. They are easily available, stress-free and extremely handy when liquid cash is required.
- Unsecured Loan – Personal loans are mostly unsecured. There is no collateral required to obtain this loan. Your ability to pay back the money and salary proof are good enough guarantees. Moreover, the processing time and paperwork is consequently less.
- Actual Personalisation – Money is your servant; you can take the driver’s seat in this regard and apply for a personal loan as per your convenience and requirement.
- Myriad Offers and Schemes to Keep You Happy – None of your property will be subjected to mortgage nor does it require verification of any owned properties or assets or any other kind of proofs and certificates.
- Amount and Tenure – The tenure of your personal loan may depend upon the amount borrowed and it can range from 12 months to 60 months.
Let us provide you with a walkthrough on how to get Personal loans
- Get in Touch with Your Lender – Various online websites and blogs can provide you a detailed account on any lender you would like to know about. Look for offers, interest rates, location and low risk products. Contact the concerned official to fix an appointment or apply online.
- Perfect Documentation – This is perhaps a very imperative step to ensure a successful loan application. Paperwork as promised is of course less but one still has to maintain accuracy in their documentation. Ensure that you have all the necessary documents in order. The types of documents typically required are:
- Age Proof
- Address Proof
- 2 passport size (colour) photographs
- Recent bank account statements
- Signature verification (In case of any sign mismatch)
- Salary proof like pay slips, etc.
- You may also be required to produce copies of other relevant documents like Income Tax returns and TDS statements.
- Document Collection and Verification – Your loan application along with your documents will be submitted to the bank for approval. You’ll be subjected to a formal field verification process wherein a field investigator would double check your credentials and pay you a visit
- Approval of Loan Application – Upon receiving a positive report, the bank or NBFC will review your application by rechecking and finalizing the documents you have submitted.
Disbursement – The bank will perform a final check of approved files and sanction your loan. Once the verification and approval is done the lender would disburse the amount.