A personal loan is a saviour for those amidst a financial crunch. Since it’s an unsecured loan, you don’t have to submit collateral to get the credit. The good part of taking a personal loan is that you don’t have to use the credit for a specific purpose, as it can be used to pay off your debt, during a financial crunch or medical emergency, or any other need. Almost every bank offers personal loans to customers. But, the trend of online personal loans has increased nowadays. An individual no longer has to visit the branch personally to avail the loan. Here’s a guide to getting an online personal loan in five easy steps:
Step 1: Determine your requirement
The initial steps include finding out why you need a personal loan and the amount requirement. You might need a loan for a wedding, holiday trip or renovating the home. The amount can vary from Rs. 50000 to Rs. 10 lac or more depending on the expense type.
Step 2: Check your loan eligibility
The easiest way to check loan eligibility is to visit the website of the bank and use their loan eligibility and monthly instalments calculator. For instance, visit IndusInd Bank website, and use their calculator to check your personal loan eligibility as well as the monthly EMI that you might be paying for the loan.
Step 3: Apply for personal loan online
If you are eligible for a personal loan and monthly EMI for the desired amount that fits into the pocket, you can fill out an application form online. The form includes basic details, and make sure you fill out them accurately. Based on the details, the bank will fetch the best offers for you.
Step 4: Identity documents
When you are done with filling out the application, complete V-KYC and auto-repayment setup. There’s no need to submit the hard copy of the documents, which makes the work a lot easier. However, with the availability of online loans you don’t need to visit the bank to submit the documents physically. IndusInd Bank, has in fact, made it possible to apply for a loan using a 100% online and paperless process.
Step 5: Get money in your account
The last step includes signing the contract digitally to get the disbursed amount in your bank account.
Last Few Words
Getting an online personal loan is easy and hassle-free. The good part is that you get the money in your account within a couple of hours of successful verification. But, you need to do a little bit of research when availing personal loan. If you are looking for a hassle-free way to apply for a personal loan, opt for IndusInd Bank. You can get an instant personal loan online from the comfort of your home or office.