How To Get An Instant Personal Loan In Simple Steps

A personal loan is an unsecured, higher-interest, instant loan that can be issued in minutes without collateral, such as a house or an FD, which might explain why banks are often so eager to sell you one.

Fi Money offers a completely paperless personal loan on the app. You only need to download and create an account (which takes under 5 minutes).

What To Consider Before Applying for a Personal Loan?

There are a few things you should square out before applying for a personal loan. Let’s take a look at some of those crucial factors:

Determine your Requirement

To understand how much to borrow, first think about why you need the money. For example, if you want to buy a car, you might need to borrow a lot. But if you just need money for small home repairs, you might not need to borrow as much. Also, make sure you can afford to pay back the loan before you borrow any money.

Compare interest rates and loan terms

Banks offer different interest rates on personal loans. These rates can range from 8.30% to 49%. They are not the same for everyone and can change depending on factors like credit score. The loan tenor is another factor that can vary.

Check Your Credit Score

Your credit score is very important when applying for a personal loan because they don't require any collateral. To be eligible for a personal loan, it's ideal to have a credit score of 750 or higher.

Check If You Have Any Pre-Approved Offers

Although you can borrow money from any bank, it's a good idea to check with your current bank first. This can save you time and money because you may be able to get a better interest rate. It's worth doing before looking elsewhere. If you're looking for a quick and easy option, you can also check out the Fi Money app, which offers a completely paperless personal loan that can be issued in minutes with no collateral required.

Use a Loan EMI Calculator

Your loan tenor and interest rates have a bearing on the monthly instalments you pay. A long tenor can reduce the EMI amount, but increase your long-term interest expense.

Using an online loan EMI calculator can help work out your loan amount depending upon your repayment capabilities.

If you are looking for a step-by-step guide to the loan application process, check out this article .

How To Get a Personal Loan From a Bank Online?

Here’s how you can get a loan from a bank online in 5 easy steps:

Step 1: Visit the Bank’s Website

Banks have website links that lead to the loan application form. Look for the 'Loans' section on the website and click on the 'Personal Loan' tab. If you're a Fi Money user, check for a pre-approved instant loan in your Fi app. It's paperless and should be disbursed in minutes!

Step 2: Fill-Out the Online Application Form

To apply for a personal loan, click 'Apply Now' on the loan page. Fill in the online form with your name, mobile number, email ID, etc. Submit the form and verify it by entering the OTP sent to your phone.

Step 3: Scan and Upload Your KYC Documents

After completing your online personal loan application, you will enter the documentation stage. This is a paperless process, so you only need to scan and upload your KYC documents such as age, income, address, and identity proofs to the bank's portal.

Step 4: Submit the Form

After you've uploaded all documents and checked the form for errors, click 'Submit'.

‍

How To Get a Personal Loan From a Bank Offline?

If you're not comfortable with online loan apps, go to a bank where you have an existing savings account.

Here’s how you can get a personal loan from a bank offline in 5 easy steps:

1. Visit the nearest bank branch.
2. Fill out the application form with your KYC details.
3. Submit copies of your KYC documents.
4. Wait for the verification process to be concluded.
5. Sign the loan agreement outlining the terms and conditions of the loan.

Conclusion

A personal loan is a double edged sword. High interest rates, but also super fast disbursal and no collateral required. It’s best for when you have some emergency or unplanned expenses that you haven’t thought about or budgeted for. Fi Money offers a 100% paperless instant loan disbursed in minutes. If you don’t have a savings account, open one now - it takes less than 5 minutes.

Frequently Asked Questions

1. How fast can I get approved for a personal loan?

It can take anywhere between a few minutes to days for personal loan approvals to arrive. Pre-approved loans on the other hand, are pretty much instant!

2. What are the 5 easy steps to get a personal loan?

Getting a personal loan is quite easy if you follow these 5 steps:

Step 1: Determine your loan requirement.

Step 2: Pick a bank and check your eligibility.

Step 3: Apply online/offline.

Step 4: Submit your KYC documents.

Step 5: Wait for the verification to be concluded and the loan to be approved.

3. What is the easiest way to get a loan?

The quickest way to get a loan is to apply online with a reputable lender or financial institution. Online applications are simple and offer fast approval times. To increase your chances of approval, ensure you meet eligibility criteria, provide accurate information, and have good credit.

4. How to get a loan for the first time?

To get a loan for the first time:

1. Choose a lender: Compare loan options from different sources to find the best fit.
2. Check eligibility and gather documents: Review the lender's requirements and gather necessary documents.
3. Apply: Fill out the application form with accurate information and submit it. Wait for the lender's decision.

5. How to be eligible for a loan?

To be eligible for a loan:

1. To apply for a loan, you typically need to:
2. Be of legal age and a citizen or permanent resident of the country where you are applying.
3. Have enough income to repay the loan and a good credit history.
4. Provide identification documents, proof of income, and any other documents the lender requires.

6. Who all are eligible for a personal loan?

Eligibility criteria differ from bank to bank, but here are some generic criteria: To be eligible for a personal loan, you must be employed by a private limited company or a public sector undertaking, including central, state, and local bodies. Additionally, you must be between the ages of 21-60 and have worked for at least two years, with a minimum of one year at your current job.

7. Can I get personal loan without salary?

Yes, it is possible to obtain a personal loan without a salary, provided that you are self-employed and can provide sufficient proof of income sources. In some cases, establishing a good relationship with your lender and maintaining a high credit score can also be helpful.

Read More

1. 10 Best Personal Loans in India 2023

2. How to Get Approved for a Personal Loan

3. How to Get a Personal Loan as a Self-Employed Person

4. Here is The List of Documents Required for Personal Loan