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).
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:
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.
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.
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.
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.
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.
Here’s how you can get a loan from a bank online in 5 easy steps:
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!
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.
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.
After you've uploaded all documents and checked the form for errors, click 'Submit'.
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:
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.
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!
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.
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.
To get a loan for the first time:
To be eligible for a 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.
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.