Want to Get a Personal Loan? Easiest Thing in the World!
Borrowing a loan seems risky if you are unsure about managing your income along with monthly loan payments. But of all the loans in India, the personal loan is one of the easiest to obtain and repay.
What is a personal loan?
A personal loan is granted by banks and NBFCs in India. It is approved based on the applicant’s age, income from salaried job, credit score, repayment history and correct set of documents. It is an unsecured product that does not require any physical collateral. The documentation is minimal and approvals come through quickly. In fact, it is one of the fastest ways to get institutional funding for your needs. Therefore, it is often referred to as an ‘instant personal loan’.
How it benefits you
● As mentioned above, the primary benefit of the personal loan is that it is disbursed speedily.
● You can get the instant loan if you have a good credit score and a regular income.
● The lending institution does not ask why you need the personal loan. In fact, you can use the loan money to finance a long-cherished dream (setting a business at home, buying a new bike, etc.) or for an unforeseen requirement (paying for a medical procedure, repaying a credit card loan, etc.)
● The loan is repaid in a series of EMIs till its tenure. The tenure is normally a short one, not exceeding 1.5 years.
● The personal loan can be secured from banks, NBFCs and loan apps fronting reputed NBFCs in India. However, loan apps are the fastest in disbursing the money. If your CIBIL credit score is low and your bank refuses your loan application, you might still get the loan from an app that uses more intuitive, AI-backed algorithms to compute your credit score.
● The instant personal loan can be taken using just your smartphone, with minimal documentation and without paying a visit to the lender’s branch office.
How to gain a personal loan
⮚ Identify a good loan app that you can take the loan from. There are several good loan apps in India but you need to find the trusted one. Online research will help you navigate
⮚ Study the loan parameters: how much loan you are eligible to get, interest rate being offered, processing fees, documents required, where to transfer the monthly EMI, etc. Ask questions and check FAQs till you have all the data you need.
⮚ Apply for the instant personal loan on the app, and submit documents as directed.
⮚ Await loan approval. Once approved, wait for the funds to be disbursed to your savings account.
⮚ Withdraw the loan money and satisfy the requirement.
Conclusion
Securing a personal loan is simple enough if you use the right channels to do so, such as a good loan app from an RBI-registered NBFC.
