Home Business Finance How to Apply Personal Loan Instantly? Ultimate Guide

How to Apply Personal Loan Instantly? Ultimate Guide

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When you apply personal loan, whether online or in-person, there are a few things you should keep in mind. These details may appear little to you, but they can have a significant influence on your loan application process. The majority of the criteria concern personal loan eligibility and loan paperwork.

To alleviate your concerns, we have included all of the relevant information on the qualifying requirements and the papers that you must submit at the time of application on this page. Examine these points carefully, and your loan will be approved immediately!

How to Apply for a Personal Loan

Applying for a personal loan is very easy, you can apply for a personal loan using two methods depending on your convenience. You can either opt for the offline method in which you will have to visit the local branch of your lender or you can opt for the online method in which you can apply for a personal loan while sitting in the comfort of your home.

We will give you a step-by-step guide to both of these methods. Let’s begin with the convenient online approach first:

  • Go to your lender’s official website.
  • Proceed to the application webpage and complete the application form there.
  • Upload the required paperwork online.
  • Once you have completed the application process, a representative of your lending institution will contact you.
  • Wait for the lender to review your documents and application form.
  •  Once the verification process is over, the loan amount will get deposited into your bank account.

The traditional offline method:

  • Visit a branch office in your area.
  • Speak with a representative and describe your exact needs.
  • Your loan will be authorized once the representative has completed the loan procedure.
  • Finally, provide copies of all necessary papers for verification.

Also, Read: What it take to be a successful IT Analyst?

What are the Personal Loan Eligibility Criteria?

Lenders evaluate many variables when establishing your personal loan eligibility for the amount you require on a personal loan. All of those criteria are listed below:

  • You must be an Indian citizen.
  • Personal loans are available to anyone between the ages of 21 and 58.
  • If you are a salaried employee, you must work for a firm for at least six months.
  • A self-employed individual must have at least two years of experience in their present business to be eligible.
  • Furthermore, you must make at least Rs 15,000 each month.

What are the Documents Required for a Personal Loan?

The documents required for a loan differ for salaried and self-employed individuals. So, to acquire rapid approval for a personal loan, make sure you present all of the necessary documentary evidence. The following documents are required while you apply personal loan:

  • You must send a completed loan application form and two coloured passport-size pictures.
  • You can provide any kind of identification, such as a passport, driver’s licence, PAN card, or Aadhaar card.
  • Any one of the following residence documents may be used: a passport, an Aadhaar card, a driver’s licence, a ration card, or a utility bill.
  • Present a letter of appointment from your current employer as well as an experience certificate from your previous employer as proof of work continuity.

If you are a salaried employee, submit:

  • Property ownership, including property documentation, maintenance bills, and power bills (any one)
  • Salary slips from the last six months, a bank account statement from the previous six months of your salary account, and Form 16 for evidence of income.

If you are self-employed, submit the following documents:

  • Proof of office address: property documents/rent agreement/maintenance bill/utility bill
  • Proof of business existence: Company Registration Certificate/Copy of Tax Registration/Proof of Shop Establishment
  • You will also be required to produce a bank statement from the last six months as well as an ITR for the previous two consecutive years as evidence of income.

We are done here! This is the list of the documents you will need to submit while you apply personal loan. These document requirements are the same for almost all the lenders, but some may ask you to submit some additional documents. Make sure you have them with you, and most importantly, never forget to check the personal loan eligibility criteria before applying.

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