A Personal Loan is one of the most efficient ways to get access to some additional funds, especially when you need to fulfil certain financial obligations such as renovating your home, sponsoring your child’s education, bearing the expenses of a wedding, going on a much-awaited vacation and much more.

With a Personal Loan offer, you always have the freedom to use the amount, whichever way you see fit. However, what makes this loan even better is the fact that it is usually approved and disbursed within 24 hours, or in some cases within 2-3 days. The ready availability and swift disbursal of this credit type make it ideal for situations when you need to meet emergency medical or hospitalisation expenses in the absence of insurance policies.

The loan amount for a Personal Loan can vary from Rs. 50,000 to Rs. 15 Lakhs, and even up to Rs. 50 Lakhs, depending on your income and your ability to repay. The Rate of Interest for Personal Loan usually varies from 11% to 22%, depending on the lender, the loan amount as well as your repayment history. The repayment period for small Personal Loans usually varies from 1 year to a maximum of 5 years.

While a good credit score, preferably above 700 is almost compulsory for your Personal Loan application to get approved, you can still apply for this quick credit with a lower score, if you have a strong repayment capacity.

Now that you have a fair idea of what small Personal Loans are, and how do they function, let us lay down the process of Applying for a Personal Loan Online.

Apply Online for Personal loan

For all you know, modern-day credit products such as Bajaj Finserv Personal Loans have made it exceedingly simple for you to apply for a loan online. All you need to do is visit the site of your chosen online loan aggregator, and fill in your personal details such as your name and your age as well as that related to your primary source of income and employment.

If you are a business owner, you will need to fill in your annual turnover, and if you are a self-employed professional, you must indicate your profession along with your annual professional receipts. On the other hand, if you happen to be a salaried individual, you must fill in the name of the company or the organisation you work for, along with your net monthly income.

That being done, you may be required to fill in details pertaining to:

• Your existing loan or EMI amount
• Your city of residence
• Your monthly expenses

You will also be asked about your expected loan amount.

Based on the details offered by you, the loan aggregator will get in touch with you, and help you compare offers by different lenders that are best suited for you. You can then pick the loan offer that you find the most appealing and cost-effective. That being taken care of, the next step in your online loan application will be the submission of documents.

To begin with, you will need to upload the following documents:

• Proof of your identity: A government-issued identification such as Aadhaar Card, Driving Licence, Voter ID, PAN Card or Passport.

• Next, you will be required to furnish proof of your age. Ideally, lenders prefer borrowers between the age of 23 and 60 years, and in some cases up to 65 years.

• Then, you must submit proof of your employment as well as that of your income.

Once all the documents have been submitted, your lender will verify the same. Simultaneously a copy of your repayment history will be drawn. If everything looks good, your loan will be approved within a few hours, and then the amount would be disbursed in your account within 1 to 3 days. Now isn’t that incredible?

We hope that you now have in-depth know-how about applying online for a Personal Loan. So, what are you waiting for? Thanks to the swift loan approval and disbursal process in the most efficient manner possible, you can have access to additional funds at the drop of a hat, or should with the click of a mouse!

Also Read: 10 Tips for a Successful Personal Loan Application

To apply online for Best Personal Loan providers for Pensioners, Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.

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