With banks and non-bank finance companies (NBFCs) offering instant personal loans with just a few clicks, obtaining an unsecured personal loan has become very easy in recent times. The online application has made the overall process quick and easy, and the borrower can get the money in hours or even minutes.
Personal loans are a blessing in times of emergency, financial crisis, or any medical need. This is one of the best options for getting funds without much hassle, especially with a lower interest rate than other instant credit options like a credit card. According to industry data, an increasing number of people are now opting for personal loans, even for large purchases.
Having said that, despite its convenience, a loan that is a financial commitment must be repaid on time. Otherwise, it affects the borrower’s credit report and negatively impacts their credit rating. To help them, borrowers can use an online personal loan calculator. It gives information about his EMI personal loan and other important factors regarding the loan.
To apply for a personal loan online, the required documents are usually KYC documents and income documents. The online application for personal loans is similar with most banks, however, the approval time differs.
The time it takes to get a loan approved varies from one lender to another. With some NBFCs this takes a few hours, while with banks it can take anywhere from a few days to a few weeks depending on the type of lender and their lending policy. In contrast, loans pre-approved by banks are often disbursed within minutes.
Here are a few things to keep in mind when applying for a personal loan online:
– Evaluate and find out the exact loan amount you need and then apply for a personal loan.
– In addition, take into account any loan or credit card contributions that you are in the process of repaying. This will determine the EMI you can afford to repay monthly.
– Check with the bank or consult the bank’s eligibility conditions to find out whether or not you are eligible for the loan. (It takes into account income and employment status)
– Ask the bank about the interest rate it offers. (Compare interest rates from banks and other lenders online)
– If you opt for a loan from your own bank, it will be easier for you to apply for the loan through the bank’s mobile app or through online banking.
Here is how you can apply for a loan online for Axis Bank;
- If you are an existing customer of Axis Bank, apply for the loan through the bank’s mobile app or through online banking. If you are a new customer, download the application from the bank’s website.
- Along with the application form, for verification, provide documents for KYC, along with proof of address and proof of income.
- You will also be asked to pay the processing fee. You can pay digitally or by check.
- Once the bank verifies the documents, the loan will be sanctioned and the amount will be approved based on your eligibility.
- After confirming and signing the agreement with the bank, the funds will be transferred to your account.
Here is how to apply for a personal loan from Bajaj Finserv;
- Visit the official Bajaj Finserv website
- In the ‘products’ drop-down menu, click on ‘apply now’ under ‘personal loan’
- Fill out the online application form with personal, professional and financial information
- Choose the loan amount and the repayment term you want to request
- For verification, the Bajaj Finserv representative will contact you
- Then you must provide all the necessary documents
- Once you are approved, you can get the loan disbursed within 24 hours of approval.