How to apply for a Personal Loan from the Comfort of your home?

7Newswire
16 Nov 2021, 15:03 GMT+10

One of the easiest and most effortless ways to obtain cash, a personal loan can be a real boon in times of need. Since a personal loan requires fewer documents and is usually processed fast, it is the most preferred retail loan among people in need of funds for medical and family emergencies. Thanks to technology, applying for one today merely calls for a device - smartphone or laptop - and stable internet connectivity. Though you can still walk into a bank and apply for a traditional personal loan, many experts today are of the opinion that an online or instant personal loan, also known as a digital/paperless loan, is a safer, more convenient, and better way to apply. Here is a complete guide to help you apply for a personal loan from the comfort of your home (or wherever you may be!)

Steps to Apply for a Personal Loan Online

Do some online research, comparing instant personal loan offers from various lending institutions. Choose one that best suits your needs.

Once you have finalized a bank, make sure you meet the eligibility criteria set by it.

Visit the website of the chosen bank and go to the personal loans section. Click on apply now.

Fill in the details on the online personal loan application form.

Submit the requisite KYC documents - PAN card, Aadhar Card, Voter's Identity Card, Driving License - and income-related documents.

If the application is approved, you will receive the loan amount in your bank account on the same day.

Additionally, before applying for a personal loan, it is imperative to have an approximate idea of the loan amount you need. It is advisable not to borrow more than you need, even if you are eligible for receiving a greater amount. Also, prior to applying for the loan, it is a good idea to take the help of an online personal loan EMI calculator to calculate your monthly instalments. This way, you'll be better prepared for paying the monthly EMI without putting a strain on your finances.

Why You Should Go for an Online Personal Loan

There are several compelling reasons why opting for a paperless personal loan is better than an offline or traditional loan. Here are a few:

Can be applied anytime and from anywhere.

Minimal documentation required; merely calls for uploading the scanned copies of KYC documents.

An online personal loan typically comes with quick processing and swift disbursal of funds. So, ideal for emergencies.

It is 100% safe and secure with no risk of losing or misplacing vital documents.

One of the best and most customer-friendly personal loans available today is the Indus Easy Credit Personal Loan from IndusInd Bank, one of India's most trusted banks. With features like low processing fees, flexible repayment tenure, and a low rate of interest, Indus Easy Credit Personal Loans have a 100% paperless application procedure. Obtaining quick funds was never this easy!