Steps To Keep in Mind As You Apply For a Personal Loan in India

With a population of over 20 million, Mumbai is the hub for many industries and business and is home to working professionals and students alike. This metro offers you all the creature comforts you desire, however, the cost of living is proportionately high.

When you find yourself unable to create an emergency fund, don’t fret, as you can easily get a personal loan in india for your unique needs. However, note that getting a personal loan for CIBIL defaulters in India is not easy, just it isn’t in other cities. Lenders understand your need for funds and take measures to make sure that it is readily available, but only when you qualify for the loan basis their terms and conditions.

A personal loan is an efficient solution because it is quick and easy to obtain. To take advantage of this tool, here are all the things you need to do as you apply for an instant personal loan in india.

Know Your Need For Funding

Before you apply for a personal loan, know your requirements. It is imperative that you analyse and ensure that you are not borrowing for a trivial purpose. A personal loan is a serious financial obligation that requires you to responsibly make repayments. If you fail to, it can have dire effects on your financial health. Even though you can use this unsecured loan to fund a range of personal and professional needs without having to cite them at time of application, note that your lender may ask you before sanctioning the amount. Moreover, evaluating your needs will help you arrive at the correct loan amount and in the process prevent under- or over-borrowing.    

Check The Lender’s Personal Loan Eligibility Criteria

Evaluate the lender’s eligibility criteria before applying for the loan. This is because lenders may reject your application if you don’t meet these requirements. Moreover, look for city-specific criteria to cover all your bases. For example, to avail a Bajaj Finserv Personal Loan in Mumbai, you need to be 23 to 55 years old and must draw a regular salary. Further, you must maintain a minimum monthly income, which for Mumbai is Rs.35,000. Knowing these details in advance will help you know whether you qualify for the loan or not and avoid disappointment at a later date.

Calculate The EMIs

With the help of a personal loan EMI calculator, you can compare various loan offers. Similarly, use the calculator to gauge whether or not you can afford the loan by checking the total interest payable and the EMIs. Depending on the values, reassess your tenor or principal amount, if necessary, as you don’t want to put yourself under financial strain. Also, borrowing a manageable amount will help you evade the risk of default.

Gather The Required Documents

Even with a low salary, a personal loan is still the easiest way in which you can secure a hefty sanction, as long as you have proof of other sources of income. In fact, you must have the necessary documents to support the fact that you meet all eligibility criteria. Typically, you are required to submit the following documents.

  • KYC documents such as Aadhaar card, PAN card or passport
  • Employment proof in the form of employee’s ID
  • Income proof in the form of salary slips and bank statements for the past 3 months

Apply Via The Lender’s Website or By Visiting The Branch

After having all the prerequisites in order, you are ready to begin your loan application for Trust Fund Benefits. You can do so by visiting the lender’s branch or by logging on to the website. At the branch, you can speak to a representative and they will guide you through the formalities. The website however, is a lot more convenient and you can apply even when you’re on the go.

Follow this checklist enjoy hassle-free loan application. As speed is an important factor for any freelancing service, especially when you’re seeking finance, opt for a lender that is known for its quick loan processing. The Bajaj Finserv Personal Loan in Mumbai is one such option as it offers instant approvals and speedy disbursals. You can get approved for up to Rs.25 lakh in 5 minutes and have the entire sanction disbursed to your account within 24 hours.

Furthermore, with a healthy CIBIL score you can enjoy attractive personal loan interest rates and a flexible loan tenor of up to 60 months. You can even apply loan in 2 minutes, however it is recommended that you check your pre-approved offer beforehand for a customised offering.

Tom Clark is a renowned author, who has been writing journals, blogs, and articles on varied topics for the last eight years. The best thing about him is that when it comes to writing, he is not confined to any particular subject matter. It is his extensive knowledge on diverse notions that allows him to publish write-ups on almost every theme available.