Stepwise Guidelines to Apply for a Personal Loan Online

A personal loan can be a friend in need for those suffering from a financial crisis. The faster approval process, lesser documentation, timely disbursal of funds make such types of loans as one of the most sought after finance options among the salaried professionals. 

With the advent of the digital age, it is easier to apply for personal loans online, and the lending institutions also ensure that they keep the paperwork to a minimal extent. However, the smartphone rage has made the top financial institutions come up with personal loan apps for their customers/potential customers. This article will talk about the guidelines for applying for a personal loan online through a Fullerton India Instaloan app. Below are the steps:

Steps To Applying Loan Via  Fullerton India Instaloan App:

Step 1: Download the loan app through Google play store/ iOS Appstore

Step 2: Open the Fullerton India Instaloan app

Step 3: Verify your contact number in the app.

Step 4: Customize your loan offer

Step 5: Provide PAN number, DOB, pin code details

Step 6: The lending institution will verify your credit score

Step 7: You can avail the loan by uploading the appropriate KYC documents

Step 8: The loan amount will be disbursed to your savings account

EMI calculator:

Before you try out the quick loan app, it is always better to use the monthly EMI calculator to know the principal amount, the rate of interest and the loan tenure. While the lending institution fixes the rate of interest, they can be flexible with the main parameters of the loan based on your credit score. Hence it is advisable to maintain a better CIBIL rating to avail credit from any financial institution. 

Eligibility for a personal loan:

For eligibility, the applicant must be:

• An Indian citizen

• Between 21 – 60 years of age

• Should be a private firm/public undertaking employee or a self-employed individual

• Meet salary parameters set by the lending institution for both self-employed and the salaried

Documentation:

The documents required for applying for a personal loan online are application form, identity proof, age proof, address proof, salary slips, IT returns, and other applicable documents. The self-employed needs to submit the proof of income documents along with the additional KYC information.

Benefits of Personal Loans:

There are numerous benefits of availing a personal loan which are:

• The personal loans have versatile usage and can be used for any purpose

• The interest rates are much better compared to loan against credit cards

• Can be used for debt consolidation purposes

• The lending institutions will be flexible in terms of the credit scores

• The monthly EMI amount is uniform throughout the repayment period

• The approval process is quicker compared to other kinds of finance options

• Can be customized as per the borrower’s need and the pre-existing customer get additional benefits as well

Conclusion:

It is much better to apply for instant loans through personal loan apps as the reputed institutions maintain the apps, and they take care of the convenience of the users. With the online loan apps it is very convenient to apply for the loan without standing in the long queue of the lending institutions and track the status with a few seconds.