A Practical Guide to Getting an Instant Personal Loan Online
Today’s technology allows you to borrow money online by following the most basic processes. Instant online loans offer you quick assistance to meet any urgent or crucial financial goal or obligation. As long as you have a device that can connect to the internet and a stable network connection, you can apply for a personal loan anytime and from anywhere. Here is how you can easily borrow money online for urgent needs.
Apply on your lender’s website or app
To borrow money online, the first step is to select your lender. To facilitate the quick loan application process, check the eligibility requirements on the websites of various lenders. Simply fill in basic contact, financial and employment information to see if you are eligible for the loan using an eligibility calculator.
For example, you can select your profile as “employee” and view the eligibility conditions for a personal loan for employee applicants accordingly. This step serves as the first round of eligibility verification and can be completed in minutes. When you apply for credit after meeting specific lender requirements, then it is easier and faster to get fast loans. You can also check the terms and use the calculators on the apps of various lenders and even apply using the app.
Choose personal loan variables like amount and term
Remember to tailor the loan to your financial needs. Two important parameters are the amount and the duration of your loan. When choosing these, it is important to keep repayment in mind. To do this, calculate your EMI with an online calculator. For example, when you opt for the Bajaj Finserv personal loan, you can adapt the loan term and amount on a convenient, simple and intuitive personal loan calculator. This helps you choose the ideal loan amount and repayment schedule so you can pay EMIs on time and boost your credit score in the process.
Prove your eligibility with supporting documents
Once your application is pre-approved based on your eligibility, you will need to provide supporting documentation to allow the lender to verify your application. This process can be done online simply by uploading the required documents. Whether you want to apply for small loans or large sums, keep your documents handy before proceeding with your application. This will further reduce the time it takes to borrow money online.
In most cases, you will need to submit basic KYC documents like a PAN card and passport, your proof of employment and income like an employee ID card, salary slips, and bank statements. Once these documents are ready, complete the online application form and apply.
Get funds paid to your bank quickly
Once the lender has reviewed your application and you get the green signal, all that remains is to deposit the funds into your bank account. This process normally happens quickly. The best lenders deposit the amount in your bank within 24 hours of approval. This further adds to your convenience when borrowing money online for urgent needs.
Now that you know how to borrow money online, choose a lender known for its speed and ease of application. For example, Bajaj Finserv offers personal loans of up to Rs.25 lakh with online approval within minutes and cash in your bank within 24 hours of approval. Keeping your convenience in mind, Bajaj Finserv allows you to repay your loan over a comfortable term of up to 60 months.
Additionally, you can take advantage of the Flexi loan facility on your sanction to further ease your repayment experience. With it, you can opt out of your penalty multiple times, as needed, and only pay interest on what you use. Plus, you can choose to pay interest only each month for the initial term of the loan and reduce your EMI by up to 45%. It can be a great help when focusing on your urgent and unforeseen needs.
You can further speed up your application process by applying through pre-approved offers. Check your pre-approved personal loan offer from Bajaj Finserv today by entering a few basic details and manage your urgent needs without having to dip into your savings.