A handy guide to getting an instant personal loan online

Published on Jul 29, 2021 12:43 PM IST

Making an application for a personal loan today is just a cakewalk, all you need is a device and a stable internet connection.

Bajaj Finance online Fixed Deposit offers interest rates up to 6.75* p.a.
Bajaj Finance online Fixed Deposit offers interest rates up to 6.75* p.a.
ByHT Brand Studio

Technology today allows you to borrow money online by following the most basic processes. Instant online loans give you rapid assistance to meet any financial goal or obligation that is urgent or crucial. As long as you have a device that can connect to the Internet and a stable network connection, you can make an application for a personal loan any time and from anywhere. Here is how you can borrow money online with ease to address pressing needs.

Apply on your lender’s website or app

To borrow money online, the first step is to select your lender. To make the process of applying for quick loans hassle-free, check the eligibility terms on varied lender websites. Simply fill in basic contact, financial, and employment details to see if you are eligible for the loan using an eligibility calculator.

For example, you may select your profile as ‘salaried’ and accordingly view the terms of eligibility for a personal loan for salaried applicants. This step serves as the first round of eligibility verification and can be completed in minutes. When you apply for credit after meeting lender-specific terms then getting quick loans is easier and faster. You can also check terms and use the calculators on various lenders’ apps and even apply using the app.

Choose personal loan variables like amount and tenor

Don’t forget to customise the loan to your financial needs. Two important parameters are your loan amount and tenor. While choosing these, it is important to keep repayment in mind. To do this, calculate your EMIs with an online calculator. For instance, when you opt for the Bajaj Finserv Personal Loan, you get to adjust with your tenor and loan amount on a handy, straightforward, and intuitive personal loan calculator. This helps you choose the ideal loan amount and repayment timeline so that you can pay EMIs on time and boost your credit score in the process.

Prove your eligibility with supporting documents

Once your application is preliminarily approved based on eligibility, you will need to furnish supporting documents to allow the lender to verify your application. This process can be done online simply by uploading the documents required. Irrespective of whether you want to apply for small loans or hefty sums, keep your documents handy before proceeding with your application. This will further reduce the time taken to borrow money online.

In most cases, you will have to submit basic KYC papers like a PAN card and passport, your employment and income proof like an employee ID card, salary slips, and bank statements. Once you have these documents ready, fill the online application form and apply.

Get funds disbursed to your bank speedily

Once the lender has reviewed your application and you get the green signal, all that remains is for the finances to be disbursed to your bank account. This process normally happens quickly. Top lenders deposit the amount in your bank within 24 hours from approval. This further adds to your convenience when you borrow money online for urgent requirements.

Now that you know how you can borrow money online, choose a lender known for speed and ease of application. For instance, Bajaj Finserv offers Personal Loans of up to Rs.25 lakh with online approval in minutes and money in your bank in 24 hours post-approval. Keeping your comfort in mind, Bajaj Finserv allows you to repay your loan through a comfortable tenor of up to 60 months.

Moreover, you can enjoy the Flexi Loan facility on your sanction to further ease your repayment experience. With it, you can withdraw from your sanction multiple times, as per your needs, and pay interest only on what you use. Further, you can choose to pay only the interest every month during the initial duration of the loan and reduce your EMIs by up to 45%. This can be a great help when you are focusing on your unplanned, urgent needs.

You can further speed up your application process by applying using 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.

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