Wondering how you can avail of personal loans quickly and without hassle? Well, we got you covered! This article takes you briefly through the topic of loans and anything and everything that you need to be aware of to successfully avail of loans without much hassle.
Gone are those days when people were skeptical of taking loans. These days, taking loans is not very unheard of and this facility is made use of by the majority. However, due to the fast-paced and ever-moving world we are living in, Online Loans or Online Personal Loans have gained popularity. Fret not, we will help you with how you can apply for loans in this article as well!
What are Online Loans or Online Personal Loans?
Initially, the traditional way of availing of loans was popular. However, slowly but steadily, with the ever-changing dynamics of the world, Online Loans have gained momentum. Online Loans, as the name itself implies, are a way of availing yourself of loans online from anywhere that you wish, without even visiting the bank. The only things that you require for this process are some documents and the knowledge of how to go about it. The entirety of the verification process and any other related process is completed online only and allows the customer to avail of loans in whatever way is comfortable to them.
Below we have provided a list of the various main documents that are required for applying for Online Loans;
Documents required if you are a Salaried Employee
- PAN Card
- Identity Proof (Aadhar Card, Driving License, Passport, Voter ID etc.)
- Signature Proof
- Address Proof (Passport Copy, Aadhar Card, Driving License, Utility Bill- Gas or Electricity Bill, Voter ID, Ration Card, Rent Agreement, etc.)
- Bank Statement of the last six Months
- Salary Slips for the last three months
- Income Tax Returns OR Form 16
Documents required if you are Self Employed
- PAN Card
- Identity Proof (Aadhar Card, Driving License, Passport, Voter ID, etc.)
- Signature Proof
- Address Proof (Passport Copy, Aadhar Card, Driving License, Utility Bill- Gas or Electricity Bill, Voter ID, Ration Card, Rent Agreement, etc.)
- Bank Statement of the last six Months
- Balance Sheet and Profit and Loss Account, Income Computation for the last two years
- Income Tax Returns for the last two years
- Business Proof (License, Registration Certificate, GST Number)
- IT Assessment or Clearance Certificate
- Income tax Challans OR TDS Certificate (Form 16A) OR Form 26 AS for Income Declared in ITR.
Please make sure that the documents you submit for availing of Personal Online Loans are recent and up-to-date. In case of lack of the correct or latest information, it is possible that your request for the online loan will be declined.
After being taken through the documents required for availing of Online Loans instantly, let us introduce you to how you can apply for the same. We will try our best to make this process as easy for you to understand as possible. The process for availing of loans may vary for different companies but the overall gist remains the same across all.
Here are the few steps that are required to be taken care of while applying for Personal Loans Online-
STEP 1: Make sure that you are an Eligible Candidate
- Ensure that you are within the specified age bracket- minimum age to apply being 21 years and maximum age being 65 years, at the time of Loan Closure
- It is necessary for you to be an Indian Resident and Citizen
- It is important that you have the necessary documents that are required for availing of the personal loan along with the duly- filled and signed application form
STEP 2: Keep track of Interest rates and Other Charges
- The average personal loan interest rates charged by banks range between 10.50% to 24% p.a. The interest rate being charged will vary based on numerous factors such as your credit score, income, the company that you are working for, your age, etc. Make sure that you check the interest rates of various banks and choose the bank that fits your requirements best.
STEP 3: Calculate your EMI
- The EMI is calculated based on the total loan amount, interest rate, and tenure. It will be beneficial for you to calculate the potential EMI before taking up the loan.
STEP 4: Ensure that you have the Required Documents
- Make sure that you have the required documents according to your type of employment before applying for the loan
STEP 5: Fill the Application Form Online
- After ensuring that everything you require is in place, you are all set! Just go over to the site you are applying for the loan and fill out the application form carefully and as instructed.
STEP 6: Wait for your Application to Get Approved
- Now, everything that was in your hands has been done by you. The only step that remains is to wait for your application to get approved.
Furthermore, you need to be extremely cautious while applying for loans and need to make sure that the bank or site you are availing of the loan from is legitimate. Be aware and careful of where you are entering your details and whether they are required or not.
We hope that through this article we were able to clear some of the ways for you towards applying for Personal Loans Online.
