According to data presented in the Economic Times, the share of bank credits towards personal loans increased by 6.90% in the financial year 2018-2019. This increase in lending was in response to the steadily rising demand for these unsecured advances in the last few years. The rise in demand for these advances can be owed to unrestricted end-usage and the substantial loan amounts offered by borrowers.
Now, these personal loans can be utilised to cover numerous expenses, including medical emergencies, car repair, travel costs, etc. which may often require immediate availability of funds. That is why it is important to learn how to get personal loan and avail the funds to cover these expenses without hassle.
If you are looking to apply for these credits, the following are some of the factors which can help you avail it with ease.
Things to Check Before Applying for This Advance
Personal loans usually come with quick approval and easy disbursal benefits which allow individuals to access the funds easily. But these benefits can be enjoyed only if an individual fulfils the requisite eligibility criteria and submits the required documents.
Hence, before you apply for a personal loan, check the points mentioned below
- Eligibility to avail the advance
To get instant personal loan and qualify for it, you must fulfil the following criteria
- You must be between 23 and 55 years of age.
- You must be a salaried professional, employed at an MNC, private or public company.
- You must have a minimum monthly earning of Rs.25,000. The minimum income requirement, however, may vary from one city to another.
Apart from these few personal loan eligibility criteria, individuals are also required to maintain a healthy credit score to ensure that financial institutions consider them creditworthy for the loan.
- Documents required
To avail a personal loan, individuals will have to submit the documents mentioned below
- KYC documents Including Aadhaar, PAN, driving license, passport, voter ID, etc.
- Passport size photographs.
- Last three months bank account statements.
There might also be other personal loan documents required by your financial institution for submission. Make sure you check the full list of documents before you apply for the advance.
- Follow the application process carefully
After you have checked the eligibility criteria and gathered the documents required, you will need to follow the online application procedure
- Visit the lenders website and go to the page for a personal loan application.
- Submit all the required personal and financial information.
- Next, check and submit all the documents required.
After supplying these details and submitting your application, you will be able to get instant personal loan approval in less than 5 minutes.
Few financial institutions like Bajaj Finserv also provide pre-approved offers that can make availing the advance faster and easier. These offers are available on several financial products, including personal loans, home loans, business loans, etc. You can check your pre-approved offer by providing details like your name and phone number.
While instant approval is one of the first features you must look for in a personal loan, check some other factors too to benefit the most from it. These are
- High loan amount value of up to Rs.25 lakh.
- Minimal documentation requirements.
- Competitive personal loan interest rates.
- Loan disbursal within 24 hours.
- Flexible tenor.
- No extra or hidden charges.
With these personal loan features and benefits, availing a personal loan can be particularly advantageous. But before applying for the advance, make sure you check all the eligibility and documentation requirements to apply successfully and avail the loan with ease.