Introduction
Personal loans are unsecured loans that are taken to meet any personal requirement, be it an unforeseen expense, a wedding, a medical emergency, or any of the several unpredictable eventualities that are a part and parcel of life. Being unsecured loans, personal loans do not require the guarantee of any underlying security. However, for the same reason, they tend to come at a higher rate of interest than secured loans such as home loans or car loans that are tied to an underlying asset. With instant personal loans, ease of processing and speed of disbursal are of the essence. It is advisable to be familiar with the process of applying for a personal loan in order to save time. Read on to find out how to apply for a personal loan and what documents you will need to apply.
Check Your Eligibility
Since a personal loan is an unsecured loan, the lender has to first judge the applicant’s creditworthiness. This is done either through verifying their CIBIL score or looking at their past history of borrowing. A good CIBIL score and/or a history of having repaid previous loans on time gives the lender some knowledge of your creditworthiness. In case previous credit history or CIBIL score is unavailable, the lender may verify details of your salary and savings. Most lenders require a borrower to have a minimum monthly salary of at least Rs. 15,000.
Calculate Your EMI
Most lenders provide personal loans ranging from Rs. 50,000 to Rs. 25 Lakhs. Your EMI will depend on the amount you have borrowed and the time period in you which are required to repay the loan with interest. Trusted lenders such as Finserv MARKETS allow you the flexibility to choose your own repayment period, thereby giving you the flexibility to decide your EMI according to your needs. Use this handy personal loan EMI calculator by Finserv MARKETS to find out how much EMI you would need to pay.
Documents Required for Instant Personal loan
Applying for instant personal loans is simple and hassle-free. Besides filling up an application form, you will need to provide copies of KYC documents such as Aadhar card, PAN card, residence proof, etc. You will also need to provide your bank statement for the last 3 months. With these documents in hand, you are ready to apply for an instant personal loan. Reputed lenders such as Finserv MARKETS allow easy application to personal loans through their websites. You only need to visit the Finserv MARKETS website, fill out a simple application form, provide the aforementioned documents and you’re good to go. Instant loans can get processed as early as within 2 hours depending on the customer.
Conclusion
Instant personal loans are helpful when you need quick access to funds to meet a personal emergency. If you are a salaried individual who earns more than Rs. 15,000 per month or you have a good CIBIL score you can easily apply to personal loans by filling out a simple application form and providing copies of your KYC documents and bank statements.
