Unwanted or unpredictable expenses crop up in every person’s life. People often need additional cash to fund these which may not always be available. In such a scenario, opting for a personal loan online poses a smart choice catering to all such expenditures.
There are some NBFCs like Bajaj Finserv which provide the fastest personal loan disbursal within 24 hours of application. Also, they give pre-approved offers for their existing borrowers on a personal loan, business loan, home loan and several other financial services as well as products. These exclusive tailor-made scheme with simplified process aids in saving a lot of time of the borrowers.
Most people prefer taking personal loans online owing to its instant availability. So, if you are planning to opt for one, here’s how to apply for a personal loan:
Unlike the conventional way of processing, an unsecured personal loan takes less disbursal time when applied online. In fact, the loan amount is disbursed within 24 hours in your accounts post verification of few documents.
You need to furnish the following while applying for a personal loan online:
- KYC documents
- Employee ID card
- Salary account statements for the last three months
- Salary slips of the prior two months
Apart from minimal paperwork, you also need to match the following personal loan eligibility criteria:
- Your age needs to between 23 and 58 years at the time of application.
- You should have a stable source of income from an MNC or any public/private sector.
- Lastly, you need to be a residing citizen of India.
Note: NBFCs also provide their borrowers with an online eligibility calculator to evaluate the unsecured personal loan eligibility criteria beforehand.
So, getting an immediate personal loan online with instant approval within 60 seconds and fastest disbursal is a reality now. An additional benefit is that if you are an existing consumer of the lender, the loan disbursement process will be paperless and hassle-free.
How much can you borrow while availing the loan online?
Financial institutions offer a substantial loan amount that can range up to Rs. 25 Lakh fitting all your expenses. So, renovate your home, pay unexpected medical bills, go for a dream vacation or consolidate all your debts with the instant disbursal of such huge amount.
Some more features and benefits:
- Easy repayment schemes
Lenders also provide convenient repayment scheme. Once the money is disbursed in the borrower’s account, he can repay the loan through post-dated cheques or Electronic Clearing Services (ECS).
In addition, a borrower gets a flexible tenure to pay off the credit that varies between 12 months and 60 months.
- Affordable interest rates
Most lenders usually come with attractive personal loan interest rates. However, if a borrower can establish his creditworthiness, lenders also keep room for further negotiation of the rate of interest.
- Flexible Loan facility
It is a new-age facility that allows the borrower to withdraw fund whenever required. He has the advantage of paying only the interest part as EMIs and that too on the utilised amount instead of the total sanctioned value.
The best benefit is that a debtor can avail funds as many times as he wants from the sanctioned amount.
Hence, with easy application and instant disbursal of personal loan online, loan seekers don’t need to go through any hassle. Take advantage of online application and get hold of instant money for any financial requirement.
Pay EMI Online and Avail other Financial Services with Loan App
People applying for an instant personal loan or a home loan or active loan customers emphasize paying loan EMIs without facing issues. With everything available online, they don’t want to visit a lender to pay EMIs or even drop a cheque. They even don’t want to get into the hassle of paying EMI while using portals of their lenders on a browser.
They want that just like they can add some products to complete their grocery shopping in a flash, they are also able to pay EMI online. Lenders seem to have understood the needs of their borrowers and are now offering the loan app facility.
A loan app is a unique financial product that lets loan customers pay EMI online instantly and with some easier taps. They can also access the loan account on their smartphone to pay EMI online and avail many more financial services.
Are you also willing to apply for an instant loan in the future or an active loan customer? Then you can use finance apps to pay EMIs and enjoy more services easily.
Here is a quick post to help you know more about the features of online loan apps:
Pay EMI online and do more using an online loan app
- Track the Progress of all your Loan Accounts in One Go- By using an online loan app, you can easily monitor the details of your activities as well as closed loan accounts quickly. What’s more, even downloading of the loan statements is easier on a loan app.
- Pay EMI Online on the Loan App- The EMI payment for an existing loan account is now possible by using finance apps. By opening your online loan app, you can pay your EMI right on your smartphone and save time and efforts.
- Make Prepayments and Foreclose the Loan Accounts- Would you like to make some prepayments towards the loan or even foreclose it before the end of its tenor? Such things are possible by using a loan app. And yes, most of the lenders don’t levy fees for making prepayments or foreclosing the loan.
- Enjoy Pre-approved Loan Offers- Lenders may offer you some customized pre-approved loan offers to help you apply and go through a loan procedure easily and save time. An online loan app can also help you make the most of all such pre-approved loan deals and apply for all easily.
- Log a Request for Queries and Grievances- Did you know that you can also raise a request towards the queries related to a loan or some complaints? Yes, that’s possible when you use an online loan app on your mobile phone. You can also check its status and even get a hand on closed requests’ detailed description.
- Rate the App as Per your User Experience- You can also let the lenders know if you liked the loan app or not by rating the loan app easily.
You are now aware of some of the key features of a loan app including the payment of loan EMIs and more. You can apply for a loan from a lender that can offer you all the discussed features in a loan app. Bajaj Finserv offers many pre-approved offers on personal loans, home loans, business loans, EMI finance, and many more financial products. It is to simplify the overall loan formalities to make it fast for you.
What are Unsecured Personal Cash Loans Options and How They Work?
Unsecured cash loan is a type of a loan which one can take without any collateral damage. One can take a personal loan without any asset ownership showcase. When it comes to traditional loans, banks or other financial institutes ask for property or vehicle ownership documents to get a loan. In case of cash loan app, you are free to take a cash loan without any such documents.
The process of taking personal cash loans is very simple. Cash loan app like CASHe is available on the Google Play Store and Apple App store. Personal loan online is very convenient since these apps are available online 24/7. The first step to understand the personal cash loans is to download the app and create a profile. Your basic details like name, phone number, address, and photographs will be required to complete your profile.
The app will then ask you to enter the cash loan details. The amount can range from INR 10,000 to INR 1 to 2 lakhs. One can take personal cash loans for any reason. The cash loan app doesn’t ask to state the reason for taking a personal loan. People take a loan for various reasons like sudden accidents, planned trips or renovation costs, festival shopping and many more.
The tenure of the personal loan online usually ranges from 15, 30, 90 & 180 days. You can take a loan as per your repayment capability. Once you enter the amount and the duration, you can see the interest rate applicable on the loan.
The next step is to upload all the required documents on the app.
Documents required by cash loan app:
For the salaried employee:
- Identity proof: You have to submit your ID proof such as pan card or aadhar card or driver’s license or passport to avail personal loan online.
- Address proof: You need to showcase your residential proof to the cash loan app. Passport or rental agreement or utility bills like landline, water or electricity are valid proof of address.
- Income proof: You need to submit your income proof documents to get a cash loan. Your 3 to 6 months’ salary slips will be required along with your bank statement.
- You will have to submit your pan card and upload your latest photo.
- Identity proof: You have to upload your ID proof such as pan card or aadhar card or driver’s license or passport to get personal cash loans.
- Address proof: A self-employed person will have to submit residential proof. Passport or rental agreement or utility bills like landline, water or electricity are valid proof of address.
- Business documents: Balance sheet of last 2 years of your profit and loss statement, Latest income tax return, and Ownership/partnership agreement will be required to avail a cash loan.
Once you submit the documents, the app will then take some time to review your request. Once the personal loan online is approved, the cash loan will be disbursed in your personal savings account.
8 Features of Best Personal Loans You Must Know
Stranded in the midst of a financial crisis and want money? Even though you are the best planner in the world, you cannot plan events of life – you never know when life throws a curve ball at you. Some of life’s surprises can have a major blow on your finances. You might have to set aside your finance plans due to emergency requirements.
All of us have been there – lack of immediate funds to meet sudden needs. From unplanned purchases to medical emergencies to repairs to urgent trips, you might need cash anytime.
What can we do meet the cash crunch?
Well, personal loans are not only logical but respected way of funding your emergency cash needs. Yes, respected – we all know what asking monetary help feels like, even from loved ones.
Does a personal loan sound your saviour? But wait, you cannot jump onto the search button and apply for any personal loan you come across. Many companies advertise their loan as the best personal loan in the market which they are not. You must take a little time to study some of the salient features that a best personal loan must have.
Before we get into all the important characteristics of best personal loans, let’s understand what personal loan is?
Personal loans are a type of unsecured loans designed to meet your personal needs grated by a banking institution, financial company or individual.
Here are some of the most crucial features of the best personal loan:
One of the most important features of a best personal loan is its flexibility. Personal loans, unlike home or car loans, do not impose any limitations on the use of loan amount for a specific use. You can use your loan amount for any personal use you want. From travel to buying gadgets, the money can be used to meet any expense of personal nature.
Disbursement is Quick
Getting a pre-approval for your personal loan must be quick. Generally, a best personal loan provider will check your credit score and eligibility. If you meet all the necessary criteria, the loan is disbursed within 24 to 72 hours, depending on your loan provider. A good personal loan offers instant online loan approval.
The Less Document, The Better
Usually, all personal loans have minimal document requirement. But best personal loans accelerate the process by further limiting the number of documents needed for approval. A good loan provider allows you to apply online by scanning your documents within minutes ensuring you need the help when it is needed.
Minimal Eligibility & Paperwork
Best personal loans have a simple and flexible eligibility criterion with minimal paperwork. Mostly, you need to be more than 18 years of age with Indian citizenship and a stable source of income. The paperwork is minimal which makes the whole procedure swift.
It is quite obvious to be confused in your very first time of applying for personal loan. A good personal loan has a robust customer care department to provide you with all the assistance you might need.
The best personal loans have convenient repaying options. You can have the choice to repay through various repayment options such as online payments, cheques, etc. You can select a repayment tenure that suits you the most. Long repayment tenures will have lower monthly EMIs and vice-versa.
Personal loan interest rates are one of the most attractive things about them making them affordable to all. The EMI remains fixed throughout the entire tenure of the loan. So, you don’t have to worry about interest rate fluctuations like with other loans.
Calculating EMIs can be extremely cumbersome. But when you work with the best personal loan provider, they willallow you to calculate EMI easily. Mostly, on their website. You will get a clear picture of monthly EMIs based on your tenure, loan amount and personal loan interest rate.
A good personal loan also offers tax benefits. It not only gives you the financial support you need but also offers tax benefits. You can claim a deduction as per Income Tax Actif the loan is used for construction or renovation of the home. The maximum amount specified undersection 24B is Rs. 2 lakhs.
The best personal loan requires no collateral. You have to be eligible for the personal loan and have mandatory documents. Thus, your assets are safe in case of non-payment or other such circumstances. Now, that you know all the features of the best personal loan it’s time to get one!