In today’s times, Loans have gained significant popularity. This is because their application processes are simplified now. Through a click, you gain access to different Loan options. This way, you get to choose the one that satisfies your financial requirements the best.

The most popular type is a Personal Loan. It is an Unsecured Loan that has a quick processing time. This means your application gets approved faster. Also, it does not require any collateral and is easy to seek. So, how to apply for one?

·         Eligibility criteria

Before you apply for a Personal Loan, check its eligibility criteria. Most lenders tend to grant Loans to those between 21-60 years of age. So, make sure you fall under that age category. You should be an Indian resident and citizen. To prove this and your identity, check the list of documents needed. Some of the documents asked are your age, address proof, salary slips, etc. Once you have gathered the enlisted documents, proceed with the next step.

·         Interest rates

Personal Loan interest rates are charged as a percentage of the amount borrowed. Their value depends on your Loan amount, creditworthiness, and other such factors. Besides there is also a processing fee. So, make sure that you go through them beforehand.

·         EMI calculation

An Equated Monthly Instalment is a fixed amount that you pay your lender regularly. These enable you to repay your Loan timely. While applying for the Loan, carefully calculate the monthly EMI. For this, consider the total Loan amount, tenure, and interest rates. Also, ask yourself if you can afford the amount. Is the amount within your means?

Doing so provides better financial clarity. It will help you manage the funds in your Bank Account more diligently.

·         Fill application form

After considering all the Loan aspects, duly fill out and sign the application form. For this, you may either go to your lender’s branch or fill it online. Most lenders ask you to fill it out online. The online process is quick and hassle-free. The application form includes personal information, mobile number, employment details, bank details, etc.

Upload all relevant documents on your Banking app. However, before doing so, ensure that the documents get scanned.

·         Be patient

A Loan application takes time to get approved. It undergoes various checks. Once verified, your Loan gets granted. A customer care representative then contacts you for further steps. If your documents are valid, this process does not take long. But there is no guarantee of how much time it may take. So, be patient.

Conclusion

Applying for a Personal Loan has become easier than ever. Just follow the steps mentioned. If you feel lost or have queries, feel free to contact your bank’s customer support for proper guidance.