A personal loan helps an individual to meet his/her financial requirements like higher education, home renovation or medical emergency. It is a type of unsecured loan borrowed to meet long-term financial goals without any hassle.
A quick and easy personal loan is nothing but a personal loan that is disbursed quickly within hours of the loan application. These loans have minimal documentation, and the procedure is completed within minutes.
You can get a quick personal loan up to Rs.25 lakh and get the loan amount within 24 hours of approval by applying online from the comfort of your home. Let us know more about the procedure and contract obligations for taking a personal loan.
The Procedure of Application For a Quick Personal Loan
- Before applying for a quick loan, you must create an account at the official website of the lender. Here, you need to mention your personal details, employment details, financial details, and previous credit details.
- The supporting information for the details mentioned above needs to be uploaded on the website.
- The next step is to select the loan amount that you require and the loan tenor within which you want to repay the loan.
- The lender will check the information provided and verify the supporting documents.
- If you meet the personal loan eligibility criteria, a representative from the lending bank will get in touch with you. You need to submit the required documents.
- The lender will then disburse the loan amount into your bank account within 24 hours.
- Once the loan amount is credited in your bank account, you can use it for your desired purpose.
Documents Required For Availing a Quick Personal Loan
- KYC documents
- Employee ID Card
- Salary Slips of last 2 months
- Salaried bank account statements of the last 3 months
Eligibility Criteria For a Quick Personal Loan
- The basic eligibility criterion to avail of the personal loan is to be a resident of India.
- Banks offer quick loans to individuals over the age of 23-25 years.
- You must be a working employee at the time of applying for the loan.
- Most banks set out income criteria for a borrower to be eligible for a quick loan. For this, make sure you have your last 2 months’ Salary Slips handy to prove your declared income.
- You must have a good CIBIL score and credit history to prove your creditworthiness. If you have a bad CIBIL score, your loan application will be rejected.
Things to Take Care of Before Taking a Quick Personal Loan
- While applying for a quick loan, make sure you get one from a lender that has a good service record.
- You should ensure the personal loan interest rates are lower than the market interest rates.
- Make sure there are no hidden charges added with the loan amount.
- Do read all the terms and conditions of the loan agreement carefully and then sign the loan papers.
Leading lenders such as Bajaj Finserv offers pre-approved deals on personal loans, EMI finance, credit cards, and business loans and beyond.
Such deals will help you go through the loan procedures hassle-free and make it less time-consuming.
All that you have to do is to share a few basic details such as your name and contact number to check out your pre-approved loan offers today.