How to get Instant Online Personal Loan in India

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Where do you go to when you are in a middle of a crisis and have a cash crunch at the same time. Going to a bank is a long process with a lot of paperwork involved. It can also mean several trips to the bank to follow up your loan. Even after this, you may or may not get the loan. So what is the next best thing? There are dozens of online personal loan app that disburse loans in minutes. These require minimum paperwork and no credit rating is required.

Getting a Loan from a Bank is a Major Exercise

Getting a loan from regular bank or any NBFC is a nightmare. First of all, your credit rating should be strong. Then you will be asked to submit a whole bunch of documents. In addition to your PAN card, Aadhar card, voters card you will also need to submit your salary certificate, bank statement and other ids that they may require. Depending on the amount of the loan you will also have to submit your income tax returns, salary certificate and bank statement. You may have to produce some collateral in the form of your house, gold or other financial instruments like fixed deposits, shares and bonds. A guarantor will also be required in some cases.

Who is Eligible for an Online Loan?

• Basically, most people can apply for an online loan under the following conditions (this may vary from app to app)
• Applicants must be an adult between the ages of 18 to 60 years
• You have to have to be salaried, self employed or self employed professional
• You have to be a resident in one of the places where the lenders have a presence.
• You must be a resident Indian
• Should have a valid address proof

Does the Online Loan App Provide Loans Medical Emergencies?

Online Loan App do provide loans for medical emergencies like illnesses, surgeries, accidents and other incidents requiring hospitalisation. Loans are also given to cover cost of education, home repairs and improvements, weddings and other purposes. Loans are also available for business owners. They can take loans to buy new machinery, raw materials and also for their working capital.

What documents are required to get an online personal loan?

Generally, there are very few documents that are required for an online personal loan. They could include: PAN Card, Aadhar card, Voters card, salary slip and a selfie. These have to be uploaded on the online loan app.

How to Get an Online Personal loan?

Since there are numerous apps for loans, you should look around the internet and find out which one is best suited for you. Once you have decided on one then you should download the app. The app will lead you through the process by asking you to enter the details required by the app. You will also upload the relevant document as well as a selfie of yourself. The app will sanction a credit limit based on the information you have provided. After that you will enter a loan amount which is within your credit limit amount. The app will work out the EMI and the interest as well as the tenure (that you have mentioned). Your bank details will also be required. When you have confirmed the details and agreed to the terms and conditions, the loan amount is transferred to your bank account.