As one would say, personal loans are not hard to get today if you meet a few essential requirements your lender might ask. While this may hold true, there are various intricacies that need to be taken care of when you are availing of a personal loan. Also, you need to be well versed with all the available options and scopes of negotiations to secure the best terms on the advance. It is only when you have met all aspects suitably do you gain access to an easy personal loan.
Not to say that it is a challenge to avail one. But, keeping a few details in mind always helps in securing your desired loan value at the best rates and other suitable terms. So, here’s a detailed insight on what these loans comprise so you know the features to look forward to. Alongside, you will also check the eligibility requirements and the application process involved.
Top Personal Loan Features in the Market
a. A long tenure
When availing of an easy personal loan, carefully considering and selecting the tenure for repayment is important. Some best financiers extend these advances with a tenure spanning up to 5 years. Use an EMI calculator to make a wise tenure selection.
b. Suitable financing value
With high financing of as much as Rs.25 Lakh, an eligible individual can easily meet expenses that span beyond their monthly incomes. Meeting big-ticket expenditure becomes simpler too with such an amount availability.
c. Utilisation as per your need
Even though named personal loans, these advances are not to be strictly used for personal purposes and can be extended to professional use as well. Its wide usage with zero restriction allows a borrower to utilize it for any spending need seemed fit.
d. No collateral requirement
The loan is an unsecured advance, which makes it a collateral-free financing option. As it is, availing of a personal loan does not threaten your personal or business assets. You only need to meet specified eligibility criteria to avail of the loan.
e. Access to online loan account for management
Today, with the financing industry going digital, you can ensure easy personal loan online management. All you need to do is log in to the lender’s customer portal to check and track loan details.
Personal Loan Interest Rates
Lending institutions today have only made these advances affordable by ensuring the levy of competitive personal loan rates of interest. Other charges on the advance bear nominal rates too, which contribute to making the loan affordable.
You need to meet simple eligibility requirements to avail a personal loan. Below listed are the common ones.
- Age between 22 and 60 years
- Applicants can either be salaried or self-employed
- He/she should be able to prove income stability through a specified number of years in service or business operation
- Depending on the city of residence, an applicant must also be earning monthly income above a specified threshold
- He/she should hold a credit score of not less than 700
- Additionally, applicants must be carrying 1+ years of stability in their residential Indian citizenship
The Personal Loan Application Process
Applying for a personal loan is the easiest when you do so online. Below given are the steps involved.
- Visit your lender’s website and navigate to the ‘Personal Loan’ page.
- On the page, access the application form through the ‘Online Application’ option.
- Next, fill up the form with necessary personal details and enter the loan values needed.
- Check all details for accuracy and submit the application form.
With all eligibility and documentation requirements in place, receiving approval for an easy personal loan should not be a challenge. Confirm the eligibility requirements with your lender before applying for a better idea of the criteria.