What is a personal loan?
It is a type of loan whereby the lender makes a one-time payment to the borrower, who in turn makes repayment of the borrowed amount in the form of regular instalments. The instalments can be monthly to yearly, and the payment includes the components of the principal amount and the interest accrued. You must be interested in how you can avail personal loan facility, the steps for which will be provided in this article. In order to get loans up to 5 lacs without any hassle, the process is quite straightforward.
How obtaining a loan is beneficial?
Before obtaining a loan from financial institutions, you must ensure that the loan amount will cater to all your needs. The process for applying for a loan should be transparent, and it must assure sanctioning funds with a low personal loan interest rate. The borrower is not required to get into the intricacies of paperwork as the eligible persons are able to get loans in the comfort of their homes. You only need to furnish the details in the form, and after your application is approved, the loan amount is instantly credited into your account.
As an added advantage, you will be offered customer support which is 24X7 available to resolve your queries. The online process is real-quick, and there are no hidden charges. These companies will provide you with the best personal loan experience by keeping the whole process transparent.
Are you eligible for a personal loan?
It is determined by your employment status as these loans are provided only to salaried and self-employed people. The generic criteria for obtaining a loan should be met, which include-
- Age should be between 21-58 years.
- Should be employed for the last 6 months and for business holders, should be in the same business for a minimum of 2 years.
- Monthly income should be at least 15,000
- For KYC requirements, please make available your ID and address proof documents.
- Your salary slips/ bank statements for the last 6 months
- PAN card
How to avail personal loan facilities via mobile app?
It can be availed through an online process, and many major finance companies have made this process simplified. An initiative by a major financial corporation called ‘Simply Cash’ has been launched, enabling users to apply for personal loans up to 1.5 lacs. Also, for higher amounts, the user can apply for Jumbo Personal Loans, which provides sanctions up to the amount of 5 lacs. The app can be downloaded from the play store. For instant loan approval from one of the renowned finance institutions, you need to follow the process mentioned below-
- Install the Simply Cash application
- Choose the amount to be borrowed and EMI repayments
- Furnish basic details such as your name, why the loan is required, income, and your PAN card number
- Assist with the KYC process
- Fill in the details of your bank account
- The loan will be approved on a real-time basis
- You need to sign the e-mandate and the agreement
- The amount will be credited to the provided bank account
In case the user wishes to get a Jumbo Loan, the loan process needs to be initiated by filling in the application and uploading the required documents. After that, their support team will assist you in completing your application for the loan, and soon the funds will be reflected in your bank account.
Why should you trust finance companies?
The companies are not new to the financial services sector, and personal loans have gained so much popularity in the last few years. For instance, a popular finance corporation has been catering to the needs of its clients ever since 2013. To this date, it has sanctioned over 40 million+ loans for various needs of its clients. Currently, it provides over 11 products for retail and business loans. These institutions can assure you of the best services in the market and would encourage you to apply for a personal loan to help you meet your financial needs. Their personal loan interest rates are quite competitive in the market and have no replacements.
Calculate the EMIs using our EMI calculator
The EMI calculator can assist you in determining the amount of your EMI amount at the given personal loan interest rate. The rates offered by some of the leading financial institutions are quite stable, and personal loans can be sought at these rates without burdening oneself with higher interest payment liabilities. You can use the calculator to know the EMI, which comprises the principle and interest amounts. The EMIs can be known for any length of time that you opt for loan repayments. For instance, if you borrow a minimum of 50,000 that you wish to pay back in 4 years, the monthly EMI amount would be approx. 1522. When the time duration for this loan is 10 years, the amount will reduce to 966 per month*.
(For personal loans specifically, the maximum tenure is 60 months)
Financial needs are real and can hit you at any phase of your life. The financial institutions are here to assist you in your hard times by making finance available at attractively low rates. The loan amount and the repayment time are all in your hands to determine. You can avail the EMI calculator facility to get a clear idea of EMI repayments and put the financial burden off your shoulders to enjoy life without worrying about your finances. These institutions are proving themselves as a helping hand to their clients who are in financial distress. These institutions stand with you at every phase of your life and support you each time your finances are derailed.
How to check your personal loan status?
After filling in all the details and getting loan approval, still not received funds in your account? There is nothing to worry about, and let their customer service departments do the work. All you need to do is to get in touch with their customer support team, who is at your disposal 24X7. Although these finance companies send you timely updates on your phone via SMS, in exceptional cases, if funds are not credited, please let them know. Keep your application number handy so that you can be assisted almost instantly. Personal loans are easy to obtain when the financial institutions are there to provide you guidance at every step.