Apply For Instant Personal Loan Without Visiting The Bank

These days an instant personal loan can be obtained without going to the bank. Everything can be done from the comfort of your home.

A personal loan is essentially an unsecured loan that can be taken and used for a variety of purposes. Banks and financial institutions have made it easy to get personal loans without repeated visits to the bank. In fact, some financial institutions offer personal loans up to 25 lacs online. However, the quantum of the loan depends on the strength of the required supporting documents.

Repayment is in easy installments, and the tenure can go up to 5 years or 60 installments. The first thing to decide is what loan amount you are looking at, depending on what you want to do with it. Then use the banks online calculator to figure out how much the EMI will be. If the EMI suits you, then the next step is to apply. But it is essential to check the EMI carefully. This has to be done by you since the application for the loan will be done online.

Eligibility criteria are important; check them before applying. They are as follows -

•  Must be an Indian national
• Resident in India.
• Salaried. Preferably from an MNC or a public or private company.
• The monthly salary must be a minimum of INR 22,000 per month.
• Age must be above 21 years and a maximum of 67 years.
• Cibil score must preferably be 750.

Once you meet the requirements, you can apply. The following steps must be completed. The first thing to do is go to the site of the bank from which you wish to take the loan. If you are an existing customer of that bank, it is easier.

There is a clickable ‘Apply online’ area. Click on it. The page for the application opens. Check it carefully before filling out the form. You will need to fill in personal details and also our financial details, including your bank statements. The usual requirement is payslips for the past 2 months and a bank statement for the past 3 months. This is for the account in which your salary is credited. If you do not have these, it is best to get them before going forward.

Once you fill in the personal details, you will get an OTP on your phone. Fill hat in too. Then enter your KYC and income data. Mention the loan amount you wish to take and upload the form. The bank will get back to you very fast. Someone will call and talk to you, and it is possible that if the criteria for the loan have been met, the loan will be sanctioned immediately. You will get an instant personal loan.

Hence, if you are looking for an instant personal loan without running around, apply online and do the needful; There are a few things to keep in mind when applying. Use only those sites which belong to top legitimate banks or other financial institutions. While the documentation is easy, it also comprises sensitive and private information.

Applying for an instant personal loan is, therefore, quite convenient nowadays. Banks have made it easy. If you are eligible for the loan, the rest of the things are easy. All you need is a personal computer and an internet connection. Make sure the connection is more or less secure.

It is, however, important to use the online EMI calculator to check the amount of EMI payable against a particular sum of money for certain tenure. If the tenure seems uncomfortable, select a longer one, thus reducing the EMI. However, the overall interest will go up. The maximum number of EMIs is 60, or a loan tenure of 5 years. If a longer tenure suits you, it is advisable to take it. Check the calculator to see what the EMI could be for the longer term.

So if you are looking for an instant personal loan, go online and get it. It's quick and easy and saves a lot of bothers. And the process is quick. Just be sure that you have all the details read when you start filling in the form.

(Above mentioned article is a consumer connect initiative, This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever)