Do you know you can get a loan without providing collateral or security? Whether you are looking for emergency funds to finance your medical bills, or you want to fund your child’s overseas education, a Personal Loan will get you covered.
A low-interest rate is among the benefits of getting a Personal Loan. You can also use your money to finance all kinds of expenses. In addition, Personal Loans don’t require collateral, meaning you can access the loan quickly.
But you should get an instant Personal Loan from a lender with the most favourable terms like a flexible repayment period and minimum processing fee.
5 Steps to Get Instant Personal Loan
Figure Out the Amount You Need
How much money do you need? You should determine the required amount before you apply online or pick a loan application form. Your lender won’t offer a Personal Loan you can’t afford to pay.
You can also use the free EMI Calculator available on websites of leading NBFCs like Poonawalla Fincorp to find out the equated monthly instalment (EMI) to repay your loan.
Get Your Credit Score Report
Your credit score will determine if you’ll get a Personal Loan or not. If your credit score is high, it means you can repay your loan. For example, you can get a Personal Loan with a CIBIL score of 750. However, many lenders will not consider your loan application if your score is lower than 750.
As you apply for a loan, remember that credit score affects interest rates. You will get a loan with lower interest rates if your CIBIL score is high.
Is your credit score less than 350? You don’t have to worry. Ensure you pay your existing loans timely and apply for credit score error corrections. Once you do that, your credit score will improve, and you can qualify for a Personal Loan.
Choose Where to Apply For the Loan
Do you have a lender in mind from whom you want to get the loan? You can fill out the application form. If your lender accepts the online application, that will be an ideal option. You will save time and money when applying for a Personal Loan online.
Ensure you finalise a lender with the lowest interest rate if you don’t have one in mind. Getting a Personal Loan with a favourable interest rate reduces the cost of your loan. When researching for a lender with good terms, you should also check the eligibility criteria of each loan provider.
Remember, borrowing conditions vary depending on your loan provider. Some use stringent criteria, while others are a flexible. You can get an instant Personal Loan from a loan provider with flexible qualification requirements.
Provide the Needed Documents
When seeking a loan, you are required to produce several documents. Your loan provider may request you to show your passport, driver’s license, or state-issued identity card as proof of address and identity.
Are you employed or self-employed? Prepare documents to show evidence of your income before your loan can be approved. Account statements, tax returns, or employment contracts are some documents you can produce as proof of your income.
Remember, your loan provider requests documentation to ensure you are the right person receiving a loan. Therefore, ensure you provide documents faster to enable loan approval and processing.
Accept the Loan Plan Repayment
Your loan provider will notify you when your loan gets approved. You can then proceed to finalise the process and accept the terms. After accepting, you will receive funds.
Make sure you track your loan repayment schedule and pay on time. Then, if you become financially stable, you can pay extra monthly and save money on payable interest.
Conclusion
Personal Loans are readily available funds. If you’re under pressure to get an emergency loan, you are only a few steps away from getting the amount you need. You can contact Poonawalla Fincorp and get an instant Personal Loan with a favourable interest rate and a flexible repayment term. You will not be required to provide collateral. Also, the loan processing is considerably quicker.
