Personal Loan: Brief Process to Apply for Your First Personal Loan

Personal Loan: Brief Process to Apply for Your First Personal Loan

If you are looking to go for a short-term personal loan to cover your different monetary needs, you can do that with leading lenders in India. 

However, many prospective applicants are unaware of considerations to make while doing that. It is where it becomes a must to know about the process to apply for your first-ever personal loan. 

Once you consider vital points, your loan application status will change from ‘processing’ to ‘approved’. 

Let’s check out more in this post!

  • Decide the required amount first 

The first thing is to decide the required amount. Arriving at the right amount is a must as a higher amount may become tough for you to repay on time. To know an amount that your income can support, you can use the eligibility calculator. It is available on a lender’s website for free. You can also check out a lender’s eligibility norms on their website and start preparing well in advance.  If you want your loan application status to move to ‘approval’, it becomes vital to be sure of eligibility terms. 

  • Know your repayment capacity 

Once the exact loan amount is decided, the next thing to know is the precise loan EMI amount. Once you are sure about it, you may find it easier to do efficient loan planning. You can do that using the personal loan EMI calculator. It is also available on a lender’s platform for free. It will showcase the exact payable EMI, along with interest charges and total loan cost (principle + interest). 

  • Check your CIBIL score 

Since a personal loan is unsecured, you need to prove that you have got the required creditworthiness. To confirm that you are creditworthy, you need to have a robust CIBIL score. Hence, before applying for a personal loan on Aadhar Card and otherwise, you ought to check it beforehand. A credit score of 750 can help your loan application status move fast to the ‘approval’ phase in a jiffy. If you don’t have a strong credit score, you can improve it by making timely repayments and maintaining a mix of credits. Also, keeping your debt to income ratio lower can help. 

  • Shop around for the best loan deals 

You may be confused with the sheer number of short-term personal loan offers available online. Hence, the best thing is to land on a third-party website, compare all offers and select a deal that matches your needs and budget the best. This facility is available 24×7 and free on top third-party websites.

What is the process to apply for an online personal loan?

Applying for a short-term personal loan is easier if you follow the below points: 

  1. Land on the website of the lender you want to apply for a personal loan with. 
  2. Navigate to the ‘personal loan’ page and hit the ‘Apply Now’ button. 
  3. A new online application form asking for your personal, professional and financial records will open. 
  4. Once you submit the form, an agent of the lender will contact you to collect loan documents. 
  5. If everything is good to go, your sanctioned loan amount will be disbursed into your bank account within 24 hours. 

It is a standard procedure to apply for a personal loan and may vary from lenders to lenders. It must be checked out on their platforms beforehand. 

Other than a large amount, speedy approval and disbursement, you can also enjoy personal loan tax benefits. 

Personal loan tax exemption is available on the way you use the loan money, like buying assets and residential properties. 

Bajaj Finserv presents pre-approved offers on personal loans, home loans, business loans and more. It is to ease off the processing of the loan. 

You can check your pre-approved loan offers today by sharing your basic details like your name and mobile number.

Must Read: Plan Your Personal Loan Repayment Using an EMI Calculator

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