Banks and lending institutions offer personal loans without collateral to fulfill sudden financial requirements. You can get this loan instantly with minimum documents. Since it is an unsecured loan, lenders check your credit score to evaluate your creditworthiness. You can quickly get this loan at low-interest rates if you have a high score. Hence, a personal loan is considered convenient and easily accessible to anyone needing financial assistance.
This article will guide you to apply for a personal loan online with simple steps.
Benefits and Features of Personal Loan Online
Zero Collateral: When applying for a personal loan, you need not submit collateral as security to get your loan approved.
No Hidden Charges: The lenders do not include any hidden or prepayment charges when applying for a loan.
Instant approval: If you have submitted all your documents correctly, your application will be instantly approved once the verification is complete.
Get the loan amount within 24 hours: With a completely digital process, once the application is approved, your loan amount will be disbursed into your bank account within 24 hours.
Minimum Documentation: With minimum documents such as Aadhar Card, PAN Card, and Income statements, you can get your loan application verified and approved instantly.
Flexible tenure: You can repay your loan amount through EMIs monthly, and you can choose the repayment tenure starting from 6 months to 60 months.
Eligibility Criteria
Nationality: Indian
Age: 21 to 60
Employment Status: Employed or Self Employed
Minimum Income: INR 20,000 per month
Work Experience: Minimum one year
Credit Score: Above 750
Documents required
For Salaried Employee:
| Sl. No. | Particulars | Documents required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Salaried: Bank statement for the past six months |
| 4 | Work experience | Employment Certificate for a minimum of one year experience |
For Self-Employed:
| Sl. No. | Particulars | Documents required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Aadhar Card, Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | ● Bank statement for the past three months
● Salary Slips of three months ● Income Tax Returns for the last three years |
Steps to Apply for a Personal Loan Online
- Visit the official website of the bank or lending institution.
- Fill out the form with the required information for the eligibility check.
- Once you are eligible, you can apply for the loan by the loan application form with personal and professional details.
- Submit the relevant documents for KYC verification.
- The next step is to select the interest rates, loan amount, and loan tenure.
- The verification process will take place.
- Once the verification is completed, your loan amount will be disbursed to your account.
EndNote
Applying for a personal loan online during any financial crisis is the right option to meet all your requirements. However, you must have a good credit score and credit history to get the loan at comparatively low-interest rates.
Buddy Loan is a personal loan provider that allows users to apply personal loan online. Whether you’re looking for a personal loan, car loan, home loan or business loan. Buddy Loan will help you to get the funds you need in a quick and convenient manner without having to step out of your house. You can apply for a personal loan with just 5 minutes of your time, get approved quickly and receive funds directly in to your bank account.