Finance

Can a Personal Loan be Availed Online?

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Personal Loan

When it comes to procuring a loan, many people are dreaded because of the lengthy processing and uncountable visits to the bank or lender. The whole process looks cumbersome and hectic. But with technology taking over the banking sector, it is no more of a herculean task to avail a loan. One can get a loan with a click of a button using their smartphones or computers from the comfort of their homes and offices. With banks offering loan application facilities through their digital platforms, there is no more of a need to physically visit banks ‘n’ number of times to submit applications, documents or for verification purposes. Thanks to technology, one can now get a personal loan completely online.

Personal loans are now the most sought after loans in the banking and lending sector. They are available without the requirement of any security and hence are quite covetable. One can avail these loans for a loan tenure of up to 5 years. A personal loan does not have any stringent eligibility criteria and comes with minimal documentation requirement. And the fact that the borrower can use the loan amount as per his will makes them even more attractive. One can avail the personal loan to finance their education, take care of wedding expenses, financing one’s vacation, medical emergency or for home improvement projects. 

All leading banks and lenders are offering personal loan in Delhi and other states at a competitive rate of interest. Being unsecured in nature, the rate of interest charged on personal loans are higher than other secured loan products like home loan, car loan or a gold loan. One can access the digital platforms of the lenders to apply for the loan online or one can also take the route of Fintechs like LoansJagat which offers a comparative platforms of over 40 key lenders wherein the borrower can compare the offerings of different lenders on account of their rate of interest, loan amount, loan tenure, EMI, processing fees or even prepayment charges and make a well-informed decision.

HOW TO GET A PERSONAL LOAN ONLINE?

  • Check for the eligibility criteria of lenders

Different lenders have different eligibility criteria laid which the borrower must abide by to get their loan application approved. The lenders are very particular about it and therefore the applicants must check for the same to check if they are eligible or not and accordingly apply for the loan with them. Failing to comply with the eligibility criteria can result in getting your personal loan application getting rejected which can significantly hamper your credit score.

  • Choose the lender

Choose the lender by checking for their offerings and deals. It is better to compare different lenders and then choose one for making a calculated decision.

  • Apply for the loan

After you have zeroed on the lender, fill in the personal loan application form on their website or through the LoansJagat portal. The borrower needs to enter their KYC and financial details in the form correctly. Financial details are asked by the lender to check for your repayment capacity.

  • Submit the documents

The loan application is incomplete without the submission of the required documents. One can scan and upload the desired documents and submit them through the online portal itself. This can be done offline as well by visiting the bank.

  • Wait for approval

Once the form and documents are submitted, the lender verifies them for authenticity and also checks for your other ongoing loans and EMIs and on the basis of all these factors decides on the loan amount and whether to approve or reject the loan application. This is the sole discretion of the lender and if they find something wrong, they can reject the application.

  • Get the loan amount in your bank account

If your loan application gets approved, the loan amount is directly transferred to your bank account.

The whole loan processing process online takes around 3-4 business days provided all the documents and entered credentials are true. Availing a personal loan online has become a piece of cake nowadays. But one must ensure that they abide by the eligibility criteria, and submit the requisite documents to fasten the loan process online.

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