Say you’re in dire need of funds. It can be to make an investment, book an expensive venue, pay for your wedding expenses, or to take that international trip you’ve always wanted to. Well, whatever the reason, a personal loancan be a quick fix to your cash crunch, as they’re easy to secure and don’t entail too many formalities.
Now, you’re probably wondering: do I have to physically visit a lender to get a loan? Apart from being a hassle, it is also not a safe option, given the current pandemic scenario. Rest assured, the answer is no, you don’t have to! Now, you can apply for a loan from the comfort of your home. Here’s how.
1. Scout the market for suitable lenders
The first thing to do is search for a lender who offers a seamless and quick online application procedure. While many lenders offer personal loans online, some still require you to visit the branch for documentation submission and verification purposes.
This is why you should check every lender’s website thoroughly and choose the one providing a 100% online loan application process. That way, you can apply for the loan, submit your documents, and get approval without moving an inch.
2. Check your eligibility and prepare the required paperwork
To begin the application process, you must first meet the lender’s personal loan eligibilitycriteria. Here are the eligibility conditions of Tata Capital:
- You must be at least 22 to 58 years of age at the time of application
- Your monthly income must be at least Rs. 15,000
- You must possess at least one year of work experience
Besides satisfying the eligibility conditions, you also need to provide some essential paperwork. At Tata Capital, we’ll require the following:
- Photo ID proof documents
- Salary slips
- Income proof documents
- Address proof documents
- Employment certificate mentioning a year of uninterrupted work experience
And, that’s it! Once you complete the application process, it usually takes a couple of minutes to receive approval.
Why apply for a loan online?
Apart from the apparent advantage of convenience, online loan applications also provide the following benefits:
- Unlike offline applications, online ones typically have no “open hours” and offer 24×7 availability. All you have to do is visit the lender’s website and apply.
- Lenders who provide an online application facility also provide free tools like a personal loan EMI calculator, which can help youcheck your estimated instalments before applying.
- Another key advantage of online applications is quick disbursal. Since everything is done online, lenders take a couple of hours to sanction and disburse the loan amount to your bank account.
Additional Read: Personal Loan can now help you increase your home value
As evident, applying for a personal loan online is the best way to avoid the hassle of physically visiting your lender while enjoying speedy processing. At Tata Capital, we take the experience one step ahead and let you apply via WhatsApp. All you need to do is send us a ‘Hi’ message, and we’ll connect with you at the earliest. Check out our personal loan interest rates here.