Ahead of the festive season, the RBI announced its decision to maintain policy rates. This is good news, especially if you’re a prospective personal loan applicant. Why? Because this means financial institutions won’t raise interest rates any time soon.

Not to mention, many lenders have already begun advertising attractive loan plans to ring in the festive season. So, if you shop around, you can find a suitable loan offer to match your current budget.

Wondering how to get instant personal loan this Diwali? Simply follow the steps below.

Step 1: Do your market research

During the festive season, various lenders roll out attractive loan offers at competitive personal loan interest ratesand convenient tenures. With so many options, you need to do some digging to find a good offer. So, compare different lenders, their eligibility conditions, interest rates, among others, before finalising one.

Also, given the surge in the festival offers for loans, many loan applicants might be sitting in the lender’s pipeline. So, make sure to apply at the earliest to get faster disbursals.

Step 2: Check the eligibility criteria

Once you narrow down on a lender, check if you meet their personal loan eligibility criteria. To assess your eligibility, lenders typically consider your age, employment status, annual income, credit score, etc. But if anything is unclear at the research stage, drop them an enquiry.

 Additional Read: Dos and don’ts for an instant personal loan in India

Step 3: Keep your documents in place

Planning to fill a loan application in the middle of the festival season? Ensure you have all your documents, including KYC documents, salary slips, bank statements, ID proof, residential proof, employment certificate, etc., in place.

This will prevent the added stress of finding loan documents in the middle of festivities and guarantee a fuss-free application process.

Step 4: Fill the application form online

At last, fill up the loan application form. Lenders offer both online and offline modes of application, so choose a method you’re comfortable with.

However, applying for a personal loan online makes the process easier. You don’t have to visit the financial institution to submit the application, after all. This also helps you cut the waiting time since you can quickly send your loan application for processing.

Besides, once you fill in the relevant details, your loan application is sent for processing. On approval, the loan amount is disbursed immediately and straight to your account. It’s that easy!

Additional Read: Get an Instant Personal Loan for Medical Emergencies in India

Summing Up

Require funds for home renovation this Diwali? Or perhaps to purchase new jewellery for Dhanteras?  Getting an instant loan can solve all your monetary woes. All you need to do is choose the right lender, meet the eligibility requirements, submit documentation, and apply online.

At Tata Capital, we offer flexible loans without collateral, tailor-made to meet your personal needs. We only require minimal documentation to process the application. So, why wait? Organise your budget using our personal loan EMI calculator.

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