When the need for funds is urgent, nothing is more bothersome than scheduling visits to a financial institution as per their working hours. The long waiting periods and complicated documentation processes can be tedious. Thankfully, technology has done away with the need for time-consuming branch visits. Nowadays, the entire process, starting from filling the application to uploading the necessary documents and disbursal of the loan, can be done online. Here’s how you can acquire an instant personal loan online without having to step out of your house.

Additional Read: Should You Apply for A Personal Loan Online or Offline?

How do you apply for personal loans on the web?

There are three methods for applying for a personal loan online:

  1. Visit the lender’s website. Most financial institutions require you to fill up a simple application form.
  2. Download the lender’s mobile app on your phone and follow the necessary steps.
  3. Contact the customer support team. Many loan providers have tollfree numbers where you can call and proceed with the loan application process. You can also contact customer service via online chatbots or virtual assistants if you need any help.

What are the steps involved in the application process?

Technology has simplified the process of application and approval, minimizing the wait, and leading to faster disbursal. If you are applying for a loan online, you need to follow these steps:

  1. Research online to find the lender offering the most competitive personal loan interest rates. Look for flexible terms and eligibility criteria that suit your profile.
  2. Furnish the information required to ascertain your repayment capacity. You may have to enter details like your name, age, contact details, etc. The loan provider will also need information about your income, employer, years of employment, etc. All of this can be done directly from the app or the website of the lender. 
  3. Based on the information that you provide and your credit history, your lender will determine if you are eligible for the personal loan. 
  4. When you meet the requirements of the loan provider, you have to upload documents like bank statements, salary slips, photo ID proofs, photographs, and proof of your address. You may also need to log on to the web portal of the bank that maintains your account to validate your financial records.
  5. The lender will verify all the documents you provide when you apply for personal loan. You can track the status of your application through the lender’s mobile app or by talking to the customer care team by phone or email.
  6. The sanctioned amount will be disbursed directly into your bank account within a few days.

Conclusion

Applying for loans online saves time and allows you to access credit without any hassles. You can enter your details on the website to determine your personal loan eligibility and apply for a loan. After your application is approved, you will receive funds directly in your bank account, without having to visit the branch at any stage.

Tata Capital offers online personal loans with minimal documentation and attractive interest rates. If you need funds to cover your financial requirements, apply for a personal loan today.

Additional Read: Facing a Financial crunch during the Lockdown? Get a Quick Personal Loan Online

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