6 Effortless Steps to Follow While Applying for an Online Loan

Online Loan

A successful personal loan application indicates that you have presented all of the essential information and documentation to the lender, which will result in loan approval. However, though it may appear simple, your loan application for a personal loan may be refused by the lender for reasons you are unaware of. As a result, we have offered some ideas for you in the section below on how to make a successful personal loan application.

Step 1: Evaluate the Eligibility Requirements.

There are some minimum eligibility criteria in order to apply for online loan; these are mentioned below:

  • The minimum age to apply is 25 years old, with a maximum age of 47  years at the time of loan closure; 
  • You must be an Indian resident and citizen; and 
  • You must have the relevant documentation to apply for an online loan, as well as the duly filled and signed application form.

Step 2: Examine Interest Rates and Other Fees

Interest rates vary according to the borrower’s creditworthiness, the amount and term of the loan, and other considerations. A personal loan has a processing fee in addition to interest rates. Applying for online loan is a crucial step as it will be affecting the amount you will be willing to credit.

Step 3: Determine your EMI

EMI calculators assist in calculating the monthly EMI due on loan. This computation is based on the loan amount, interest rate, and loan term.

Finnable offers you a free online calculator that will help you to quickly analyze your equated month installment and ease up the process to apply for an online loan.

Step 4: Verify All Required Documents

  • Recent passport-sized photographs 
  • Completed personal loan application form 
  • Age proof (Passport/PAN card/Certificate from a statutory authority) 
  • Identity proof (Driving license/voter ID card/Passport/PAN card
  • Address proof (Telephone bill/electricity bill/Passport/driving license/ration card/rental agreement/bank statement or passbook) 
  • Salary slips/proofs of the last 3 months or bank passbook

Step 5: Fill out the online application form

Easily fill out the online application form to apply for online loan.

Keep a soft copy of all the documentation required to app for an online loan in hand to submit in the event of an online application.

Once the document verification is successful, the loan application procedure is complete. Regardless of the type of loan, an applicant must supply all required documentation. The significance of documentation varies according to the type of loan. For example, income evidence and a payslip are given first priority in the event of unsecured loans such as personal loans.

Step 6: Wait for Getting Approved

The personal loan application will be then processed. The procedure will thereafter be handled by a representative who will be assigned to you. Finally, the loan will be provided once the documents have been verified. Compared to other forms of loans, the approval process for personal loans is quite simple as long as the documents are valid.