Get an instant personal loans online in easy steps
Over the years, people have opted to get a personal loan to fulfil their urgent financial needs. While most people apply for loans to purchase properties, automobiles, or even set up their businesses, they usually don’t prefer debt for personal purposes.
However, an online instant personal loan is viable for fulfilling your emergency fund requirements. Let us find out how to get instant personal loans online.
How to apply for a personal loan online?
Applying for a personal loan online is very simple and quick. Furthermore, unlike a home loan, you do not need collateral for the loan application. Banks and financial institutions accept applications through numerous online and offline channels. So you can conveniently apply for a personal loan by visiting a bank in person or login on their official portal. Here’s how you do it:
1. Look for and compare different personal loan options
Don’t just blindly sign up for the first online instant personal loan you find over the internet. Various banking and non-banking institutions offer loans. Carefully read up on the features of the different loans. Especially look at the rate of interest and the TAT (i.e., turnaround time) of the loan. A turnaround time is a time taken for the loan application and approval process.
For instance, IDFC FIRST Bank’s personal loan is known for its incredible TAT and quick approvals. You can conveniently visit the official portal of the bank or use the mobile app to apply online. The application process is paperless and requires minimal documentation.
Once you have selected the loan provider, proceed to the next step.
2. Fill out the application form.
Upon selecting the bank, access the bank’s website and navigate to the personal loan section. Read the features and benefits, including the terms and conditions. Subsequently, visit the page that contains the application form. Enter your personal and contact details. The details commonly include your name, residential address, contact number and more. Once you have entered the details, upload the soft copy of documents that can verify the information provided. An Aadhar card, PAN card, passport, and driving license are usually required.
3. Complete the KYC process.
Of all the steps in the application process for personal loans online, the KYC or know-your-customer process is a determining step. In this process, a representative from the loan provider’s side will verify the information against the details on the documents submitted. Nowadays, some banks are known for offering video KYC too. Opt for a video KYC for a hassle-free and quick process.
4. Use the disbursed amount.
Once the KYC process is complete and the bank verifies your application, it will disburse the loan amount to your account. Once the amount disburses, you can use it to meet your requirements.
The four steps mentioned above should help you complete the process of applying for personal loans online. A personal loan could help you manage expenses for home renovation, vacation, urgent expenditures, education, purchasing gadgets, or even a wedding. If you have any doubts, contact a bank of your preference.