How To Select A Personal Loan Digitally?

0
782

Hit a short-term cash crunch? Need help to tide over an emergency expense? Some of the best personal loans can promptly assist you with such financial needs. Today, the process from the loan application, processing, and approval to disbursal has been made even faster through the digital setup.

Personal Loan

Going digital is your best bet for a seamless application experience with minimal documentation and instant approval. First and foremost, you must be extremely clear on the loan type, amount, and tenure you want to get into. Then, you should get all your details and documents required for a personal loan in order. At the same time, you must be careful about choosing the best personal loans for your needs and steer clear of scammers.

Here are a few pointers to remember before applying for a loan.

Choose Your Digital Loan Lender Carefully

Once you know what kind and amount of loan you require, the next step is to choose who you will borrow the money from. While doing things online is convenient, it’s risky, as there are many scams. Beware of those.

Some warning signs include if the website demands a prepaid card or some financial details or if they don’t ask for or show interest in your creditworthiness. Any legitimate lender would do their due diligence. If you want to ensure you don’t get tricked by a fake lender, go to Finserv MARKETS, which connects you with genuine lending partners in India.

This helps you stay assured of the lenders’ reputations, who can provide the best personal loans, flexibility in repayment tenures or foreclosure charges, and a transparent application process.

Make a note of Various Charges, Fees, and Penalties.

Lenders often charge a processing fee deducted from the loan amount. There can be other charges, too. For example, if you want to repay the loan much before the actual loan tenure, you will be charged a penalty called foreclosure charges. While these are minimal for most lenders, preparing to pay these charges on the outstanding principal amount is good.

Select The Right Type Of Loan

Lenders often have specific loans available, like home renovation loans, marriage loans, travel loans, etc. The terms of each of these loans are set according to their purpose, so it would benefit you if you choose the loan for a specific purpose.

Application Details And Documents Required For Personal Loan

When applying online, double-check all your details. To complete the basic KYC requirements, you will be asked to fill in your name, PAN, Aadhar Number, etc. Ensure there are no errors or discrepancies. You may also be asked to upload documents.

Usually, the documents required for personal loan application include

  1. Your ID proof in the form of a PAN Card/Voter Identity Card/Aadhaar Card/Passport/Driving License
  2. Proof of Residence in the form of a Voter Identity Card/Aadhaar Card/Passport/Driving License/Electricity Bill/Telephone Bill
  3. Income Proof in the form of Bank statement or salary slips for the last three months
  4. Passport size photographs
  5. Office Address Proof in the form of Electricity Bill/Landline Bill/GST or VAT Registration (for Self-employed)

On Finserv MARKETS, you can rest assured that you’re borrowing from a genuine lending partner at attractive interest rates, flexible repayment tenures, minimal documents required for a personal loan, and other offers.

Sources:

  1. How To Select A Personal Loan Digitally? – Forbes Advisor INDIA
  2. Personal Loan – Apply for Personal Loan Online in India
  3. Personal Loan Documents: List of Documents Required for Personal Loan