How To Select A Personal Loan Digitally?

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

Personal Loan

For a seamless application experience that entails minimal documentation and instant approval, going digital is your best bet. First and foremost, it’s important that you have extreme clarity on the type, amount and tenure of loan 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 have to be careful about choosing the best personal loans for your needs and steer clear of scammers.

Here are a few pointers to keep in mind before you apply 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. Doing things online is convenient but it’s also risky as there are a plethora of scams going around. Beware of those.

Some warning signs include if the website demands a prepaid card or some financial details, or if they don’t either 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 reputation of the lenders, who can provide the best personal loans, flexibility in the repayment tenures or the foreclosure charges, and a transparent application process.

Make Note Of Various Charges, Fees, and Penalties

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

Select The Right Type Of Loan

Often, lenders have specific categories of loans available, like home renovation loans, marriage loans, travel loans, etc. The terms of each of these loans are set in accordance with the purpose. So it would benefit you if you choose the loan meant for a specific purpose.

Application Details And Documents Required For Personal Loan

When applying online, double-check all your details. You will be asked to fill in your personal details like Name, PAN, Aadhar Number etc to complete the basic KYC requirements. 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 PAN Card/Voter Identity Card/Aadhaar Card/Passport/Driving License
  2. Proof of Residence in the form of Voter Identity Card/Aadhaar Card/Passport/Driving License/Electricity Bill/Telephone Bill
  3. Income Proof in the form of Bank statement or salary slips of the last 3 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 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