Apply for a personal loan in easy steps | Eligibility criteria | Documents required Overview

Apply for a personal loan in easy steps | Eligibility criteria | Documents required

Introduction

You can avail a personal loan if you need money for a medical emergency, home renovation, family vacation or buying furniture, etc. Personal loan is an unsecured loan, which means no collateral is needed in the bank and it can be used for any purpose. In this article, we will explain how to apply for a personal loan and quick and easy application process for personal loan.

personal loan

Personal loan statement

Interest rate – 8.95% p.a.
Loan amount – up to 50 lakhs
Loan tenure – up to 5 years
Processing fee – 0% - 3% of loan amount + GST

How to apply for personal loan

There are two processes of applying for a Personal loan application. You can apply through online or offline methods, it is fully dependent on the application channels which are offered by the lender. Some of the lenders allow individuals to apply for personal loans through their smartphones with downloading the mobile application or available web links. These are some steps to apply personal loan as follows:

1. Comparing the loan offers

There are many banks and financial institutions that provide same day loans to the Indian residents. Thus, you should compare first the various offers of loans that are available to you. Be sure to check the interest rate offered on the loan, disbursement time, loan amount that can be opted for, and the lender's credibility. Also You can use the eligibility calculator to know your eligibility of loan amount from different lenders.

2. Check eligibility criteria for personal loan

Every lender is likely to specify the personal loan eligibility on their respective websites. You must ensure that you fulfil the personal loan eligibility criteria before applying for the personal loan.

3. Submit application for personal loan

If you are applying for a personal loan online, then you are required to fill the online application form, where you are required to key in your personal information like name, email id, phone number, PAN number etc. Also You need to upload the documents needed for a personal loan on the lender's website.

After submitting the online application form your application will be verified by the lenders. After getting approval for the loan your loan amount will be disbursed into your account within 24 hours.

Note- If you want to apply for a personal loan application by offline method, then your first step should be to visit the nearest branch & make you aware of the application process through agents.

Personal loan application process

Applying for a personal loan online has become very easy these days. You can apply for a personal loan online from any of the financial companies or banks.

If you want to save your time then opt for online loans from GRD India financial services Pvt. Ltd.

Through website https://www.grdindia.in or any of the official sites of the bank in a matter of minutes.

Apply for a personal loan application from GRD India as following below :

You can directly check our website www.grdindia.in for a personal loan or you can apply from any of the official websites of any bank.

You will be shown offers from multiple banks/lending institutions based on your loan approval probability.

Now compare various loan options on parameters like interest rates, processing charges, prepayment charges and ratings and choose the best loan offer for you.

Fill in some other basic information asked in the online form, so that the personal loan application can be sent to the bank/ loan institution chosen by you.

Upload documents or set date and time to deliver documents.
After this for verification, you will get a call from the bank by the agent.
Discuss all doubts from the agent and there will be some basic formalities, complete them as bank's directions.
After the verification is successful, the loan will be approved and the loan amount will be transferred to your account.

Top Personal Loan Plans & Offers

You can either directly visit the official website of the bank to apply for a personal loan or visit the GRD India website to compare loans and then apply for the loan that will be suitable for you.

Citibank Personal Loan

Low Interest Rate
Interest from 9.99% p.a. to 16.49% p.a.
Loan amount up to Rs.30 Lakhs
Loan tenure of up to 5 years

HDFC Personal

Loan Self-Employed Professional
Interest rates ranging between 10.5% p.a. and 21.00% p.a.
Loan Tenure of up to 5 years
Loan amount up to Rs.40 lakhs

Kotak Mahindra Personal

Loan Quick Turnaround Time
Interest rates starting at 10.75% p.a.
Loan amount up to Rs.20 lakhs
Loan Tenure of up to 5 years

IDFC First Personal Loan

Top-Up Loans
Interest rate starting at 10.49% p.a.
Loan amount up to Rs.40 lakhs
Loan Tenure of up to 5 years

SBI Personal Loan

Various Income Categories
Interest rates start at 9.60% per annum.
Loan amount up to rs. 20 lakhs
Loan tenure of up to 7 years

PNB Personal Loan

Affordable Interest Rates from 8.95% p.a. onwards
Loan amount up to 10 lakhs
Loan tenure of up to 60 months

Tata Capital Personal Loan

Convenient Interest Rates are starting from 10.99% p.a.
Loan tenure of up to 6 years
Loan amount up to 25 lakhs

Personal loan eligibility

There are some following factors that are considered by some lenders while looking at your loan application. If you meet these eligibility criteria, you can consider yourself eligible for a personal loan.

Criterion Salaried Self Employed

Age 21 to 60 Y 22 to 55 Y
Monthly Income 15,000 25,000
CIBIL Score 750. Above 750. Above
Min loan amount 50,000
Max loan amount Rs.25 Lakhs Rs.50 Lakhs

Personal loan required documents

Requirements for Salaried person:

Proof of Identity -Passport, Voter ID, Driving License or PAN Card
Proof of residence- Passport or utility bill of home
Proof of Income- Bank Statement of Salary - Account for the last two years

Requirements for self employed person:

Proof of Identity -Passport, Voter ID, Driving - License or PAN Card
Proof of residence- Passport or utility bill of home
Proof of Income- Audited Financial Statement of the last two years

Conclusion

In conclusion, applying for a personal loan doesn't have to be a daunting task. By following these easy steps, you can navigate the process with confidence and secure the funds you need for your financial goals. From understanding what a personal loan entails to avoiding common pitfalls, we've covered the essential aspects that will empower you throughout the application journey.

Remember to assess your financial situation beforehand, checking your credit score and gathering necessary documents. Research lenders thoroughly, comparing interest rates and terms. When filling out the application, pay attention to details, and review the loan terms before acceptance.