How to Apply for a Personal Loan in Easy Steps?

In the Indian market, the most common type of loan is a personal loan. A personal loan is a financial blessing when you need funds. A personal loan will not only help on your big day but also in your emergencies. By reading this article, you will know a few easy steps to apply for a personal loan.

What exactly is a Personal Loan?

A personal loan is an amount that you borrow from a bank or any other financial institution. A personal loan, in general, does not require you to submit security or collateral. A personal loan will have a repayment period, and you must pay interest on the principal amount. The money you get from a personal loan can be used for almost any occasion.

How Do I Apply for a Personal Loan?

Personal Loan Kaise le? Nowadays, applying for a personal loan is as easy as eating chocolate. With digitization, it is even easier. You can apply for a personal loan by following the simple steps we provide here.

Offline Process

Step 1: Determine the exact amount that you need.

Step 2: Visit a leading financial institution like Piramal Finance. Check your eligibility.

Step 3: Submit all the documents without fail. This will help with quick approval. It is good to visit an institution that requires minimal documentation. This will help you save time.

Step 5: Get your loan approved with zero foreclosure and pre-payment.

What are the eligibilities to avail a personal loan?

• Current Indian Resident: You must be an Indian citizen who currently resides in India.
• Earning Criteria: You must be a salaried or self-employed employee. Work experience will also be taken into account.
• Age Limit: Check your minimum and maximum age limits. In most cases, the age range is between 21 and 60 years. This is because of the calculation of your working period. Minimum age; maximum chance of availing of a personal loan.
• Credit (CIBIL) Score: Your credit score indicates your creditworthiness. It is the ability of an individual to pay the amount back. It is better to check your CIBIL score before approaching a lender. It is always advised to have a CIBIL score of a minimum of 700. If you have a low CIBIL score, you can always increase it.

The eligibility criteria change from banks to banks and other Non-Banking Financial Companies (NBFCs).

Online Process

This method is the easiest that you can ever imagine. You’ll get your loan with a click!

Step 1: Determine the exact amount that you need.

Step 2: Check your eligibility.

Step 3: Search for a leading financial institution like Piramal Finance.

Step 4: Fill in the boxes. In advance, have this information (name, mobile number, e-mail address, state, city, and loan amount). That’s it!

Step 5: If you are eligible, you will be informed.

What are the features and benefits of a Personal Loan?

Minimum Documentation: When compared to other lenders, we’ll ask you for fewer documents. This will help you to save precious time. We ask you for some basic documents as proof of your identity, address, and income. To avoid the eleventh-hour rush, you can even check this in advance.

Principal Amount: We’ll provide you with a principal amount starting at Rs. 1 lakh.

Quick Sanction: We not only sanction your loan as quickly as possible but also make quick disbursals.

Use As You Wish: This is one of the best benefits you can reap from a personal loan. Unlike other loans, you do not have to limit your usage. You can use the principal loan amount to finance almost any occasion. It may be your dream wedding, a world tour, a medical emergency, or buying a vehicle.

Low EMI: We will never charge high EMI to drain your pocket. It will be fixed according to your ability and creditworthiness. This will make cash management easier.

Flexible Repayment Period: You can choose any method (fixed type, floating type, or hybrid type) to pay back your interests. You can also pre-close your personal loan or make pre-payments. It can begin as early as 12 months and last as long as 60 months.

Zero Pre-payment and Foreclosure Charges: If you have a large amount before the time period, you can pay off the loan. You can even pre-close your personal loan. We’ll never charge extra for preclosing. Besides, we will not ask for any pre-payment charges.

The bottom line

We hope that we’ve answered your question “Personal Loan Kaise le?“. The most important thing to consider while applying for a personal loan is choosing the best lender. If you want an easy and quick personal loan with zero foreclosure and pre-payment charges, visit Piramal Finance. Piramal Finance is a one-stop solution for all your urgent financial needs. We have an expert team who will guide you through the entire process. I wish you quick approval and the fulfillment of all your dreams! Leave your burden on us and have some breathing space.