How To Get an Online Personal Loan During Lockdown

Indians today are more open to borrowing than they were a few decades back. Moreover, with the burden of financial liabilities swelling up amidst the existing economic scenario, an increased number of people are looking for credit.

This trend has, especially, translated  into rise in the demand for fast, unsecured loans, including personal loans. The availability of online personal loan with easy accessibility has made this translation more probable.

Availing personal loans – A quick look

Personal loans are a popular part of retail loans in India, especially because they do not require a borrower to mortgage assets against the advance. Instead, one can avail such loans, based on their income, credit ratings and such other eligibility fulfilment. 

• Personal loans are a popular mode to fund medical emergencies, purchase consumer durables and to pay for vacations.

• In 2019, a research suggested that more than 55% of borrowers availed loans to cover medical expenses in India.

Another common practice is to avail a personal loan for debt consolidation. It refers to closing multiple loan accounts by availing a single, consolidated credit to repay them. Such a move can help one service his/her loans more efficiently.

Opting for an online personal loan is the simplest way to access such advances. For such application, all an individual needs is to go to the official website to fill up the dedicated form.

Online personal loan application process 

A prospective borrower can follow a few simple steps to avail funding in the form of a personal loan. These steps include – 

• Pick your lending institution after careful market research and comparison.

• Visit your lender’s official website and proceed to the personal loan application section.

• Click on ‘Apply for Loan’ option to proceed.

• Fill up the form with all necessary details, including name, age, employment details, income and more.

• Enter your desired loan amount and repayment tenor.

• Recheck all your data and proceed to submit.

Once applied for, a lender’s representative will get in touch with you to further your loan application. You may receive approval within minutes and disbursal in the 24-48 hours of it. 

If you are a pre-approved customer, you may even get a personal loan in 2 clicks.

Benefits of an online loan application

Faster disbursal of the credit is not the only reason why you should avail a personal loan online. Here are additional advantages of online applications – 

1. Comparison of the various personal loans on offer

A simple online search will reveal the various digital personal loan options available to an individual. He/she can compare the various interest rates, maximum loan quantum, tenor flexibility and additional factors for each loan before deciding on the most suitable option. Availing such loans without extensive considerations can lead to unforeseen financial burden during the repayment period.

2. Calculation of the fixed monthly outgo as EMI

Individuals opting for these advances should know personal loan EMI liability before the loan application is complete. Several NBFCs offering such credits online also provide a handy EMI calculator. With it, potential borrowers can quickly assess their monthly repayment burden against a specific loan quantum, tenor and interest rate. 

One of the vital things to avoid while taking personal loans is to avail the credit without running the numbers on an EMI calculator beforehand. Doing so can easily overburden your finances during the loan repayment tenor. It is, thus, also ideal to utilise the calculator for such estimation.

3. Greater convenience

In the offline procedure, borrowers need to visit the branch of their chosen financial institution. Availing a personal loan online is simpler in this regard, as an individual does not need to be physically present for the application process. He/she can instead sit at home and apply for the said advance in just a few minutes.

Availing a personal loan from reputed financial institutions, such as Bajaj Finserv, has additional benefits. The NBFC offers up to Rs.25 lakh as unsecured personal credit to eligible applicants.

It also further helps accelerate the loan application process through pre-approved offers, while also ensuring increased convenience. These offers are available on personal loans, business loans and many other unsecured financial products. A potential borrower can check his/her pre-approved offer by submitting name and contact information.

Availing an online personal loan has never been easier. Check eligibility criteria and documentation necessary to avail such an advance before submitting your application.

Must Read: How to get a personal loan on lower interest rates