Step-By-Step Guide to Get A Personal Loan

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A personal loan is very useful for a variety of purposes. It can be a quick and accessible manner of getting money without breaking into your savings at a moment’s notice. What’s more, they are not supposed to be purpose-specific and do not need to be justified to the lender.

A personal loan is a particularly attractive form of loan because of the various benefits it provides. Perhaps the most important feature is that the loans are given out without any collateral, making them financially viable to many. The amount can be paid off in monthly tenures that are feasible to the borrower. Further, because the interest rates on personal loans are comparatively low, they are affordable for one and all. This is useful for the borrower in returning the amount, since they won’t have to worry about the strain it will create on their finances.

Following is a step-by-step guide to getting a personal loan:

  1. Identify your Requirement:

Even though personal loans are flexible in repayment and easy to procure, you still need to figure out your exact need before you go get one for yourself. This is important because every loan is a burden on your finances, which means that the burden must be justified. Only if the expenditure is essential, and you are sure of your ability to pay back the loan over a period of time, should you go ahead. Additionally, you should also determine the exact amount needed, and borrow only that much.

Here are some of the reasons you can avail a personal loan:

  1. i) Personal loan for travel: You may want to take a break with your family, or go for a solo-trip. Personal loans are a great way to do just that because they cover all your expenses, from ticket cost to lodging and food.
  2. ii) Personal Loan for Car or Two Wheeler: Whether you are looking to purchase a two-wheeler, or your first car, a personal loan is a great way to pay for the vehicle.

iii) Personal Loan for Home Renovation: You can avail of a personal loan when you need to revamp your wallpaper or when the bedroom needs a complete overhaul!

  1. iv) Personal Loan for Weddings: It’s a special day, and the last thing you want is to cut back on some luxury that will define your special day for a lifetime. Personal loans are a great way to plan a wedding that everyone will remember!
  2. v) Personal Loan for Education: When it’s time to make your next big career move, personal loans are a great way to finance your education.
  3. vi) Personal Loan for Medical Emergencies: When your medical bills prove to be too high or if your insurance doesn’t suffice, a personal loan for medical requirements can save the day. Personal loans help pay off the medical bills for a healthier tomorrow.
  4. Check your Eligibility:

The next thing to do after deciding upon the loan amount and requirement is to figure out whether you are eligible for the loan. The following criteria are to be fulfilled when applying for a personal loan on Finserv MARKETS:

  • The borrower must be a citizen of India.
  • The borrower must have a minimum salary based on their city of residence.
  • The borrower must be between the 23-58 age bracket.
  1. Plan your Instalments and Loan Repayment Schedule:

This is important to plan before availing the loan. Choose a plan that can comfortably fit into your finances and won’t cause a burden to you later on. You must always choose a viable plan in order to avoid defaulting on your loan at any point. Choose a loan that has a flexible repayment schedule that can be molded to fit your financial needs and goals.

Also pay special attention to the interest rates of the loan you are opting for. Opt for a reducing balance interest rate, as opposed to a flat rate, since that would save you money over the longer term.

  1. Get your documents in order:

Now that you have decided upon the repayment schedule, the next thing to do is to actually apply for the loan. Before applying, keep ready the required documents for personal loans for verification and authentication purposes. The documents required for personal loan approval are as follows:

  • Copy of your Aadhar Card
  • Copy of your PAN Card
  • Last 3 months of bank account statements.
  1. Apply for the loan

The next step? Apply! Application processes are going completely online now, thereby making the process even more accessible to millions of consumers.

In order to apply for loans on Finserv MARKETS, proceed as follows:

  1. i) Fill in the application form with your relevant personal, employment-related, and financial details.
  2. ii) Pick the amount you want to take on loan, along with the repayment tenor.

iii) Provide the required documentation to supplement your application.

  1. iv) Have your loan approved within 3 minutes and the amount disbursed to your bank account within 24 hours.

And that’s all! This is all you must do in order to avail your own personal loan. With a procedure so quick and efficient, applying for personal loans has never been easier! So what are you waiting for? Go ahead and apply for your own personal loan today!