Loans for personal use are classified as unsecured debt because they do not require any form of security. Nowadays, you can apply for an instant Personal Loan online quickly and easily. They need no physical documentation while applying, so the application process is completed in minutes. In addition, technology such as AI and Big Data enables reputed lending institutions like Clix Capital to verify your eligibility faster, resulting in a quicker disbursement of loans. Thus, obtaining loans has become almost immediate nowadays. This article will discuss what you need to apply for an instant Personal Loan and guide you on how to obtain it.
Documentation and Eligibility Requirements
You can easily qualify for an instant Personal Loan if you are a salaried individual with a minimum monthly income of INR 20,000. Whether employed in a corporation or a government agency, you can avail of these loans from leading NBFCs. Meanwhile, your financial history and credit score determine the final loan amount your lending institution is willing to provide. Each loan provider may have different documentation requirements, and their list of documents may vary. However, the following are the standard documents that must be submitted when you apply for a personal loan.
PAN (Permanent Account Number) Card
Documents that prove your address, such as an Aadhar card, Ration card, Voter identity card, or a utility bill
Pay slips for the past three months
An account statement showing salary credit for the past three months
These are the primary documents, but the lending institution may request additional documents for further verification.
How to obtain an Instant Personal Loan?
The convenience of applying for an instant personal loan online from the comfort of your own home makes it an intelligent choice. The application process involves the following steps:
Go to the NBFC’s website using your smartphone or laptop
Select Personal Loan and click apply now
Enter your phone number to verify it via OTP
Fill in personal details including your Gender, Name, Email ID, Pin Code, Locality Name and PAN Card Number, and press Continue
The NBFC will verify your Personal information instantly and when verified would ask you for your Professional details
Fill in professional details including your Employment Type, Company Name, Monthly Income, and Company Email ID
Click on Continue and wait for online verification
Once verified, you will get a loan offer and you can select the amount and EMI plan you need.
Accept the loan offer and get quick disbursal.
Difference between Offline and Online Loans
Personal Loans online can be accessed virtually anywhere, provided you have internet access. On the other hand, offline Personal Loans require you to visit the lending institution in person. Before applying for a loan, you must meet with the person responsible for providing information about the loan and filling out the paperwork.
KYC documentation is an integral part of every financial transaction. So, if you apply for a personal loan online, you must upload the necessary documentation to the loan provider’s website. It is a paperless, automated process that does not require you to go for physical verification. Offline loans require the submission of the required documentation in person for verification and you must submit the form at the branch you applied for.
- Online loans take lesser time to process than offline loans because no physical verification is required. Your loan is sanctioned once the lending institution completes the digital verification process. However, since offline loans are handled manually, the processing time is longer. All documents are verified personally before the loan can be disbursed.
When applying for online loans, you can examine different loan providers’ products by visiting their websites. In contrast, to compare offline loan products, you need to visit each lending institution in person, gather relevant data, and organize it by hand. This task may require a considerable amount of time and effort.
Disclosure of Involved Charges
All fees associated with borrowing online are clearly outlined in the online product disclosure statement published by the loan provider. Thus, you will not be charged any hidden fees. While offline loans may offer the same, some offline loans may be subject to extra fees for attestation of documents or commissions paid to the agent.
Applying for an instant online Personal Loan is easy. There are no long forms to fill out or complex eligibility requirements. So, if you need cash fast, prepare the personal loan documents mentioned above and get your instant Personal Loan in minutes.