The advancement in the field of the internet has opened doors we never even knew existed. You can literally do everything online from the comfort of your home. Want to eat a pizza? Order online. Want to buy a home? Apply for a loan online. You can now get an online personal loan instant from the comfort of your home. It has become extremely easy to do something as serious as obtaining funds from a bank online. There are various benefits that come with an online personal loan.
An online personal loan instant funds can be used to repair your home, pay medical bills, pay your college fees, etc. Applying for a loan online is the best way to procure funds when you need any sort of financial assistance without spending hours of your time at banks. Let’s take a look at the numerous benefits of applying for a personal loan online.
Variants of online personal loans
As mentioned earlier, a personal loan can be used for numerous reasons, and for each reason, there is a different type of personal loan that can be applied for online. Let’s look at the different types of personal loans for which you can apply online:
• Education loan:
Apply online for a personal loan to complete higher education. It can help you finance everything that is needed to complete higher education in India as well as abroad.
• Wedding loan:
A wedding loan can be applied for online if you need funds to organize a wedding ceremony for your children. It can also be used to cover the expenses of the honeymoon.
• Home improvement loan:
Looking to improve the interiors of your home? Avail of this personal loan, which will cover all costs like repairs, painting, refurbishing, etc.
• Debt consolidation loan:
Consolidate all your loans into one loan and manage your EMI better. Use the online personal loan calculator to find out your EMI.
• Travel loan:
This personal loan helps you travel not only in India but abroad as well. It covers all travel-related expenses.
• Medical loan:
A personal loan for medical bills and emergencies can be applied online. It is the best option to borrow money when you are in a state of a medical emergency or have heavy medical bills to pay.
Documents for an online personal loan
To apply for a personal loan online, you need some documents to verify your identity, income, residence, etc. Here’s a list of documents you will need when you apply for any type of personal loan online:
• Aadhar card:for identification
• Salary slips of the past 3 months for income verification
• Residence proof: documents like a rent agreement, an electricity bill, etc. act as residence proofs.
• Passport-sized photographs for identification and application
Here’s your guide to an online personal loan apply:
Online applications for a personal loan are one of the quickest ways to borrow a loan when you need funds to meet some personal needs. Banks have made it simple enough, and here’s how you can do it from anywhere in the world:
Applying through the website:
The first step to applying for a loan is to check your eligibility and the EMI you can afford. Use an online personal loan calculator to find out these details. You will be able to calculate your rate of interest and the monthly EMI with just a few clicks when you use this calculator. It helps you make a concrete plan and make a good decision without damaging your financial health. After checking the EMI you can afford and the rate of interest that the bank will charge, head to the website of the bank from which you want to avail of a loan. The websites of all financial institutions are user-friendly and can be easily navigated. Go to the personal loan section and choose the option "Apply online." Fill out the application form that appears and submit your documents. After filling out the form, submit it online. Most banks send you a confirmation email and SMS to inform you that your application has been received and that you can expect to hear back from them within the next 24 hours.
Applying through the app:
An online application for a personal loan can also be submitted using the app of the bank you want to borrow funds from. Go to the Google Play Store or Apple Store and download the app. If you are an existing customer with the bank, fill up your login
credentials and sign in. If you are a new customer, you can create an account and then sign in. Go to the personal loan section. Fill out the details in the form, attach your documents, and submit the application. It is very similar to applying through
the website. You will get a notification about the confirmation of your application, and you can track the progress through the app.
The feature of online personal loan apply can be accessed through either the website or the app, you will have to usually wait for 24 hours to hear back from your bank. If your loan is approved, you will receive a sanction letter, which will let you know the amount the bank can lend you and also other details such as the rate of interest, loan tenure, etc. When the verification process is complete, the bank will disburse your loan, usually in the next 24 hours, to your bank account.
L & T Finance provides customers with affordable Personal Loans. If you are looking to avail of a Personal Loan, apply now!