The decision of getting an instant personal loan is crucial that demands your full attention right from the start till the closure of your personal loan. It is very important to evaluate your needs and repayment potential before taking out a loan. It’s in your best interest to make sure that the loan EMI won't impact your budget every month. Your earnings should be enough to comfortably repay all of your monthly EMIs and take care of your basic expenses.
This guide will help you get a Personal Loan in five simple steps. From documentation till receiving the loan amount in your bank account, we have got you covered.
Step 1: Identify your requirements
Determine why you need a Personal Loan and how much you need. Having a loan is crucial for many reasons, including funding your wedding or renovating your home. A loan may be required for as little as Rs. 1 lac to Rs. 10 lac as per your needs
Step 2: Determine loan eligibility
Depending on the amount you need, you should first determine your eligibility for that amount. You get an option to check online for a personal loan eligibility calculator to see how much you can borrow. You can even visit your nearby bank to get detailed information.
Step 3: Calculate your monthly installments
You can also calculate your approximate monthly loan repayments by using an online EMI calculator. You can even get an option to adjust the interest rate and tenure that can match your monthly income.
Step 4: Contact the bank
You can apply for a personal loan in various ways: through NetBanking, online, at an ATM, or in a branch. However, once you've assessed the banks, determined the amount, and have all the documents ready, you can also apply for a personal loan at the branch of your shortlisted bank.
Step 5: Submit your documents
You must always find out what documents are required for a Personal Loan. As most of the banks require your income proof (bank statements, payslips, or income tax returns), address proof, and identification proof. However, You need to wait until the funds are credited to your account. Many banks offer to disburse funds for pre-approved loans to customers in an hour.
Final words
You can get an instant personal loan to cover your short-term needs and necessities. However, to secure a personal loan, it is vital to understand the basic eligibility requirements that need to be met. Unfortunately, you may not get proper guidance while applying for a Personal Loan, but with the help of the Buddy Loan, you can select from a variety of lenders and choose the best one meeting all your needs.
A instant personal loan can give you a financial boost in your tough times.
Whether you are a salaried person or self-employed, at certain times you may confront financial crunches.
To save yourself from unwanted and uninvited emergencies, nothing can be better than opting for a loan.Yes, a quick & easy personal loan at a reasonable interest rate could be the solution to all your monetary problems.
Being a salaried employee, it can be easier to get the loan approved showing the income proof, but when it comes to a self-employed individual, people believe that it can be difficult to get a loan sanctioned.This is not the truth as a self-employed person can easily avail a loan from a trusted lender/bank after submitting the necessary documents and fulfilling all the formalities.
Lenders are willing to give loans to self-employed individuals who have their documents ready.
Check out the personal loan eligibility criteria, required documents, and other things to get an instant personal loan.Eligibility Criteria: The borrower should be a resident of India between the age 18 - 65 yearsThe annual turnover or profit has to be 1 lakh or as per the requirement of the lenderThe borrower has to be in the same business for at least 3 years or moreDocuments Required:Proof of age - Birth certificate/passport/PAN cardProof of ID - Voter ID/Passport/Aadhar/PANPhotographsProof of residence - passport/utility billLast 3 months bank statementProof of income - Latest income tax return, the balance sheet of last 2 years, profit/loss certificateCheck with the lender if you need to submit any other documents.Rate of Interest (ROI):The rate of interest depends on various factors including the relationship between the lender and borrower, credit history, and many more.
FlexSalary is an NBFC, registered with the RBI.
Avail instant cash loan from FlexSalary.
Get cash loan up to Rs.
The minimum salary required is 15K in FlexSalary Loans.
