Important Questions that Most People Have in Mind While Applying for a Personal Loan

 


A personal loan is an excellent option to meet financial exigencies like medical emergencies, travel expenses, home renovation expenses and so on. A personal loan is a kind of unsecured loan which means one doesn’t need to provide any collateral for securing this kind of loan. However, there are certain questions that people applying for a personal loan online usually have in their mind. Here, we are discussing a few of them to help you get a personal loan easily.

What is a personal loan disbursal amount?

A loan disbursal amount is the final fund which is credited by the lender to a borrower’s account, once the loan procedure is successful. The maximum amount that is disbursed by most financial institutions is Rs. 25 lacs. How much loan amount you will get into your account depends on number of factors like you age, income, credit score, etc.

How to get a personal loan instantly?

Based on your credit score, you can get a personal loan. Just check the eligibility criteria by visiting personal loan page on your lender’s website. Fill the application form and submit the desired documents. A customer care executive will call you and will discuss your loan requirements. Once your details and documents are verified, you will an instant loan within 24 hours in your account.

What is the process of applying for personal loans?

Applying for a personal loan today is pretty simple. Just fill the online application form and provide your personal details. Choose the required loan amount and tenure, Attach the required documents and a customer support executive will call you. In case of successful verification of the details, you will get the loan amount within 24 hours.

What documents are required to apply for a personal loan?

To apply for a personal loan, you should meet the eligibility criteria. For getting your loan approved you need to provide a copy of your Aadhar card or voter ID card for identity verification. Secondly, it will need a proof of your income like salary slips and bank statements.

What is a good credit score to get a personal loan?

Having a good credit score is essential if you are looking to take a personal loan. Personal loan interest rates, amount and loan tenure is decided on the basis of your credit score. A credit score of 750 or more is considered as good to get a personal loan at best interest rates.

More Read: How do I apply online for an instant personal loan?

How long is personal loan approval time?

Personal Loan approval time is usually low. Once your application and documents get verified, you will get the loan amount within 24 hours in your account.


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