How To Apply For An Online Personal Loan?

Applying for personal loans online has now become easy! Follow this step-by-step guide to know the process & the documents required to avail online personal loan!

18 Jul,2022 12:38 IST 211 Views
How To Apply For An Online Personal Loan?

Financial emergencies may arise when you lack the resources to meet them. The need for money often occurs when you least expect it. Fortunately, you can fulfill all your capital requirements with personal loans. This type of loan, also known as an online loan, is a quick solution that does not require collateral, such as jewellery or a mortgage.

What Is A Personal Loan?

A personal loan is an unsecured credit offered by a financial institution based on factors such as employment history, repayment capability, income level, occupation, and credit history. Also referred to as a consumer loan, a personal loan covers almost any immediate capital needs.

Like regular loans, you can avail a personal loan with a fixed interest rate and repayment period.

What Are The Advantages Of A Personal Loan?

Personal loans may offer some advantages over other loans, such as:

1. No Collateral:

A personal loan does not require any assets owned by the applicant to be pledged. Home Loans and Car Loans lock in assets against which the loan is secured. On the other hand, a personal loan provides cash advances for your needs without requiring collateral.

2. Versatility:

There are no restrictions on usage of a personal loan. With IIFL Finance, you can take personal loans for domestic or international vacations, weddings, buy a new gadget, pursue higher education, purchase a vehicle, and much more.

3. Quick Approval:

Personal loans are generally approved and paid quickly, making them useful for emergencies. Depending on the lender, you may receive your money the following business day. IIFL Finance has a track record of disbursal in a maximum of *8 hours.

4. Easy To Avail:

A significant advantage of online loans is that they are available with minimal documentation requirements. You can apply for a loan with IIFL Finance with only three documents and a hassle-free process.

What Are The Documents Required To Apply For A Personal Loan?

Since personal loans are collateral-free loans, an application for one involves determining the applicant's needs, eligibility for funds, and repayment capacity. The documents required to apply for online loans at IIFL Finance include:

• A selfie
• ID proof (PAN Card)
• Address proof (Aadhar card/Driving License)
• Six to twelve months of CA/SA Bank Statement

How Can One Apply For A Personal Loan Online?

Applying for a personal loan with IIFL Finance is easy.

Step 1: Visit the personal loan page and click the 'Apply Now' option.
Step 2: Fill in the required details and verify the OTP sent to your mobile number.
Step 3: Check the loan eligibility using your credit score.
Step 4: Set up a mandate & get the amount within 8 hours.

Take Advantage Of IIFL Finance’s Personal Loan Services

IIFL Finance offers a quick disbursement of up to 5 lakh, unlike other online loans. Moreover, you can also check your eligibility for a personal loan in just minutes with no collateral or paperwork required. A trusted name with a huge customer base, IIFL Finance personal loan is the one-stop solution to all your capital needs.

Frequently Asked Questions

Q1. How does a CIBIL score affect the ability to get a personal loan?
Ans. Credit bureaus (such as CIBIL) assign you a credit score between 300 and 900. A high score increases your chances of getting approved for a loan (be it a personal loan or any other kind of loan). You can get a higher loan amount or lower interest rates if you have a high credit score. Low scores, however, may reduce your chances of getting a loan or may result in a smaller loan amount or higher interest rates.

Q2. Can you use personal loans for business purposes?
Ans. For businesses that have exhausted their term loan limits but need funds for expansion, a personal loan may be a viable option. Depending on your credit history, you may qualify for a personal loan.

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