Apply For Unsecured Personal Loan Online

Personal loan can be used by anyone to meet any emergency financial situation. Read to know about the steps to apply for personal loan online.

6 Oct,2022 12:31 IST 25
Apply For Unsecured Personal Loan Online

When an emergency strikes, people often run out of money. This can happen in the case of large unforeseen medical bills, a major household repair or a surprise increase in their kids’ college fees or a couple’s own wedding expenses. 

In such cases, a personal loan can be a ready and easily accessible solution to bail someone out of a bad situation that they may find themselves in. 

A personal loan is basically an unsecured loan. These days, most banks and reputed non-bank finance companies (NBFCs) offer an easy digital process that allows borrowers to avail the loan online, from anywhere.

 All one has to do is to visit the website of their chosen lender and apply for the loan, submit a few documents, have their credit history checked, agree to the terms of the loan offered by the lender and then have the amount disbursed in their bank account. 

The loan can be repaid equally easily and this, too, can be done online, from anywhere.

Here is a step-by-step process to get a personal loan online:

Fill Up Loan Application:

Applying for a personal loan online is really simple. The borrower just needs to visit the website or the app of the bank or the non-banking finance company and fill out a form. At this stage the borrower needs to furnish his or her basic details. These include name, date of birth, address with proof, bank account details, Aadhaar and PAN card numbers and details about employer or business, if self-employed. These requirements may change slightly from lender to lender.

Submit Documents:

To determine the borrower’s creditworthiness, a lender may ask them to furnish their proof of income, income tax returns, bank statements and details of any other outstanding loans. These requirements could vary from lender to lender and depend on the amount of money sought as loan. 

Loan Offer:

Once a lender has determined that the applicant is creditworthy and can be given a loan, a loan offer is made. The better the borrower’s credit score, the better the interest rate he or she can get. Good lenders also offer their clients a lot of free valued-added services.

Disbursement:

Once the borrower accepts the loan offer, the money is disbursed to their bank account, details for which had been furnished while applying for the loan. 

Repayment:

Just as the application, the repayment process too can be done completely online. Nearly all good lenders offer their clients this facility. They also allow their borrowers to access their loan accounts, including their complete repayment history, online, at the click of a button. 

Conclusion 

The entire process of availing a personal loan—from application to repayment—can be done online and without visiting the lender’s branch or office. 

A borrower should ensure that they approach a good and reputed lender like a scheduled commercial bank or a non-banking finance company, so that they get the best online experience, complete with customer care support.

Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.

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