Need money urgently? Here’s how to get a personal loan online

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Need money urgently? Here’s how to get a personal loan online

New Delhi: Whether it’s a vacation, a home improvement project, a wedding, or an emergency, a personal loan can help you meet the need of the hour in the fastest way possible.

When you need hassle-free access to funds, consider a personal loan for emergencies. As an unsecured loan offer, you can get the money you need anytime.

The best feature of an emergency loan is that you can apply for it online from the comfort of your home. The personal loan application process is easy to complete and you can get your application approved.

All you need to do is meet the personal loan eligibility criteria mentioned on the lender’s website and submit your basic documents. In this way, you can meet urgent needs in no time, without spending too much effort on the application and other procedures.

Factors impacting the interest rate of your personal loan online?

  • Monthly income: Whether you are self-employed or employed, your monthly income is a key factor when applying for a personal loan online.
  • Credit Ratings: Your credit score also matters when it comes to the interest charged on your online personal loans.
  • Employer reputation: Yes, the reputation of your employer is important in deciding the terms of the personal loan online.
  • Loan repayment history: Apart from your overall credit score, lenders also look at your previous repayment history and decide the loan interest rate.
  • Relationship with the bank: The determining factor that can determine the interest rate of your personal loan is your level and degree of loyalty to the lending bank.

Where can you get loans online?
These loans are available from all major banks, NBFCs and fintech platforms. Note that a customer can avail a digital personal loan from any lender they choose and whoever has the best deal instead of necessarily taking it from the bank where the customer has a payday account.

Mandatory digital KYC

The key to availing the loan at an attractive rate in a quick and convenient manner, however, lies in having a correct and up-to-date digital KYC fingerprint.

Checklist for a successful online loan

  • Your mobile number should be updated in your Aadhaar and bank account.
  • Your last current address should be updated in your Aadhaar and Savings Bank account.
  • You must have an active net banking facility in your main savings bank account in which you receive your monthly salary and the updated mobile phone number with the bank must match the one you are applying for the loan with and the one associated with your Aadhaar.
  • You must have original physical copies of your main KYC documents, mainly your PAN card, Aadhaar card with the correct current address, in order to complete the KYC video.
  • You must be able to receive and send emails from your official email address, if you have one.
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