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How to Get a Personal Loan

By Finserv MARKETS - Jul 6,2019
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Step 1: Identify Your Needs

Understand the optimal amount of personal loan you need based on your requirements and your repayment capability. Figure out why you need a Personal Loan and how much you need.

For example: You may need a loan to fund your sibling’s wedding or to buy the latest gadgets. Whether you need Rs. 2 lakhs or Rs. 20 lakhs, it is important that you asses your requirements.

Step 2: Check your Eligibility

Understand the amount of monthly loan EMI you can afford based on your current monthly income. Choose the loan amount for which you can easily pay EMI after considering your regular expenses. You don’t only have to consider your existing expenses, but also your expenses during the entire personal loan tenure.

Step 3: Loan Documentation

Ensure all your latest documents are submitted with correct information, for a hassle-free process. It is mandatory for you to share the latest copies of all the required documents for personal loan. It’s important to be honest about all the information you provide

Step 4: Select the Institution of your Choice

Once you receive the offers, ensure that you read all fine print before going ahead with a particular institution. You must understand what each institution offers like an attractive personal loan interest rates, longer tenure etc and then decide whether or not to go ahead with it.

Step 5: Loan Disbursal and Repayment

Once you receive the loan disbursal, ensuring that your monthly EMI is paid on time is extremely important. Once all formalities are complete, you will receive disbursal in your account. Hereon, the personal loan application process is fairly automated and you just have to ensure that there are enough funds in your account to meet the EMI requirements.

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