Personal loans are probably the best means of credit for any type of borrower. The main reason behind this is that they are very versatile in nature. This means that borrowers are free to use the personal loan funds in whichever way they want. Higher studies, foreign trips, marriage expenses, buying a car or bike; use the money for all your financial requirements. Moreover, the availability of personal loans has increased over time. An instant personal loan is easily available online in just a few minutes nowadays. There are many organisations today that are offering personal loans online. We shall explore how you can get one easily. However, let’s start by comparing some of them. This will help you choose the right lender.
Tips to Compare Personal Loans and Spot The Most Convenient One
Whenever you go to a lender for a personal loan, remember to do the following things first.
1. Look at a firm’s requirements beforehand: Different creditors have different income, repayment and other requirements. So, it is crucial to check all these thoroughly. Reputed and trustworthy lenders have an open approach regarding their lending policies. They put them on their online portals or on loan brochures. Some of them also provide assistance through customer service facilities.
2. Know the exact amount you really want: There can be both minimum and maximum limits on the loan amount provided. So, sit for a while and analyse how much money you want. Getting a huge personal loan and not making proper repayments will spoil your credit score. So, apply for the specific amount of loan you need at a particular instance.
3. Compare interest rates and other charges, if applicable: The interest rates on personal loans also vary greatly across lenders. Even lending rates of an instant personal loan with different institutions also differ. See where you can get the deal. Additional charges like processing fees and taxes also matter. Take a glance at them too.
4. Calculate the suitable monthly EMI : It is essential to figure out what shall be an appropriate monthly EMI amount. If instalments are higher, you will have to trim your monthly expenses. So, look for loans with longer repayment periods. Longer tenures often reduce the EMI instalments. In this way, you can fulfil your needs without disturbing your monthly budget.
How to Get a Personal Loan Easily in 4 Steps
We can now apply for a personal loan both online and offline. The offline method is the traditional way, where you have to visit the lender’s office. Lenders may request multiple visits. This can be time-consuming and inconvenient if you are a 9 to 5 employee. So, it would be easier if you obtain a personal loan online. Here are the steps to follow.
1. Fill out the online application: Many lenders are offering a personal loan online these days. For instance, Fibe provides complete solutions to get a personal loan sitting at your home. All you have to do is visit their website or download their mobile app. Not only is the process simple, but fast too. In addition, the lending rates are quite competitive across the entire segment. On the website or app, you will find an application form that asks for some basic information. Provide you personal details like name, address, date of birth, email and phone number. Also mention the bank account details.
2. Complete your KYC: Now, customers will have to complete their KYC or Know Your Customer verification. Fill out the KYC form and submit the necessary documents. You can use Aadhaar, voter id, pan card, passport, driving license etc. Just scan and upload them in the prescribed format.
3. Mention Loan details: Now proceed to the main part. Provide information regarding the kind of personal loan you want. Mention the loan amount and duration for which you want it. The tenure and EMI may have fixed options with some firms. Others, like Fibe offer flexible EMI as well as tenures. You can adjust the instalment amount to suit your finances.
4. Submit your loan application: After providing all the required details, you will reach the final step of verification. You shall receive a one-time password in your email and SMS. Enter them to verify your email ID and mobile number. Then confirm your application and click on submit. That’s it! Your personal loan will be on its way.
That’s how you can get a personal loan quite comfortably in just 4 easy steps. In just a few hours, the loan will be disbursed directly to your bank account. Firms like Fibe offer instant approval facilities. So, you will get the loan amount in a very short interval. You don’t have to wait for a long time. You can use the money as you wish.