What are the steps to apply for a personal loan online

Many banks and NBFCs in India allow you to apply for personal loans online. Knowing the steps to apply online can make the process easy and convenient, without needing to visit a branch. Let’s see how you can do it.

Before we start, keep in mind that each bank and NBFC has its own process for applying for a personal loan. First, we’ll go over the general steps for applying. Then, we’ll look at the specific steps for the top 5 banks.

What are the benefits of applying for a personal loan online?

• Convenience: Apply from anywhere, anytime.

• Quick Processing: Faster approval and disbursement compared to traditional methods.

• Minimal Documentation: Digital submission of documents.

• Comparison: Easily compare offers from different lenders.

Step-by-Step Guide to Apply for a Personal Loan Online

Step 1: Assess Your Financial Needs

Before applying for a personal loan, you need to figure out how much money you need and why. This will help you pick the right loan amount and repayment period.

Your Eligibility Step 2: Check

Different lenders have different rules for eligibility. Common factors include your age, income, job status, and credit score. Make sure you meet these basic requirements before applying.

• Age: 21 to 60 years.

• Income: Minimum monthly income of Rs. 20,000.

• Employment: Salaried or self-employed with stable income.

• Credit Score: Minimum 700-750.

Step 3: Compare Loan Offers  

Eazy Loan Bank understand how difficult a personal loan application is. That’s why we take care of your personal loan application, saving you time and hassle by handling the paperwork and communication with the loan providers.

And also you can check EazyBankLoan Personal Loan section where you can easily check and compare different banks offer.

Step 4: Gather Required Documents

Prepare the necessary documents for the loan application. Most lenders require the following:

Required Documents:

• Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID.

• Address Proof: Utility bills, rent agreement, property documents.

• Income Proof: Salary slips, bank statements, IT returns.

• Employment Proof: Offer letter, employment certificate.

Step 5: Fill Out the Online Application Form

Go to the lender’s website and fill out the online application form. Make sure to provide accurate information to avoid delays or rejections. You'll need to enter personal details, contact information, job details, and loan requirements.

Step 6: Upload Documents

After filling out the application form, upload the scanned copies of the required documents. Ensure the documents are clear and legible to avoid processing issues.

Step 7: Submit the Application

Review your application and submit it online. Some lenders may require additional verification steps, such as a video call or e-signing documents.

Step 8: Wait for Approval

Once you submit your application, the lender will review it and verify the provided information. This process can take anywhere from a few hours to a few days. You may receive calls or emails for additional verification.

Step 9: Loan Disbursement

If your application is approved, the lender will disburse the loan amount directly to your bank account. The disbursement process is usually quick, often within 24 to 48 hours of approval.
 

For your better understanding, these are the two banks stepwise example to apply for a personal loan:

ICICI Online Personal Loan Application: Check the details here

Below is the 5 simple steps:

• Step 1: Select the loan amount and tenure

• Step 2: Provide basis information related to your personal and work

• Step 3: Review the loan amount and tenure

• Step 4: Confirm the loan application

• Step 5: Get the loan disbursed

IDFC First Bank Online Personal Loan Application:

• Step 1: First check Personal Loan Eligibility, if you are eligible then you can apply for a personal loan by filling an online application form either in IDFC First Bank Website or in the application

• Step 2: Based on the eligibility, the loan application will be approved.

• Step 3: Upload the documents

• Stage 4: Disburse the payment

Conclusion

Applying for a personal loan online is easy and efficient. Follow the steps in this guide for a smooth process and quick access to funds. Make sure to assess your financial needs, check your eligibility, compare loan offers, gather needed documents, fill out the application accurately, and complete the verification and approval steps. With careful planning, you can get a loan that fits your needs.

How can EazyBankLoan help you in taking a loan?We understand the process of procuring a loan can be stressful. That is why we take care of your Loan application process, saving you time and hassle by handling the paperwork and communication with the loan providers.

Check the details here at EazyBankLoan

Need help? Reach out at support@eazybankloan.com

Frequently Asked Questions (FAQs)

1. What factors affect my personal loan approval?

• Key factors include your credit score, income stability, employment status, and the accuracy of the information provided in your application.

2. Can I prepay my personal loan?

• Yes, most lenders allow prepayment of personal loans, but it’s essential to check the prepayment charges and terms specified by the lender.

3. What happens if I miss a loan repayment?

• Missing a repayment can negatively impact your credit score and may incur additional charges. It's crucial to ensure timely payments to avoid these consequences.

4. Can I apply for a personal loan without a credit score?

• While having a credit score improves your chances of approval, some lenders may offer personal loans to individuals without a credit score, often at higher interest rates or with additional requirements.