A personal loan can be handy when you need money urgently. However, when you apply for a loan from a conventional lender, it is hard to assume how much time they would take to approve it. And, during times of need, such uncertainty can defeat the ultimate purpose of applying for a personal loan.
Thankfully, an online loan app, like the Fullerton India Instaloan App, can make the process of a loan application and approval a blissful experience. You can now avail of a personal loan without moving an inch from your home or office. All you need is a smartphone with an internet connection, a personal loan app, and digital copies of documents like your PAN card, Aadhaar card, income statement, and a bank account statement.
Why Would You Need a Personal Loan?
You may have various aspirations in life that get deferred due to the lack of money. While some wish to construct a house, others dream about a motor vehicle, a vacation, or setting up a business. A personal loan app can give you funds for all such purposes.
Most people think that to avail a loan; you have to mortgage an asset. Hence, they seek help from their relatives or borrow money at high rates of interest from unlicensed lenders. A personal loan does not require any collateral and provides you with funds at much lower rates of interest.
What is the Process of Loan Approval?
To get instant approval of your personal loan, follow the six steps mentioned below:
- Download an instant loan app, like the Fullerton India Instaloan App.
- Click on the ‘Apply’ button.
- Enter your name, mobile number, date of birth, and other details.
- Check the personal loan EMI calculator to see the amount you need to pay every month.
- Upload your documents.
- Wait for loan approval.
Generally, soon after you apply for a personal loan with an online loan app, the lender assigns your application to a loan relationship manager, who does the first round of verification and reverts it if the application is incomplete. On re-submission, the application moves to a loan officer who rechecks your application, uploads documents, credit score, financial stability, and finalizes the loan term.
After the loan officer clears the loan application, the lender informs of you the loan amount and interest rate. If you agree to the terms, the loan officer will begin processing the loan. You can expect the funds to be credited to your account after thirty minutes of the loan’s approval.
What is the Eligibility Criteria?
With a personal loan app, checking your eligibility criteria is as easy as applying for a loan. The loan eligibility depends on your employment status.
If you are a salaried professional, your monthly net income should be above the minimum income threshold level set by the lender.
If you are a self-employed professional or a non-professional, your minimum income should be as per the limit set according to your industry or profession.
Other than this, your age must be between 21 and 64, and you must have valid Indian citizenship.
You can also check the latest eligibility criteria on a personal loan app. To do that, you need to click on the personal loan eligibility calculator and enter your details.
A personal loan app, like the Fullerton India Instaloan App, can offer you unparalleled convenience in terms of loan application and approval. However, before applying for the loan, you must keep the necessary documents ready. Also, take a look at the loan terms and conditions before hitting the ‘Submit’ button.