Applying for a Personal Loan online is a very convenient way to avail of funds instead of visiting a branch and filling out paperwork. However, some people may wonder if they need to submit a hard copy.
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What is a Personal Loan?
A Personal Loan is an unsecured loan that does not require any collateral and can be used for various purposes. These loans are quick, convenient, and easy to obtain. You can apply online for a Personal Loan from the comfort of your home and get approval within minutes.
How to apply for an instant loan online?
Applying for an instant Personal Loan online is a simple process. You can complete the entire application process from start to finish without even having to leave your home. Poonawalla Fincorp Personal Loan online application process is shown below.
- Fill out and submit the online application form.
- Review your application and decide whether you qualify for the loan.
- You will receive the funds in your bank account within 24 hours if approved.
Personal Loan interest rates vary depending on the lender, but they are typically much lower than the interest rates charged on credit cards. In addition, the interest rate on a Personal Loan is fixed, which means that it won’t change over the loan tenure.
This makes Personal Loans easier to budget than other types of loans, such as variable-rate loans. The repayment terms for Personal Loans vary depending on the lender, but they typically range from 12 to 60 months. The repayment term is when you have to repay the loan in full. The longer the repayment term, the lower your monthly payments will be but the higher the total amount of interest you will pay over the tenure.
Most NBFCs will ask you to submit the documents required for a Personal Loan, whether online or in person. This documentation helps the lender verify your identity and confirm your ability to repay the loan. For example, you might be asked to submit a copy of your driver’s license or passport, utility bills, bank statements, or tax returns.
If you are applying for an online Personal Loan, you will likely be able to upload copies of these documents. Although, some lenders may need physical copies of certain documents, such as your driver’s license or passport. In these cases, the lender will provide instructions on how to send the required documents.
What do you need to check before applying?
There are a few things to remember before applying for an online Personal Loan.
- First, understand the terms and conditions of the loan. Read the fine print carefully to know what you have agreed upon.
- It is also important to compare rates from different lenders; just because one lender offers you a lower rate doesn’t mean they are the best option.
- And finally, be sure to check your credit score before applying. Higher the credit score, the better the chance of getting approved for a loan with favourable terms.
Applying for an instant Personal Loan is quick and easy, and you can get approved in a matter of minutes. Personal Loans have fixed interest rates, which makes them easier to budget for than other types of loans, and repayment terms typically range from 12 to 60 months. While choosing an online Personal Loan, compare multiple lenders to get the best interest rate possible.
Conclusion
You will need to submit the documents for a Personal Loan to verify your identity and confirm your ability to repay the loan. Most lenders will allow you to upload copies of these documents. However, some may also require physical copies. If physical copies are required, the lender will provide instructions on how to submit them. If you are in the market for an online Personal Loan but don’t want to submit hard copy documentation, rest assured that there are plenty of great options.
