If you are a resident of Delhi and require funds urgently in an emergency, a personal loan can be the best option. There can be situations like a wedding or medical treatment of a family member, children’s education, buying a new home, businesses purposes, etc. It can save you the hassles of borrowing from friends or family members. Moreover, it does not require any security to be deposited with the lender. Read on to know how you can apply for an online Personal loan in Delhi and the associated benefits.
Apply for an online personal loan:
You can apply for an online personal loan from the comfort of your home or any other remote location without submission of any hard copy. Submit the application form online in a few clicks.
- If you want to apply for a loan from an existing account, you can raise the request online.
- You may be eligible for a pre-approval depending on your lender’s terms and conditions related to loans.
- In case you do not have an account with the lender, you have to visit the website of the lender and complete the application process. Enter the required details in the online form along with scanned copies of your income and KYC (Know Your Customer) documents.
- Based on the details that you provide the lender would approve your loan if you are eligible.
You do not have to provide any security or collateral to get a personal loan as it is a type of unsecured loan. The interest on personal loans is usually higher than other types of loans, for example, a secured business loan interest rate that requires a mortgage.
The documents that you have to upload online will vary between different lenders.
Some standard documents that almost all lenders would ask for include:
- Age and identity proof like Passport, Aadhaar card, Voter ID card, etc.
- Address proof like house registration certificate, sales deed, Aadhaar card address, mobile bill or bank passbook address, etc.
- PAN Card
- Income proof consisting of Form 16, salary slips, bank statements, income tax certificate, etc.
- Passport-size photographs.
- Filled-up online application form.
With an online personal loan EMI calculator, you can find out the monthly instalments that you have to pay for loan repayments along with interests. The EMI is a key factor in deciding the loan amount and tenure. It helps you to instantly calculate your pay-outs and, plan your budget in advance, so that the repayment process is not stressful. The results that you would get are:
- Monthly Repayments – EMI that you will be paying every month
- Total interest payable – Total interest on your loan
- Total amount to pay – The total amount which is a sum of principal and interest
The steps of calculating the EMI involve:
- Enter the loan amount, rate of interest, and loan tenure
- The EMI will be instantly displayed.
- If you wish to change the EMI adjust the loan amount, interest, and tenure and get the result
- If you wish to lower your EMI, you can reduce the loan amount, and the interest rate or increase the loan tenure.
- Ans if you can manage to pay higher EMIs, you can increase the loan amount or reduce the tenure.
- The initial step is to apply for the loan and wait for the lender’s approval to scrutinise your eligibility.
Post submission of the documents, the lender would cross-check the details. It involves:
- Checking of data provided by you with your bank balance, salary deposits in the bank account, EMIs (Equated Monthly Instalments) being deducted from your account, if any.
- Verification of identity, address and contact details with the KYC documents. In certain cases, the bank or lender’s employees may visit your residence and your workplace to find out the details.
- The lender would analyse your income tax return and salary slips to identify your repayment capacity. It would also determine the amount of loan that you would be eligible for.
- Some lenders would analyse your CIBIL score. Higher scores would increase your chances of getting the loan.
- The lenders also review your age, number of years of employment remaining, your salary growth prospects, etc. to decide on the amount of loan that they would approve and fix the repayment period.
- You can check the status of your application on the website of the lender. You can also call up the customer care or the branch office of the lender.
- To check the finance personal loan status, use the loan application reference number, your registered mobile number, and date of birth.
- Once the lender approves the loan, he will inform you through phone messages or email.
While applying for an online Personal loan in Delhi, go through the websites of lenders or visit the lender’s offices in your location to find out the details. Submit the required details and proofs through the online mode of a loan application. Follow up on the status of your application after few days to understand the approximate time for loan disbursal.