Loan

How to Get the Personal Loan You Deserve

How to Get Personal Loan

The need for cash is fundamental for sustaining our lives. Everybody in this world needs the basic funds to sustain one’s life and therefore the emergence of the funds arises to fulfil our needs. Happiness is the object of human desire. “It is not how much we have, but how much we enjoy that makes us happy”.

The secret to fulfilling our needs is to direct our conscious mind’s attention toward things we desire and therefore we constantly strive to achieve things we are longing for. Personal Loans help us to achieve basic and complex desires.

People require a loan to meet a financial emergency and also to fulfil their desires. Personal loans help us to fulfil our complex desires. Personal loans are unsecured loans offered by financial institutions and are based on factors such as employment history, repayment capacity, income level, profession, and credit history.

Since money is required to buy the goods and services that you require to survive, you must have a basic understanding of personal finance to utilise your money properly. You should seek a personal loan to meet the pressing demand of life for a variety of purposes such as the higher education of your children, consolidating debt, home renovations, the wedding of your children, and medical bills of your family. 

Now the question arises how do we get a personal loan to meet your pressing demands.

Let’s discuss the process of getting a Personal Loan.

    • Determining the need: The first and foremost requirement of seeking a personal need is to determine why you need a personal loan and how much you require?
    • Check your eligibility criteria: Once you’ve determined your need, you must first determine your eligibility. This will allow you to determine the lender and the amount you are eligible for. You need to find the lenders who can lend you money to satisfy your need. List down all the vendors and check their interest rates to fulfil your demand. You need to check if you meet all the conditions of the lenders to borrow the funds from them.
  • Checking interest rates: After determining the need for the loan and the eligibility criteria, list down all the vendors who are willing to lend you money. Check their interest rates and take action accordingly. Personal loans are charged at acceptable interest rates by both banks and non-banking financial businesses, keeping the consumer in mind. The availability of low-interest personal loans has contributed significantly to the country’s loan sector improvement. When you apply online, you’ll be able to evaluate several interest rates and pick the one that’s best for you.
    • Calculate monthly instalments: Customers can calculate and evaluate their expenses effectively. There are online tools available that help customers calculate their EMI using Personal Loan calculators. You can then decide your loan amount depending on your repayment ability and requirements. Earlier, one did not have online EMI calculators. One had to make calculations manually, which had the risk of errors. Once you have chosen the bank of your choice, calculate the monthly instalments. The EMI calculators will help you in determining the payments you have to make every month to repay the loan amount.
  • Check for the required documents: Next thing to find out is what are all the documents needed for availing of the personal loan. We’ll find list these documents in detail

What are all the documents needed to get the personal loan?

Following are the documents needed to get the personal Loan

  • Identity Proof: (Passport, Aadhaar card, Driving license, voter ID)
  • Address proof:( Passport, Aadhaar card, Driving license, voter ID, Utility bill, Ration card, Rent agreement, etc
  • Pan card
  • Bank statement for the past six months
  • IT returns
  • Salary slip

For a salaried employee, the following are some additional  documents that might be needed

  • Salary slips for the last three months
  • Income Tax returns

For the self-employed individual, you need to submit the following documents

  • Income tax returns for the last 2 years
  • Balance sheet and Profit & loss account
  • Business proof ( Registration number, GST No, Licence agreement)
  • Income Tax returns, TDS certificates,

Please note depending upon your profile, some additional documents might be needed, which need to be checked

Now how to apply for a Personal Loan?

There are two ways of filing an application for seeking a personal loan

  • Online application process
  • Offline application process

Online application process: Depending upon your existing relationships with your lender and the credit report, your loan can be preapproved. Customers who are not eligible for a personal loan can apply for one online by following the steps mentioned below

  • Go to the financial lender’s website.`
  • Select personal loans from the loan area.
  • Select ‘apply now’ from the drop-down menu.
  • Fill out the personal loan application form and send it to the bank with your information.

The offline application process involves the following steps

  • Pay a visit to the financial lender’s branch.
  • Obtain a personal loan application form and fill out all of the relevant information.
  • Submit documentation proving one’s income, age, location, and identification.
  • The lender will then verify the documents and determine the applicant’s eligibility.
  • If the applicant is confirmed to be eligible, the loan amount will be deposited into his or her bank account.
  • The bank will analyse the applicant’s eligibility and will request the provision of the appropriate KYC and income papers.
  • If the applicant is confirmed to be eligible, the bank will transfer the loan funds to the applicant’s bank account listed on the application form

ReferLoan is a new financial technology company based in Noida with the goal of creating a digital platform for financial services and assisting loan applicants in securing low-interest loans. ReferLoan provides extensive coverage as well as a wide range of loan and investing options. ReferLoan is a loan and credit card marketplace that provides a wide range of lending and investing choices to retail clients.

ReferLoan is the answer to your personal and business needs. Contact Referloan right now for any personal loan needs, as it makes your life simpler and easier while also assisting you in obtaining a loan at a low-interest rate.

If the personal loan applicant already has a relationship with the financial lender, he or she can apply for a personal loan through his or her net banking account and be pre-approved. Finally, a word of caution before recommending a solution to your financial problems. The sooner you begin saving, the less likely you are to run out of money or face financial hardship. Indeed, if you save enough and invest wisely, you may be able to attain financial independence, which is defined as having sufficient funds to live comfortably for the rest of your life

admin

Recent Posts

Which Should You Opt For: The Old or the New Tax Regime?

The Budget 2023 came up with significant misunderstandings among the public over the decision regarding…

18 hours ago

Loan Write-Off Versus Waive-Off: Everything You Should Know

Every loan, whether secured or unsecured, is supposed to be repaid fully at the end…

2 weeks ago

How Does Partial Payment for a Home Loan Work? The Purpose and Advantages!

A home loan has a payback period that often continues for many years. People of…

2 weeks ago

How to Close Your Credit Card Without Affecting Your Credit Score

Credit cards have grown into a widely accepted method of making payments, thus becoming an…

2 weeks ago

General Terminologies of Business Loan 2024:  Every Entrepreneur Should Be Familiar With

Loans for start-ups or small businesses can help you launch or extend your business. Yet,…

2 weeks ago

Planning a Loan Against Property? Check out These Terminologies Before You Apply

Do you remember your first days of learning when the classroom teacher's words sounded confusing?…

2 weeks ago