Getting a loan was a time and effort-consuming process in the past. Even the documentation process was challenging, and it used to take weeks and even months to get the loan approved. The internet has completely revolutionised the loan industry and made it easier, faster, and more efficient for the borrowers.
Be it a home loan, personal loan, car loan, or a two-wheeler loan, you can now apply for one from the comforts of your home. If this is the first time that you are looking for an instant loan online, here are the five steps that you should follow-
1. Check the interest rate
If you are looking for a loan, the first step is to check the interest rate offered by top lenders in the country. Depending on the loan amount, the smallest difference in the interest rate could significantly impact the total amount you repay to the lender.
Apart from the interest rate, make sure that you also check the reputation of the lender. There are now several online portals where you can check genuine customer reviews to make the selection easier.
2. Check the documentation and eligibility requirements
After selecting a lender for an online loan, the next step is to check the lender's eligibility and documentation process. Lenders usually have fixed criteria to determine your creditworthiness that typically includes your age, income, credit score, employment history, and a few other factors. Some of the banks now have eligibility calculators on their websites to make things easier for the borrowers.
You will also be required to submit a few documents to apply for a loan online. The documents can be digitally uploaded, and it is recommended to assemble them first before beginning the application process.
3. Check the monthly EMI
Banks now have online EMI calculators too. Just enter the loan amount, interest rate, and tenure of the loan to instantly calculate the loan EMI. This will help you know the approximate EMI that you'd be required to pay to the bank every month after your online loan approval.
You can also adjust the loan amount and tenure to see how it affects the monthly EMI amount. You can then go ahead with an amount that you are most comfortable with.
4. Applying for a Loan
Once all of this is done, you can now start the application process to get a loan online. You will first be required to provide some details with regards to your eligibility. The bank will then offer the best loan options that suit your requirement.
This will be followed by filling a loan application form and uploading the required documents. The bank will only consider the loan application if all your documents are in order. So, cross check them before submitting.
5. Loan Approval
If you meet the eligibility requirements of the bank, the bank will approve your loan application, and you will receive an e-mail or call from the bank. If at all the bank needs some additional information or documents, you will be required to provide the same before loan processing begins.
Loans like personal loans are processed, and the loan amount is disbursed usually within a single day. With home loans and auto loans, approval and disbursement could take 2-3 working days.
Online Loans: Simple, Quick, and Hassle-Free
As you can see, fast loans online are highly convenient and hassle-free. They eliminate the need for you to visit the bank and ensure that your loan is processed in the least possible time.
If you are looking for easy loans, follow the steps mentioned in this post, and you are sure to get the loan sooner than you might have imagined.