Personal loans are instant loans that you can avail of in a financial crisis. These loans do not require any collateral, and hence the documentation involved is just the basic KYC process. If you are new to applying for Fullerton India Instant personal loan, keeping a checklist can help you quickly apply for the loan. Let’s know them.
Borrowers’ Checklist for Choosing the Best Personal Loan
- Determine The Loan Amount You Require
Your loan amount eligibility is determined based on your job stability, income, debt to income ratio, credit score and more. Using a personal loan eligibility calculator will help you understand the approximate loan amount you are eligible for based on your salary. This calculation will help you know if the loan suits your requirement. When you apply for an amount more than your loan eligibility, there are chances that your loan will get rejected. Loan rejections impact the credit scores as well, making it difficult for you to secure good deals with other lenders. Understanding the eligibility beforehand and taking measures will help you avoid this.
- Plan On Your Repayment Before Taking the Loan
Good financial planning is required to repay the loan on time. Plan the repayment before taking the loan. You can do this by using a personal loan EMI calculator. Calculate the EMI based on personal loan interest rates to decide on your affordability of the loan. Do your homework well. Consider your current debts and liabilities while making the fool-proof monthly budget and evaluate if you have enough money to repay the loan. This will help you understand if the loan and the tenure fit your monthly budget.
- Keep your Documents Handy
Personal loans require quite a few documents for the verification process. The Personal loan documents required are as follows:
- ID Proof like Aadhaar card. PAN card, Passport etc.
- Address proof like electricity bills, water bills etc.
- Salary slips as income proof If salaried or balance sheet for self-employed individuals
- ITR or TDS certificate
- Bank statements
These documents required may vary depending on your lender. However, most basic documents remain the same.
- Check your Credit Score
Interest Rates are lower when you have a good credit score. You can quickly check credit scores online from the comfort of your home. If your credit score is above 750, it is considered a high score. A high credit score is necessary to get the best deals from your instant loan. Checking your credit score beforehand and taking measures to improve them will help you get the lowest personal loan interest rates and enhanced eligibility.
- Repayment Period
The most important thing to check before taking loans is the repayment term. It varies from lender to lender. The repayment term is the tenure over which you pay back your loan amount and interest rates. The longer the tenure, the higher the interest rate, and the shorter tenure has lower interest rates. That said, do not opt for EMIs that do not fit your budget, as this will lead to missing out on instalments leading to a dip in credit score. Work out a tenure that will give you optimum interest rates at affordable EMIs using a calculator to help you quickly manage the loan.
- Check If Your Lender Has an Online Presence
Choose the lender who has a robust online portal. Instant loan apps are a recent trend. It gives you the convenience of 24*7 accessibility and zero paperwork. Additionally, it helps you track loans and use free tools for a hassle-free loan process. If you are salaried, you can also avail of Fullerton India Instant personal loans through the Fullerton India Instaloan App, which gives you the freedom of quicker loan sanctions disbursals. All you have to do is fill in the online application and upload the documents and wait for the customer care representative to call you back with the lowest personal loan interest rates for your profile.
- Time Taken for Loan Disbursal
Personal loans are customized to cater for emergencies, and hence they are collateral-free. One will not have time to wait for days to approve the application as the amount will not serve the purpose if disbursed late. Check the approval time of your lender and understand how long it will take to disburse the loan. Fullerton India personal loans are disbursed within a day if applied through the website.
- The Simplicity of the Application Process
It is cumbersome to spend endless time on documentation, taking printouts and creating multiple copies for the application process, especially during a financial crunch. The new-age lenders have eliminated this hassle and gone entirely paperless with a secure and robust online platform. With apps like Fullerton India Instaloan app, you can quickly get the loan in just four clicks.
We hope this checklist will help you make an informed decision in taking personal loans. With Fullerton India Instant personal loan, you can easily avail of funds up to INR 25 lakhs. Additionally, it offers the lowest personal loan interest rates starting from 11.99% per annum to eligible borrowers. Apply today!