For decades, the traditional approach to applying for a loan involved a lengthy and tiresome procedure. Most applicants invest a significant amount of time in collecting and submitting necessary documents to the lender, even for a Rs 3 lakh Personal Loan application. However, digitisation and increased internet activism have simplified online processes over the last few years.
If you are planning to apply for a small loan online, consider using reliable loan apps like Hero FinCorp. The application is online, the documentation requirement is minimal, and approval is instant.
Applying for a Personal Loan online is straightforward. Here’s a quick and secure application process to access instant funds easily.
- Visit the lender’s website or loan app.
- Go to the Personal Loan section and click ‘Apply Now.’
- Enter your mobile number and verify the OTP.
- Select the loan amount you need.
- Verify your KYC details and income eligibility.
- Click ‘Submit’ to complete your application.
Benefits of small loan online:
These small loans are approved quickly, and the funds are disbursed in 24-48 hours. However, there are several more benefits, let’s get through the details below:
Say No to Paperwork
- A 3 Lakh Personal Loan falls under the small loans category and is easily available to borrowers with a good credit history. Online lenders require only your KYC documents and income proof.
No Collateral
- Personal Loans are unsecured and do not require any security. So, borrowers are not required to provide any collateral offerings to avail of the requested amount.
Flexible Repayment
- All reputed lenders offer flexible repayment schedules to existing borrowers. Borrowers can repay the loan amount in 12-36 months.
Attractive Interest Rate
- Considering a borrower’s overall credit health and eligibility criteria, the interest rates charged on these loans are quite competitive.
Factors affecting the eligibility for Personal Loan requirements:
Age: Individuals aged between 21 to 58 years are eligible to apply.
Citizenship: To apply for a small loan, an individual must be an Indian citizen. NRIs and foreign nationals are not eligible.
Work Experience: All salaried individuals must have at least six months of service in the present organisation, and self-employed individuals must have had a business running for more than 24 months.
Monthly Income: Both salaried and self-employed individuals must guarantee an income of at least Rs 15,000/- per month.
Documents Required for Personal Loan
For salaried Individuals –
- Loan Application Form: Duly filled application form with two passport-size photographs affixed to it
- Identity Proof: Aadhaar card, Passport, Driving license, or PAN card
- Address Proof: Ration card, Aadhaar card, Passport, Driving license
- Property Ownership: Electricity bills, Water bills, Bills of maintenance
- Income Proof: Salary slips for the last three months, Bank statement for the last six months, Experience or Offer letter
For Self-employed Individuals –
- Loan Application Form: Duly filled application form with two passport-size photographs affixed to it
- Identity Proof: Driver’s license, Aadhaar card, PAN card or Passport
- Address Proof: Aadhaar card, Driver’s license, Passport, Ration card
- Business Ownership: Business establishment documents like Tax registration certificate, Company Incorporation proof, etc.
- Income Proof: Bank statement for the last six months, ITRs for the last two years
Why opt for a 3 Lakh Personal Loan?
Most small loans are availed by individuals in urgent need of funds; however, a borrower is under no obligation relating to the use of funds. Here’s how the funds can be used for a variety of purposes:
- Home Renovation
- Debt Consolidation
- Educational Purposes
- Wedding Celebrations
- Medical Emergency
- Vacations/Self-Indulgence
If you are a working professional or a self-employed individual looking to apply for a small loan online, you can prefer a reliable loan app. Eligible applicants easily get a 3 Lakh Personal Loan without collateral. Reputed online lenders like Hero FinCorp offer a Personal Loan disbursal within 48 hours to individuals with a stable income and good credit history.
Read here more stories: https://thebigblogs.com/