How to Get Instant 3 Lakh Personal Loan Online in India?

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.

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Scarlett Watson

Scarlett Watson

I am a professional SEO Expert & Write for us technology blog and submit a guest post on different platforms- We provides a good opportunity for content writers to submit guest posts on our website. We frequently highlight and tend to showcase guests.

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