Tips To Apply For A Personal Loan In Pune


Personal loans have many different uses. The quick application, approval, and disbursal process make them an excellent option for those in need of a quick cash injection to boost their finances. Here are a few tips for applying for a personal loan in Pune.

  1. Shop around. There is the traditional way of walking into a lender’s physical location and filling out a loan application form. Still, if you send too many personal loan application requests simultaneously, it will negatively affect your CIBIL score. This means lower principal amounts will be sanctioned, higher interest rates will be offered, and tenures will also be reduced. It will be a better idea to visit lender websites and look at what information is available on them. Typically, a lender website will give you an approximate range of the personal loan interest rates they offer, along with tenures, etc. – and they will list the eligibility criteria, which will provide you with a fair idea of whether your personal loan application with them will get approved or not. Eligibility criteria usually include an age range (must not be below 21 years to apply, and must not be over 55 years at the time of last EMI, for example), a minimum salary amount, and a minimum work experience period which might differ for salaried employees and self-employed individuals. The websites also have helpful tools like a personal loan EMI calculator, which will help you work out an affordable EMI even before applying for the loan.

Of course, this is before you consider the implications of the pandemic – physical contact still needs to be kept to a minimum. Hence, a conversation over the phone or visiting the lender website are more accessible, quicker options. The website is available to you 24 hours a day, every day, while phone services are usually limited to business hours.

Once you have a few quotes for your personal loan, you can compare them and apply for the one that meets your requirements the best.

  1. Have your documentation ready. Provided you are eligible, the next step is the submission of the relevant documents. You’ll need government-issued ID proof like an Aadhaar card, driver’s licence, PAN card, or passport; address proof in the form of another government-issued document, including aadhaar card, passport, driver’s licence, electricity bill, and ration card, salary slips for the last three months, bank statements for the previous 3-6 months, and proof of steady employment in the same field for a minimum of one year. These are the standard requirements for a salaried individual; self-employed individuals might have to furnish a slightly different set of documents, but the differences are minimal – proof of income, Form 16s for the last two or three years, and bank statements for a slightly more extended period than 3-6 months might be necessary. Remember to scan all the physical documentation, and if you’re applying online, you will need to submit the documents on the lender website.
  2. Submit the documents – and wait. Once you’ve submitted your documents, it’s time to sit back and wait. These days, approval of a personal loan online can happen in as little as 30 minutes, and disbursal of the fund can be done in a few hours. If your loan application is approved, you will get the funds in a few business days at the latest.

Once you’re aware of the procedure to apply for a personal loan in Pune, it will be relatively easy for you to get the best possible deal for your loan. The ease of application and quick approval and disbursal of funds also makes it an excellent option for a quick cash injection when it is required.

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