Learn The Process of Getting an Rs. 5 lakh Personal Loan Urgently

An instant credit facility has been the backbone for many over the last few years, and it always comes in the form of personal loans. As per a recent report, the personal loan sector in the country witnessed remarkable growth in terms of demand among borrowers. The report also shows that individuals with a low income can also avail themselves of small amounts, such as Rs. 5 lakh loan, to meet their urgent financial requirements.

However, before applying for such a credit option, individuals need to know how to avail the funds to ensure a hassle-free loan approval.

Stepwise Process of Getting Rs. 5 lakh loan

Simple unsecured loans like these are a convenient method of availing these short-term loans of lower amounts. Moreover, it allows borrowers to meet emergency monetary needs such as paying credit card bills, sudden home renovation costs, business expenses, domestic travel, and the like. The popularity of these loans is its exclusive features of no collateral and flexibility of fund usage.

Besides, the procedure of availing Rs. 5 lakh loan or more is convenient with various online loan applications. Borrowers will not have to visit the branches and wait for days to sanction the loan amount. Verification is done online without undergoing heaps of documentation. However, individuals need to meet the lender-specific eligibility parameters to obtain the desired amount, whether small or substantial.

Step 1- Meet eligibility requirements

It becomes crucial for borrowers when planning to apply for a personal loan of any small or considerable amount to meet the lender-specific eligibility criteria. Making eligibility parameters a mandate ensures lenders do not risk default or delayed payment. Here are some of the standard qualifying parameters that borrowers must meet:

• Borrower’s age should be within 21-67 years
• Must be employed in a reputed MNC, public or private institution with a stable income
• CIBIL score should be 750 and above
• Must be an Indian resident

Step 2- Submit necessary documents

Apart from meeting the eligibility parameters, individuals need to submit the following documents to avoid an uninterrupted personal loan application:

• KYC documents
• Salary slips of last 2 months
• Employee ID card
• Bank account statement of last 3 months

Step 3- Application process

Here is the stepwise procedure of applying for the best personal loan that suits your financial requirements:

Step 1- At first, visit your chosen financial lender’s website and seek the online application form

Step 2- After getting the application form, fill in a few details and verify with the OTP sent to your registered mobile number

Step 3- Input your KYC and income details

Step 4- Pick the loan amount you wish to borrow

Step 5- Submit the loan application form

After completing this process, one of the representatives will call you to discuss the loan proceedings. After this, funds will be disbursed into your account.

Therefore, by following the procedure mentioned above, one can get instant finance for all kinds of crises.

Features of instant personal loans

Here are some of the exclusive features of a personal loan that makes it an ideal financing option for intending borrowers and allowing to find the right personal loan for them:

• Attractive interest rates

Even during financial emergencies, borrowers can avoid paying considerable interest amounts with personal loans. This is because lenders offer affordable interest rates to eligible borrowers with a good CIBIL score and repayment history. Nonetheless, one must compare the interest rates of different financial institutions before applying for credit to ensure flexible repayment.

• Plausible repayment options

One of the unique features of a personal loan is its repayment flexibility. Borrowers can pick the tenor as per their financial standing and affordability. For more convenience, one can refer to the interest rate calculator available online to determine exact EMIs beforehand and manage their finances efficiently.

• No additional borrowing cost

Borrowers often make grave mistakes by not considering the associated loan charges when borrowing the credit. It increases the borrowing cost and creates a repayment burden on the borrower. However, reputed financial institutions like Bajaj Finserv do not levy additional charges on instant personal loans and keep the credit affordable for borrowers.

Moreover, these NBFCs also provide pre-approved offers on a comprehensive suite of secured and unsecured financial products and make the loaning procedure simplified and hassle-free. Therefore, interested applicants can check their pre-approved offers by mentioning their names and contact details.

To conclude, whether you avail Rs. 5 lakh loan or more, you must ensure repayment of the EMIs and compliance with the credit’s terms and conditions. Any delayed or missed payments can significantly impact your credit score.