How To Apply For A Loan Online, and What Are The Procedures Involved In It

With the rapid up-gradation and advancement, the fintech sector has replaced the conventional financial methods and practices with the latest algorithms, technology intelligence, machine learning, and detailed analytics. You can apply for online loan with an easy, simple, and quick process now. Gone are the days when you required collateral, and waiting for the loan disbursal felt like an eternity.

 

India has become one of the rapidly-growing fintech markets in the world. The introduction to system-driven processes has boosted convenience and transparency, enabling you to apply for online loans, which can range from Rs 2 lakh to Rs 50 lakh, with short tenures. However, your loan amount eligibility mainly depends on your credit score. 

Apply For Online Loan - Procedures Involved In It

To apply for an online loan, you have to know some crucial steps and procedures involved. This step-by-step guide will help you enjoy a smooth and easy loan application procedure to disburse the loan amount within 72 hours. So, check them all. 

How To Apply For A Loan Online, and What Are The Procedures Involved In It

Step 1: Pick The Right Loan For You 

It’s best not to jump to the loan with the easy repayment options or the lowest interest rate. You must read the fine print and compare the interest rates. You can find all the information online. Check the various fees and additional charges that the lender will impose. Almost all loan types include charges such as service tax, processing fee, late payment charges, etc.

Before you apply for an online loan, check for the processing fee. It usually ranges from 1%-3% of the loan amount. It may also apply additional charges like handling charges and arrangement fees. These can impact the cost of getting an online loan. 

It is important to choose the right lender, such as a well-reputed name like Finnable. Till date, the company has approved over ten lakh loans within minutes. The fact that it also has the lowest interest rates is an additional blessing.

Step 2: Make Smart And Informed Decision By Using Online EMI Calculator 

An online EMI calculator has become a highly efficient software tool to know your monthly repayment amount, the loan amount that can fit your cibil score for easy repayment, and the repayment tenure. It can also evaluate your monthly cash flow or salary statement to determine your eligibility for any specified loan amount. 

Step 3: Gather Your Documents 

Now, to apply for online loan, you will enter the KYC process. For completing the process, you will need to submit some crucial documents apart from the application form.

For personal loans, the documents needed are:

●    Age proof like Aadhar Card, Voter Card, etc.

●    Income proof like salary slip, IT return, etc.

●    Address proof like electricity bill, passport, etc.

●    Photo ID proof like PAN Card, Aadhar Card, etc.

●    PAN Card

For business loans, you will need some additional documents apart from the ones mentioned above.

● Ownership proof like agreement copy, electricity bill, etc.

● Business continuity proof like GST registrations, establishment certificate, etc.

● CIBIL score with the minimum score of 690+. 

Step 4: Fill Out The Online Loan Application Form 

The final step to apply for an online loan involves filling out the online loan application form.

●    Go to the lender’s website

●    Go to the section for the type of loan you need to pick

●    Click on “Apply Now”

●    Fill out the application form with all the essential features

●    Submit the form by adding the needed documents.

For applying for instant loans online you can check out this website Finnable. It can help you with all types of loans you are looking for.

Ending Note 

After the procedure, get your loan approved instantly. Wait a few minutes to get a response from the lender. Once the verification is complete, your loan gets disbursed within 72 hours. SO, get your loan today!