Whether planning a wedding, covering medical expenses, or pursuing higher education, you might not always have the necessary funds; in such cases, you might consider getting a loan. A personal loan can allow you to get things done.
However, today, tens of thousands of financial institutions offer loans at various rates, terms, hidden charges, and eligibility criteria, so it is essential to know which one best fits our needs and requirements.
What is a personal loan?
A personal loan is a financing option through which you can fulfill your goals and help you in any scenario where you need money. This includes everything from wedding expenses to paying for your kid’s college, medical emergencies, and home renovation.
It covers many situations and doesn’t require a guarantor or collateral. It is highly sought after if you need money for any case.
How to apply for an online personal loan?
In the digital age, it has become straightforward to secure a loan as long as you have the credit score required and fulfill the other criteria.
Here are the steps you would need to take to apply for a loan online:
- Go to your preferred or trusted lender’s webpage and search for the tab personal loan.
- Use the in-built loan EMI calculator to check your probable total interest payout and EMI.
- You should sign in for the next step. Once signed in, you must complete an application form with your basic details, including your full name, PAN, date of birth, and PIN code.
- You must input the loan amount you need and the repayment term on this page and choose from their different plans.
- Next, you must fill out a KYC form and submit your application.
- You will then be contacted by a representative from the financial institution who will help you get a loan online.
What are the personal loan eligibility requirements?
- You are required to be an Indian citizen between the ages of 21 and 80 (with the loan term ending on or before you turn 80).
- You need to be a salaried individual employed with a stable income.
- You will be required to have a CIBIL score higher than 685.
- Your monthly salary will need to be higher than Rs. 25,000.
Comparing different loan providers
As I have mentioned, there are thousands of loan providers in India; however, these are the most reputable lenders with low-interest rates, easy repayment options, and a user-friendly interface.
1. Bajaj Finserv:
If you need a personal loan Bajaj Finserv is a renowned name in the Indian financial market, offering a wide range of loan products, including personal loans. Their loan provides competitive interest rates, flexible repayment options, and quick disbursal. You can apply for a Bajaj Finserv loan online, making it a convenient option.
2. HDFC Bank:
HDFC Bank is one of India’s leading private sector banks, known for its extensive range of financial products. Their loan offerings are tailored to suit various needs, and the bank provides attractive interest rates and flexible repayment options.
3. SBI:
Being India’s largest public sector bank, SBI offers loans with attractive interest rates and flexible repayment options. SBI’s offers are known for their transparency and customer-centric approach.
Conclusion
When exploring different loan providers, comparing rates and terms is crucial to find the best fit for your needs. Consider factors such as interest rates, loan amount, tenure, fees, eligibility criteria, and customer service.
If you want a personal loan apply online using Bajaj Finserv, HDFC Bank, ICICI Bank, and SBI are reputable options for a loan. Remember to assess your financial situation and choose a loan provider with favorable rates and terms, ensuring a smooth borrowing experience.