Mumbai, July 08, 2020: We have reached the age of contactless finance and lending. Contactless finance means you are not required to follow the usual way of physically visiting the bank. This is in line with every other contactless form of commerce occurring right now due to the pandemic crisis. For example, deliveries made to your doorstep by online grocers are also being done contactless in order to practice social distancing effectively. To successfully get a loan you need to look for banks that are currently providing loans through digital KYC methods.
1. Check Your Pre-approved Offer
You may already have pre-approved offers from the current bank where you own savings accounts. If you have a pre-approved offer, your loan eligibility is already accounted for and this includes factors like your CIBIL score, income, age and others. This means that you do not have to calculate your eligibility or submit the personal loan documents required for verification. The no-paperwork process makes availing the loan a lot easier.
To smoothen the loan disbursal process, banks and financial institutions create pre-approved offers for you based on your relationship with them. You can speak with your bank directly regarding this, or go online to loan aggregator websites where you can see the list of all the pre-approved offers from various financial institutions.
2. Review Your Details
Being the existing customer of the bank or NBFC all you need to do is review a pre-filled form with all your details along with the loan amount, rather than filling out a lengthy application form and application process. The applicant can simply get the loan without any hassles by completing the process online through a website or a finance app.
3. Accept The Terms Of The Offer And Await Disbursal
Once you’re satisfied with the loan offer, you have to accept the terms and authorise disbursal. Since the process is completely digital, you don’t have to worry about visiting any physical branch as the entire sanction will get disbursed in your account within minutes. All it takes is just a few clicks, and you can avail the money without stepping out of your home.
How Can Personal Loans Be Of Use During The Lockdown?
The need for funds can be diverse in times of the pandemic situation, but a loan can help with these costs. Here’s how:
● Address Medical Emergencies
Medical emergencies can occur during the lockdown and such situations usually demand large amounts of finance fast. With a Personal Loan, you can get the loan amount without any stress in just 20 minutes so you can opt for the best medical services in your area of residence immediately. The loan funds can be used to pay bills and cover all the medical expenses with ease.
● Consolidate Any Existing High-Interest Credit
Consolidating high-interest debt such as your credit card debt is a smart decision in such times. This helps to avoid paying high penalties and accumulating interest on various deadlines, and instead helps you club all debt into one monthly EMI. Making your repayments in EMIs can help you enjoy more liquidity if you face a cash crunch.
● Improve Your Workspace At Home
The lockdown has led to a lot of people working from home, it is important to have the right set-up. A productive environment helps you stay focused and increases your efficiency. A smart way to utilize an Instant Personal Loan is to invest in functional furniture and electronics such as a chair, laptop or smart TV so you can participate in conference calls, make presentations, and carry out all manner of work seamlessly.
● Invest in Self-Development
The loan funds can be used to invest in yourself and add to your skill sets. This can be easily achieved by signing yourself up for specialized courses online from leading educational institutions from across the world.
Eligibility Criteria
The following are the basic loan eligibility criteria for an instant personal loan
● You need to be an Indian citizen to be eligible for the loan
● You should be a salaried individual to be able to provide proof of your credit
● You need to be between the ages of 23-58 years to apply for a loan
● A good CIBIL Score will showcase your financial ability to repay the loan amount.
● There should be no outstanding amount on your credit card or other existing loans.
Personal Loan Eligibility Calculator
Personal loan Eligibility Calculator is a free tool that provides clarity on the loan amount you are eligible for at various interest rates and the loan tenure best suited for you. The loan Eligibility is calculated based upon your monthly income, current EMIs, and the type of organization you are currently working for, and your working experience.
How Do You Apply For An Online Personal Loan?
● Determine your loan eligibility by visiting the lender’s website.
● Fill up an application form online.
● Upload the necessary documents like your PAN Card, pay slips, bank statements, employment certificate, and other KYC documents.
Once the loan is approved, the loan amount gets disbursed directly in your bank account.