Are you looking for a personal loan in India to meet your financial needs? Whether it's for a medical emergency, home renovation or education expenses, personal loans can provide the necessary funds to help you achieve your goals. However, getting an unsecured personal loan can be a tedious task, especially if you don't know where to start. According to experts, the new RBI guidelines on digital lending are a solid move by the regulator to bring more transparency as a benefit to borrowers.
With so many lenders and loan options available, it's essential to do your research and follow the right steps to get a loan that meets your requirements without any hassle. In this blog, we'll share 4 easy personal loan steps and some tips to make your personal loan application process easier. So, let's dive in and explore how you can get a personal loan that fits your financial goals.
With the increasing popularity of digital lending in India, the process of applying for a personal loan has been simplified. It is no longer necessary to visit a bank or financial institution in person and fill out lengthy application forms. Instead, you can now apply for a loan online from the comfort of your own home, using just your computer or smartphone. This blog will answer your questions about what is the personal loan process and provides a step-by-step guide to apply for your Shriram Finance personal loan application online/offline.
Key Highlights
- With the increasing popularity of digital lending in India, the personal loan process steps have been simplified.
- Personal loans are unsecured loans, which means that you do not need to provide any collateral to secure the loan.
- Compare various lenders and their loan offers to find the one that suits your needs and offers the affordable interest rate.
- Keep all the necessary documents ready before starting personal loan application process.
How to Get a Personal Loan Online in 4 Easy Steps?
Most lenders in India offer the option of applying for a personal loan online or offline. To apply online, you can visit the lender's website, fill out the application form and upload the required documents. Here are the Personal Loan steps to follow while applying:
Step 1: Determine your Eligibility
It is important to check your eligibility before applying for a personal loan. The eligibility criteria vary from lender to lender but typically include factors such as age, income, employment status, credit score and credit history. You can check the eligibility criteria of different lenders on their websites or by contacting them directly.
Step 2: Research & Compare
Once you know your eligibility, you should research different lenders to find the one that offers the best terms and interest rates. Compare the interest rates, processing fees and other features of different lenders online before getting a personal loan in India.
Step 3: Submission of Documents
To apply for a personal loan, you will need to provide certain documents such as identity proof, address proof, income proof, bank statements and photographs. Make sure to gather all the required documents before applying for a loan to avoid any delays.
Step 4: Loan Approval
After you submit your application, the lender will review your eligibility and documents. The lender will approve the loan application and disburse the funds to your bank account after the verification. The processing time varies across lending institutions, but it usually takes between 1 and 7 days.
What is the Personal Loan Process - Offline?
Step 1: Visit the Shriram Finance website or a nearby branch office
Step 2: Check for the personal loan application form and enter all the required details
Step 3: Submit relevant documents (such as identity proofs, address proof, income certificate/payslip, etc.)
Step 4: Our representatives will verify the personal loan application and based on your eligibility, approvals will be provided.
Documents Required to Apply for a Personal Loan
The following documents are necessary to obtain Shriram Personal Loan:
- Identity Proof –Aadhaar/PAN card
- Address Proof- Aadhaar
- Current address proof document; Passport/Voter ID/ Driving License/ Bank Statements/ Gas Bill/ Telephone Bill, Electricity Bill
- Selfie of the applicant
- Bank Cheque (if required)
Features of Shriram Personal Loan
| Loan Amount | Collateral-free loan up to ₹15,00,000/- |
|---|---|
| Interest Rate | Interest rates starting from 12%* p.a. |
| Repayment Tenure | Flexible repayment tenure ranging from 12 to 60 months |
| Processing Fees | Starting from 1%* of the total loan amount |
| Prepayment Charges | Charges applicable for the pending loan amount as per T&C* |
Benefits of Applying for a Personal Loan Online
- Easy Access: Personal loans are easy to apply and can be availed by individuals with a good credit score and credit history.
- Unsecured Loans: These loans are unsecured, which means that you do not need to provide any collateral to secure the loan.
- Periodic Reminders: Receive regular alerts on your registered mobile and email ID about your personal loan EMI. Calculate your loan EMI using Personal Loan EMI Calculator.
- Quick Processing Time: The loan applications are processed quickly and the funds are usually disbursed within a few days of approval.
Did you know?
According to a report by Inc42, a technology information platform, India's digital lending market is expected to reach $1.3 trillion by 2030. This is more than a fourfold increase from $270 billion today.
Here are some tips to increase your chances of getting your personal loan application approved in India:
Maintain a Good Credit Score: Having a good credit score is one of the most important factors when it comes to getting approved for a loan. A good credit score is generally considered to be around 750 or above. It is important to pay your bills on time and maintain a good credit history to keep your credit score high. Choose the Right Lender: Different lenders have different eligibility criteria and interest rates. Compare various lenders and their loan offers to find the one that suits your needs and offers an affordable interest rate.
Check Your Eligibility Criteria:
Most lenders have certain eligibility criteria that need to be met before they approve a personal loan. Check the lender's eligibility criteria before applying to make sure that you meet all the requirements.
Provide Accurate Information:
Provide accurate and complete information on your loan application. Any incorrect or incomplete information could lead to your loan application being rejected.
Keep Your Documents Ready:
Keep all the necessary documents ready before applying for a loan. This includes your income proof, bank statements, identity proof, address proof and other relevant documents.
Maintain a Stable Employment History:
Lenders prefer borrowers who have a stable employment history as it shows that they have a steady source of income.
Have a Co-applicant:
Having a co-applicant with a good credit score can increase your chances of getting approved for a personal loan application. The income and credit score of co-applicant will also be considered by the lender while assessing your loan application.
Reduce Debt-to-Income Ratio:
The debt-to-income ratio is the percentage of the income that goes towards paying off your debts. Reducing the debt-to-income ratio by paying off the debts can increase your chances of getting your personal loan application approved.
By following these personal loan process steps, you can increase your chances of getting a loan that meets your financial requirements. Remember to check the credit score, compare interest rates, choose the right lender, prepare your documents, andapply for the right loan amount.
With these tips in mind, you can start your Shriram Personal Loan application process to achieve your financial goals without any stress or difficulties. So, go ahead and take the first step towards your financial freedom today with this step-by-step guide to apply for a personal loan!
FAQs
1. What are the steps in the personal loan application process?
Step 01: Verify your personal details
Step 02: Choose your loan amount and tenure; confirm your bank details
Step 03: Submit the required documents
Step 04: Get your loan credited to your bank account
2. How can I apply for a personal loan?
You can apply for a personal loan online via Shriram Finance website at ease.
3. How do I know if I am eligible for a personal loan?
The eligibility criteria differ across various lending institutions. At Shriram Finance, resident Indians who are above 21 years of age can apply for a personal loan. Further, the applicant should not be older than 60 years at the end of the loan tenure
4. What is the processing fee for a personal loan?
At Shriram Finance, the processing fee starts as low as 1%* of the loan amount.
5. How can I get my personal loan application approved quickly?
One can get their personal loan approved by following these guidelines:
- Maintain a good credit score
- Check your eligibility criteria before applying for a loan
- Submit all the required documents
- Provide accurate information
- Maintain a stable employment history
6. What documentation is needed to apply for a personal loan?
The following documents are necessary to obtain Shriram Personal Loan:
- Identity Proof - Aadhaar/PAN card
- Address Proof - Aadhaar
- Current address proof document; Passport/Voter ID/ Driving License/ Bank Statements/ Gas Bill/ Telephone Bill, Electricity Bill
- Selfie of the applicant
- Bank Cheque (if required)
7. How much money can I get with a personal loan?
The final approved personal loan amount will be based on the eligibility criteria of an applicant. It differs from person to person.
8. How long does a personal loan take to process?
The processing time varies across lending institutions, but it usually takes between 1 and 7 days.
