Business Spotlight

Applying For A Personal Loan? Read This To Understand The Details

A personal loan is a versatile loan that one can use for different purposes. Personal loans can be used for personal reasons; you do not need to explain or justify your requirements to anyone.

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Personal Loan
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Personal loans are becoming popular among people who want to quickly get a considerable fund for personal reasons without much time or complication. Many lenders are offering personal loans at an attractive interest rate. You can find several best loan apps that can avail of personal loans online. 

And all of them do not offer similar benefits to the users. PaySense offers an instant personal loan app that can be used to get a personal loan. And if you are planning to apply for a personal loan, keep reading to know more details about it.  

What is an instant personal loan app? 

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A personal loan is a versatile loan that one can use for different purposes. Personal loans can be used for personal reasons; you do not need to explain or justify your requirements to anyone. But today, you can use an online application to avail of your loan instead of meeting the lenders or applying physically.  

An instant personal loan app is a specially designed application to apply for personal loans. You can use such apps to know different application requirements, eligibility criteria, loan plans, EMI options, loan applications, and many more. 

Eligibility for a personal loan 

An instant personal loan app can help you know the eligibility criteria for borrowing from a specific lender. Here we will share a common eligibility criterion for applying for a personal loan.  

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  • You must be an Indian resident. 

  • You must reside under the lending agency’s service coverage.  

    • Your age should be between 21 to 60 years.  

  • You must be a salaried employee or self-employed. 

  • Your minimum monthly earning should be 18,000 if salaried or 20,000 if self-employed.    

  • Required documents for a personal loan 

    You should know about the required documents beforehand applying for your loan. It will help you easily apply for a loan. Also, if you are using an instant personal loan app, you can check the details before you start your application procedure. Also, using an instant personal loan app will help you upload your KYC details directly from your smartphone or computer.    

    • Proof of address – You can use your Driving license, Aadhaar Card, Voter ID, etc., as your address proof.  

  • Proof of identity – A selfie or PAN card can be used for identity proof.  

  • Proof of income – you can use your net banking statement or a 3-month bank e-statement.     

  • Personal loan application procedure  

    You must have proper knowledge about the procedure of loan application before you start applying. Also, if you are using an instant personal loan app, you can follow three easy steps to complete your loan application. Here we will describe these steps in detail. 

    Step one: Fill in basic details, know your eligibility and choose a plan.    

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    In this step, you need to fill out some basic details; you can do it through a website or an instant personal loan app. Then you need to check your eligibility criteria and see whether you are missing out on something. After that, a credit line will appear in front of you that you can use to make a perfect combination of the loan amount, tenure, and EMI compatible with your budget.  

    Step Two: Upload your KYC and sign your application and NACH form. 

    You can scan and upload your KYC details with the instant personal loan app. In this step, you must also digitally sign the loan application and NACH form. NACH, or National Automated Clearing House, is a centralized payment method governed by RBI.   

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    Step Three: Get your funds.  

    It is the last step of your loan application. Once your loan application gets approved, you will get an alert through SMS/mail and your instant personal loan app. And the loan amount will get directly transferred to your bank account within one or two working days of your loan approval.    

    Conclusion  

    Getting personal loans has become more accessible with instant personal loan apps. You can use an instant personal loan app to apply for your loan anywhere and anytime. PaySense offers one of the best loan apps in India that you can use to know about your eligibility, required documentation, loan application, application progress tracking, and much more. Here we have shared every detail you need to know before you apply for your loan. 

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