How To Get A Personal Loan In Quick Time

Posted by amrina alshaikh on June 30th, 2021

As a first-time applicant for an instant personal loan, you are nervous about facing a possible rejection or some other hurdle that makes the process difficult. But there is no reason to worry if you do everything right – here’s how you apply for a quick approval:

✔      Apply to an instant loan app.

Your chances of getting approval from a lending app are much higher as compared to a bank. Loan apps are more flexible in their terms, more transparent and with easier application processes. Whether you apply for the loan immediately or not, please download a good loan app on your phone just in case. You can apply when the need arises without wasting time later looking for a good app.

✔      Check your credit score.

Any lending institution in India, whether a loan app or a bank, reviews loan applications by checking your credit score first. This is a number attributed to each individual that has an income and/or who has paid bills or made payments in the past. The higher the number out of 900, the better the credit score. You can check the credit score on the CIBIL or Equifax websites – these are leading credit rating agencies in India whose scores are considered by leading loan apps and banks. You can get a credit check done to see your score. You can move to the next stage of application if your score is between 750 and 900. If it isn’t, you might consider cleaning up your score first before applying. If your score is low, the instant loan app will reject your application. But you can reapply three months later with a better credit score.

✔      Check your eligibility.

You have the instant loan app on your phone and you have checked your credit score. It is now time to move on to the actual process of applying for the loan. Open the loan app and check your eligibility for the personal loan. The eligibility is computed based on your income, age and credit history. It naturally follows that the higher your income, the higher your loan eligibility. Also note that you cannot apply for an instant personal loan amount higher than your eligible loan amount. For example, if your loan eligibility is Rs 2 lakh and you actually need Rs 3 lakh, you cannot apply for the latter sum. You may get Rs 2 lakh immediately from the loan app, but the balance of Rs 1 lakh must come from other sources. Checking the eligibility helps you plan your next step without any unpleasant surprises later.

✔      Check your set of documents.

It is now time to run a check on the required documents. This is where loan apps score big points over other lending institutions. Their documents list is often short, and more documents are seldom asked for. The documents required include:

• Personal ID proof (Aadhaar/voter ID/driver’s licence)
• Address proof (Utility bill with your name as owner/passport) OR leave and license agreement showing current residential address
• Income proof (two latest salary slips)
• Bank statement (showing at least three salary credits)
• Personal photograph (upload a selfie or close up photograph showing all facial features clearly from your phone gallery)

✔      Apply and await approval

Once you self-attest all the required documents, take photographs of each and upload them on the app as directed. The application is now complete. The app checks your credit score and documents. If all information is found correct, the app notifies you about its approval. The loan money is disbursed to your account in a few minutes, and is ready to be withdrawn and used. However, if the app rejects the application, you must wait a minimum of three months to reapply with a better credit score and/or correct set of documents.

Conclusion

Leading loan apps in India offer fully digital, quick and convenient modes for personal loan application and disbursal. You only need a smartphone and the loan app on your phone to apply – but you must do it correctly as outlined above for guaranteed approval.