Quick personal loans ? A step by step method of getting yours sanctioned

Posted by Kritika Jose on May 24th, 2018

Nowadays when you need any extra money all you need to do is apply for personal loan online. Personal loans are the best way to fund your needs, without having to dip into your savings. Personal loans can help you fund your higher education, start a business, provide for a lavish wedding or pay off any medical debt.

Personal loan interest rates are higher than other loans but that is because most of the times these loans are unsecured. You don’t have to keep any collateral or guarantee to get these loans and its only natural that lenders will charge a higher interest to ensure their loan gets repaid.

Easy personal loans are super instant and extremely simple to understand. All you need to do is follow a step by step process and you should have your loan amount in your account within 24hours. Here’s how to apply for a quick personal loan.

Step 1:  Find an online personal loan EMI calculator and with that calculate the right amount for your loan and the monthly EMIs you will have to pay. It’s very important that you know the amount beforehand because if you fail to pay, you can be levied with a very heavy penalty.

Step 2: Always compare. Personal loan interest rates can be highly competitive. Since this type of loan does not require you to keep any assets as collateral it sees a lot of takers. It also means that interest rates for this type of loan can be very high. But if you do proper research you can find an instant personal loan at very competitive rates.

Step 3: Check your credit score. Your credit or CIBIL score is determined by taking various factors into consideration like your income, your expenditure and your previous loan history. Multiple loan applications can adversely affect your credit score. Your personal loan rate is determined on the basis of your CIBIL score.

Step 4: Go to the vendor website and fill in your application. You will require your AADHAAR, you PAN number and your bank statements. An online personal loan application can be filled out easily without any hassle. Once you’ve filled out the online form you need to call the vendor and give them all your personal details verbally.

Step 5: You can get personal loan approved in just 24 hours. But before you apply do read all the offer documents carefully so that you know all the payments and charges you will have to incur.