If we do not proceed cautiously with our salary, we can be surrounded by unplanned expenses. It can be an expensive meal at a restaurant or a sudden weekend trip you took with your friends. These expenses often dry up your salary and savings. So, what should you do if you need money quickly to cover some unplanned expenses? You cannot always ask your friends and family to help you, right? To tackle these situations, you can apply for a personal loan online.
If you have a good credit score or a CIBIL Score of 750 or above, it will be very easy to get an instant loan. But if you are looking for a personal loan online for the first time, you need to learn a thing or two and keep a few things in mind. But first, let us learn how to fill out a loan application online.
How to Apply for an Online Loan Application
If you are looking for an online loan, you can go directly to Piramal Finance’s website, one of the leading NBFCs in India, and fill out the form. After filling out the form carefully, you can expect a phone call from an agent for further processing.
You can also apply for a loan application online through our mobile application, available at Google’s Play Store and Apple’s AppStore.
After a consultation with our loan agent, you need to submit some essential documents for loan processing. Once you submit the documents, our agency will verify them along with your CIBIL score. If everything checks out, then the loan amount will be transferred to your preferred bank account in a quick nick of time.
But are you eligible for an online personal loan?
Are you Eligible for a Personal Loan Online?
If you want a quick loan, you must fulfil some eligibility criteria and produce some required documents. They are described below:
- You must be an Indian citizen, above 21 years old, and below 60 years old.
- You must have a permanent job for at least six months, with a minimum monthly salary of INR 25,000.
- If you have a business or are self-employed, you must produce your business documents proving that your business is at least three years old.
- You will also need some essential documents like a PAN, an Aadhar card, etc.
Required Essential Documents to Get a Personal Loan Online
If you are looking for an online loan, you must furnish some important documents.
- PAN Card
- Latest Salary Slip
- Bank statement for at least the last three months
- Identity Proof: Any one of the following:
- Aadhar Card
- Driving License
- Voter’s ID Card or EPIC
- Address Proof: Any one of the following:
- Water Bill
- Electricity Bill
- Aadhar Card
- Driving License
- Voter’s ID Card or EPIC
If you require a higher loan amount than your permissible limits, you can apply as a co-applicant and take the online loan.
In general, you need to check these crucial things: (1) Your Credit Score, (2) Selecting a lender, and (3) Verify Loan Criteria and Charges.
What is Credit Score or CIBIL Score?
The Credit Score, or CIBIL Score, is a generalised score provided by TransUnion CIBIL Limited (Formerly known as Credit Records Bureau of India Limited) after checking your PAN and financial transaction details. Their score is valid across India and all lending companies, such as Banks and NBFCs like Piramal Finance. The agencies check and verify the score to calculate your permissible loan amount limits over your online loan application.
Generally, the lending agencies want your CIBIL score to be 750 or above. You can check your CIBIL score here at the agency’s official website for free. If your credit score is below 750, do not worry. The score is calculated depending on your profession. Suppose you are not a salaried person, are self-employed, or run a business. In that case, you can still get a decent amount of personal loans online from a lending agency.
But what if you don’t have a ‘good’ CIBIL score? Or a score below 750?
What if Your CIBIL Score is Low?
Although your CIBIL score is low, you can still get a personal loan online. But in those cases, you may need to provide collateral or a guarantor. You also may not get the desired amount of loan you asked for at the lending agency.
Previous loan repayment delays or existing loans can block you from getting a new personal loan online. The lending agencies often do not want to give loans to those with no fixed or salaried income.
Selecting a Lender for Your Online Loan
There are several easy ways you can take to improve your current credit score and get your desired loan amount. But whatever you do, you should not fall for fake or fraudulent agencies. They can only give you fake promises of quick loans, even without any proper documents or collateral. So, before doing any business with any lender, check and verify their credentials and ensure they are registered with the RBI; otherwise, you can get scammed.
For example, you can always trust Piramal Finance for your loan requirements. We are registered with the RBI and fulfil all the compliances strictly mandated by the Government of India.
Verify Loan Criteria and Look for Charges
After selecting an RBI-approved lending agency, you should look at their loan criteria, as every agency has different policies and charges.
- Interest Rates
- Duration of loan and whether you will get any extension
- Applicable penalties if you pay up the loan early
You also need to look for charges, especially hidden charges.
- Loan Application Fee
- Loan Processing Fee
- GST on Loan Application and Processing Fee
- Interest Default
- Document Verification Charges
- Repayment Cash Collection Charges
But if you want zero hassle with your loan and do not want to get duped by the hidden charges, you can always trust Piramal Finance. With our super-fast and crystal-clear loan processing, we have a ‘zero charge’ policy on advance repayment and foreclosure.
If you are looking for a personal loan online, you must have a good CIBIL score. You also need to produce supporting documents. If you don’t have a job, are self-employed, or run a business, you can still get a loan, but you may have to produce strong supporting documents.
If you still have queries, doubts, or specific questions regarding your loan. In that case, you can always get a free consultation with a loan agent from Piramal Finances. Our agents will contact you at your earliest convenience.