A personal loan is a finance that a lender provides the borrower on request to meet larger expenses or immediate cash needs. A personal loan is given based on an interest that is repaid along with an EMI during a fixed loan tenure. Nowadays, with
instant loan apps, applying for a personal loan online has become easy.
Gone are the days when acquiring a personal loan was time-consuming. All the products and services are available easily online at just one click then why not personal loans! It is easy to get personal loans online with paperless documentation via instant loan apps and websites such as Hero Fincorp by HeroFinCorp. It is a reliable digital platform to avail of
personal loans with minimum documents.
Collating a bunch of mandatory documents for loan approval is tedious. Instead, go the easy way to avail an instant loan online. Register at the lender’s website/app, fill the
loan application form, submit paperless documents using KYC details and wait for real-time verification. On sanction, the loan amount gets credited to the borrower’s account
What is the Personal Loan Interest Rate?
The
interest rates on the personal loan vary from different financial firms. The lowest to the highest rate of interest on a personal loan should be compared online on credit websites before making a personal loan application. A minimum amount of processing fee is attached to the loan procedures above the interest rate. Moreover, the borrower’s credit history plays a significant role to get an affordable interest rate. Over a period of time, you can improve the credit score with systematic planning and management of loan accounts.
What are the Eligibility Criteria for Personal Loan?
Accurate loan documents and eligibility criteria of the borrowers play a major role in the fast processing of a personal loan. In the absence of any required documents or if the personal loan eligibility criteria do not match the required standards, your application for a personal loan can be rejected or delayed. Financial institutions make personal loan eligibility criteria mandatory for the simple reason that they do not want to bear any risk of delayed payment or any kind of fraud.
What are the Documents Required for Personal Loan?
Documents can also differ based on different personal loan types. For instance, an education loan or a medical loan will require some additional documents like a medical certificate or a university admission letter. However, in basic instant personal loans, the mandatory documents are inclusive of KYC details and income documents to be submitted in a paperless format:
- KYC documents, inclusive of Aadhaar Card, Mobile Number Linked to Aadhar, Pan Card and Bank Account details.
- Address proof on driving license/ Passport/Voter’s ID/Utility bills
- Account holder’s internet banking information
- Income proof such as salary slips for salaried individuals and financial statements with photographs for self-employed.
- Employee details or business details such as the name of the company, a position at workplace, work experience and job stability
While submitting these documents, ensure your age eligibility should be between 21-58 years for both salaried and self-employed individuals, with a minimum monthly salary of Rs.15,000. Once the required documents are approved, the loan is disbursed instantly into your accepted bank account.
Income proof is mandatory to verify the credit score that gives information about a person’s capability to repay the loan regularly in EMIs.
The traditional method of submitting loan documents requires a considerable amount of time and patience to organize the originals and photo copied confidential papers. Moreover, the security of personal documents is also at stake if you lose any original copy in transit. Hence, submitting soft copies online is a safe process for loan sanction. Ensure the authenticity of documents. In any way, if the submitted documents are found fake, you may miss the chance of loan approval that will also affect the credit score.
How to Apply for Personal Loan?
Borrowers interested in applying for a personal loan can know the monthly instalments in advance, simply through an EMI calculator. This gives clarity on whether a personal loan is affordable or not. Nowadays, instant personal loan apps can be trusted for a quick loan approval. The digital personal apps are secured platforms to apply for personal loans with minimal documentation and easy steps.
Hero Fincorp instant loan app is specifically designed for smartphones and gives the borrower a user-friendly interface to apply and complete the following steps:
1. Easy sign-in & login method
2. Register your mobile number and email id for OTP verification
3. Fill in the personal and financial details by entering the Aadhar card 12-digit number and PAN card details
4. Calculate your loan amount, EMI, and tenure using the Loan EMI calculator
5. Select the loan amount and tenure that suits you
6. Mention the reason for an instant personal loan
7. Receive the approved loan amount instantly into your account
FAQ’s
Q.1 How can I get a loan instantly without documents?
A: Download a personal loan app or visit financial institution’s website to initiate the process of the loan application. Use the e-KYC details that are a part of paperless documentation for instant loan approval.
Q.2 Is any physical documentation required for an online personal loan?
A: No physical documentation is required for an online loan. Just submit your Aadhar number which should be linked to your mobile number or pan card number. No collateral is required in a personal loan.
Q.3 What are the documents required for a personal loan?
A: E-KYC documents like Aadhar card / smart card/ driving license/pan card are the mandatory documents for a personal loan. Very minimal documents are required when applying for a personal loan.
Q.4 How can I get an instant personal loan without documents?
A: Borrowers can avail of instant personal loans without physical documents. As the loan application procedure is online, the need for physical documents is eliminated.
