Who to Contact if You Want to Apply for a Personal Loan in India?

Anyone who has taken a personal loan from a reputed lending institution would know how easy and simple the process is. However, for the first-timers, finding and applying for the cheapest personal loans in India could seem to be a daunting task. The uncertainty surrounding the process and apprehension regarding taking a loan can make the experience stressful and overwhelming. Many a time, people seeking personal loans are confused, and sometimes, don't even know who to contact to apply for a personal loan. Today, we will discuss the various ways to apply for a personal loan and the benefits of different lending techniques so you can pick the best personal loans in India with ease.
 

Different Ways to Apply for a Personal Loan in India 

Lender's Branch/Outlet

This is one of the most common and traditional ways to apply for a personal loan. You just need to visit the branch or outlet of your preferred financial institution, fill the offline application form, attach hard copies of any essential documents such as KYC and income verification paper, and submit the form. Once the financial institution's executives have verified your documents, the loan will be disbursed to your bank account. This conventional method of lending comes with its share of advantages.

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• Personalised Services

When you apply for a personal loan through a branch, personal loan companies in India provide personalised services. Most lenders offer document collecting, form signature, and other services at your doorstep.
 

• Negotiation

When you apply through the financial institution branch, you get the chance to interact directly with the company's officials. If you have a strong profile, you may negotiate a better deal on your loan terms as well as interest rates. 
 

• Better Assistance

At the branch, you will have the opportunity to speak with a representative from the financial institution one-on-one. Here, you can directly resolve all of your queries instead of relying on chatbots and waiting for email responses. 
 
Also Read: Availing Personal Loans Just Became Super Easy with Digital Lending
 

Online Through Websites

Today, with digitisation, you need not even step out of the comfort of your home to apply for a loan. Most financial institutions now allow customers to apply for an online personal loan in India. To initiate the application process, just follow the below-mentioned steps:
 

• Visit the website of your preferred lender.
• Navigate to the personal loan section and click on the apply button.
• Fill out the relevant information and upload the mandatory documents.
• Post submission, the lender's representative will get in touch with you for the further application process.
• Once the application procedure is completed, the lender will verify your details. 
• Post verification, you can get instant personal loan online approval in India. 
• Post-approval, the personal loan will be disbursed shortly to your account.

 

Benefits of Applying for Online Personal Loans in India 

• Better Comparison

  While applying through your laptop, you can quickly compare the personal loan rates and offers with different lenders from various loan aggregator websites. This way, you will not only obtain better loan terms but also get the best personal loan interest rate in India. 

 

• Instant Approval

Unlike, offline method, you don't need to wait for days to get your personal loan approved. Through the website, as soon as you enter your details, the lender will immediately let you know whether your loan is approved or not. 

 

• Organised Information

Nowadays, financial institutions have all loan-related information such as personal loan eligibility and required documentation on their website. You can also read the regulatory bodies guidelines on personal loan rules and regulations in India online. Furthermore, lending institutions regularly update their website content with new blogs, allowing you to educate yourself by simply visiting their websites.
 
Also Read: 5 Factors That Affect Your Personal Loan Eligibility
 

Digital Platforms

Another popular way to apply for a loan is through personal loan apps in India. The best thing about these digital lending platforms is that they offer paperless personal loans in India. To apply for digital personal loans, all you need to do is download the app of your favourite financial institution or fintech lender on your device, enter your basic information including your PAN number, and receive instant disbursement.
 

Benefits of Applying through Digital Apps 

• Instant Disbursal

The digital lending platform offers instant personal loans in India. As these platforms use ACD models for risk profiling, their turnaround time is far less than any other method. However, these apps are known for offering small personal loans in India.
 

• Loan Status

Customers can also use these digital apps to check on their previous or existing loan information. For example, on Hero FinCorp's Retail Customer Service App (RCSA) you can check your outstanding personal loan dues, details of paid EMIs, and more. The RCSA app also allows you to update your personal information as well.
 

To Conclude

Personal loans are one of the most common financing products in India. This loan is not restricted to salaried or self-employed but you can also find personal loans for women in India as well. However, when it comes to loan applications, you can apply for a personal loan using any of the above methods. However, to get the best deal and high personal loan amount, it is advisable that you apply either through your lender's website or by visiting their branch in person.