5 Ways to Get a Personal Loan in India
The growth of unsecured loans has been exponential in the past decade. Thanks to the digitization of lending business, accessing loans have become faster and seamless process. Whether you want to buy a new mobile phone, laptop, car or house or study abroad, or satisfy your wanderlust, you can avail of a wide range of Personal Loans from more than 100s of options at your disposal.
So, let’s list out different ways to get a Personal Loan in India.
1. Visiting the branch:
It is a no brain teaser and one of the preferable modes of borrowing in yesteryears. You visit the bank and meet the product manager and discuss prospects for borrowing. They hand over the loan form and share the required documents and eligibility criteria. You submit the form, along with 2 passport size pictures and copy of documents in your next visit. The bank will take a few days to process the request and also run its verification steps for establishing the authenticity of documents. However, in face of other contact-less and faster ways of borrowing, more and more people are now switching to digital ways of borrowing.
|Personal Loan on Aadhar Card||Calculate Personal Loan EMI|
2. Applying through website:
Since 2016, a growing percentage of borrowers have switched to digital banking. From managing their cash flows via online transactions to shopping & paying bills to applying for FDs, Mutual Funds and even loans can be instantly processed through net banking services. All you need to do is activate your internet banking credentials and access a personal dashboard to use your banks’ products and services.
Applying for Personal Loan is a few clicks away online. For example: If you have a Savings Account with the State Bank of India, you can login to bank’s website and Apply for SBI Personal Loan right from your dashboard. The bank will use your consent and follow up on the request. In many cases, you may even find exclusive offers in your personal banking dashboard. You can use preapproved offers and save some bucks while applying for a loan.
Being an existing bank customer, you may not even require submitting the documents for preapproved bank offers.
A non customer can apply though the bank’s website. They can fill the application form and share their consent for assistance on loan.
3. Using the bank’s app
Like net banking, you can also make use of mobile banking and apply for loan on the go. For example you can apply for Personal Loan using SBI’s Yono app or ICICI Bank’s iMobile app.
The best part is, the online dashboard accessed through bank’s website or app extends you exclusive offers along with convenience.
4. Financial marketplace:
With hundreds of banks, NBFCs and digital lenders vying to get customers’ attention, it is certainly a borrower’s market and they should compare Personal Loan Interest Rates across the lenders before initiating a loan application. Herein an online financial marketplace like MyMoneyMantra can help you search the Best Personal Loan available near you.
As these financial services providers are not promoting any single bank deal, you can select the best matching offer for your profile. All you need to do is fill a form and share your preferences/ requirements. They handhold you to the best loan deal. After accessing the top offers you can select the chosen lender and apply directly from these platforms.
Whatsapp banking is the latest entrant in contactless banking services. It indeed is too convenient and hassle-free. You simply need to reply to your bank’s whatsapp message and access the available services from whatsapp.
If you are not receiving your bank’s service messages on whatsapp, you can register for the same on the bank’s website.
Whatsapp is one of the most preferable modes of communication among the customers. ICICI bank has reportedly completed 1 million whatsapp user-base in a span of three months of launching the service.
Whatsapp banking numbers for a few leading banks are shared below. You can save the number and say Hi to access the service.
022 6600 6022
In all, it is easier than ever to apply for Personal Loan today. With a host of lenders, you get an overwhelming choice to avail a loan from a bank, NBFC or an online lender. More so, you can choose among the types of loans available through these lenders.
Some of the popular choices are:
- Personal Loans
- Online cash loans
- Loan against FD from your bank.
- Top up on your Home Loan
- Balance transfer with a top up
- Loan on Credit Card
- Loan against Property
- Secured loan against Car, Gold investments etc.
Factors such as your credit rating, EMI/ NMI ratio and repayment capacity will help you make the best decision.
While choosing the platform to avail of loan, try answering following questions:
- How much I want to borrow?
- How long do I want to serve this loan?
- What is the maximum EMI I can serve each month?
- How fast do I want the loan?
- Am I eligible for the lowest rate of loan?
- Can I do anything to improve my loan eligibility?
- Have I compared the best deals?
Only after you find answer to these questions, should you choose the best option.
To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.