The Quick and Easy Way to Apply Personal Loan OnlinePersonal LoansUpdated on Dec 7, 2018 View more like this | Visit India, UN | Contact Aditi Ahuja |
Emergencies can come anytime without announcing their arrival. You may be a wise planner of your finances, but an unanticipated situation can jumble your plans without even realising what hit you. In some cases, you may have set aside a substantial sum for contingencies, as foresight, and that can be a blessing.
But for most of us, even an emergency fund may not be enough to address heavy hits such as sudden unemployment, immediate wedding expenses or even a home renovation. And more often than not, the best way to tackle these emergencies is by availing a personal loan. Unlike in the past, applying for a personal loan today can be a breeze. Online loan apps like this one by Bajaj Finserv let you apply for an instant loan within 5 minutes, and you can receive your funds within 24 hours, that too with minimal documentation. An online loan app can take away the hassles of applying for a loan physically.
But for most of us, even an emergency fund may not be enough to address heavy hits such as sudden unemployment, immediate wedding expenses or even a home renovation. And more often than not, the best way to tackle these emergencies is by availing a personal loan. Unlike in the past, applying for a personal loan today can be a breeze. Online loan apps like this one by Bajaj Finserv let you apply for an instant loan within 5 minutes, and you can receive your funds within 24 hours, that too with minimal documentation. An online loan app can take away the hassles of applying for a loan physically.
Let’s look at the benefits of personal loan apps
1) Easy Availability
An online loan application through online loan apps has facilitated easy access to credit for customers. Through a few clicks, a customer can now follow the status of his or her online loan application on the personal loan app.
2) Minimal Documentation
A growing number of NBFCs like Bajaj Finserv are driving the concept of paperless documentation through their online loan apps. By applying for a personal loan online, verifying physical documents and waiting in queues to submit them is now a thing of the past. Minimal documentation and online processing ensure quick disbursal of funds thus saving the applicant’s time and effort.
3) Quick Approval and Fast Disbursal
Unlike other loans, personal loans applied online are quickly approved. Through the Bajaj Finserv app, your personal loan application can get approved within 5 minutes and the loan disbursed to you, within just 24 hours, making the entire process fast and hassle-free.
Also, here are the essential advantages that come with a personal loan.
1) Use Funds as you Please
In contrast to a home loan or a car loan, the funds received from a personal loan can fulfil any need. You can use it to compensate for any provisional financial requirement. Moreover, you do not have to worry about pre-conditions attached to a personal loan regarding the use of funds.
2) No Collateral
Your credit score, financial history and income details are some components that influence your loan approval. But since personal loans do not need collateral or security, they can be easily accessed by a vast majority of the population.
3) Loan Amounts
With the Bajaj Finserv app, you can apply for a loan up to Rs. 25 lakhs to meet your financial obligations.
4) Accommodating Tenor
The tenor for personal loans can range from 12 to 60 months, depending on the loan amount.
5) Attractive Interest Rates
Personal loan interest rates range between 10 to 24 per cent, based on crucial factors such as your income, credit score, loan amount, loan tenor etc. Moreover, with a fixed interest rate, you can be relieved of the worry about fluctuating EMIs during your tenor. Competitive interest rates are the main reasons why personal loans are easily affordable. And when you apply for a personal loan up to Rs. 25 lakh on the app, you can end up paying up to 45% lower EMI.
6) Online Account Management
When you apply for a loan through a personal loan app, like Bajaj Finserv, all your details are stored in one place, and you can access and track your online loan application anytime and from anywhere.
7) No Hidden Charges
The terms and conditions for your loan are there for you to see, making the process completely transparent.
Applying for a personal loan through mobile app involves a few simple steps:
1) Download the Bajaj Finserv app on your phone.
2) Register on the app.
3) Enter your personal details such as the city of residence, monthly salary, etc. to establish eligibility for the personal loan.
4) The app lets you browse through personalised pre-approved offers. After deciding on the loan amount, you can submit your KYC documents and proofs of identity, residence and employment. And if all the criteria are met, you can get your loan within 24 hours.
Conclusion
Personal Loans from an NBFC such as Bajaj Finserv are a great way to get relief from a temporary financial crisis. It can save you from falling into a financial hole and give you extra cushioning to get your life back on track. And applying for a loan online not only saves you the trouble of running around with your documents in hand, it also saves precious time. As outlined above, the process itself is quick and easy.
1) Easy Availability
An online loan application through online loan apps has facilitated easy access to credit for customers. Through a few clicks, a customer can now follow the status of his or her online loan application on the personal loan app.
2) Minimal Documentation
A growing number of NBFCs like Bajaj Finserv are driving the concept of paperless documentation through their online loan apps. By applying for a personal loan online, verifying physical documents and waiting in queues to submit them is now a thing of the past. Minimal documentation and online processing ensure quick disbursal of funds thus saving the applicant’s time and effort.
3) Quick Approval and Fast Disbursal
Unlike other loans, personal loans applied online are quickly approved. Through the Bajaj Finserv app, your personal loan application can get approved within 5 minutes and the loan disbursed to you, within just 24 hours, making the entire process fast and hassle-free.
Also, here are the essential advantages that come with a personal loan.
1) Use Funds as you Please
In contrast to a home loan or a car loan, the funds received from a personal loan can fulfil any need. You can use it to compensate for any provisional financial requirement. Moreover, you do not have to worry about pre-conditions attached to a personal loan regarding the use of funds.
2) No Collateral
Your credit score, financial history and income details are some components that influence your loan approval. But since personal loans do not need collateral or security, they can be easily accessed by a vast majority of the population.
3) Loan Amounts
With the Bajaj Finserv app, you can apply for a loan up to Rs. 25 lakhs to meet your financial obligations.
4) Accommodating Tenor
The tenor for personal loans can range from 12 to 60 months, depending on the loan amount.
5) Attractive Interest Rates
Personal loan interest rates range between 10 to 24 per cent, based on crucial factors such as your income, credit score, loan amount, loan tenor etc. Moreover, with a fixed interest rate, you can be relieved of the worry about fluctuating EMIs during your tenor. Competitive interest rates are the main reasons why personal loans are easily affordable. And when you apply for a personal loan up to Rs. 25 lakh on the app, you can end up paying up to 45% lower EMI.
6) Online Account Management
When you apply for a loan through a personal loan app, like Bajaj Finserv, all your details are stored in one place, and you can access and track your online loan application anytime and from anywhere.
7) No Hidden Charges
The terms and conditions for your loan are there for you to see, making the process completely transparent.
Applying for a personal loan through mobile app involves a few simple steps:
1) Download the Bajaj Finserv app on your phone.
2) Register on the app.
3) Enter your personal details such as the city of residence, monthly salary, etc. to establish eligibility for the personal loan.
4) The app lets you browse through personalised pre-approved offers. After deciding on the loan amount, you can submit your KYC documents and proofs of identity, residence and employment. And if all the criteria are met, you can get your loan within 24 hours.
Conclusion
Personal Loans from an NBFC such as Bajaj Finserv are a great way to get relief from a temporary financial crisis. It can save you from falling into a financial hole and give you extra cushioning to get your life back on track. And applying for a loan online not only saves you the trouble of running around with your documents in hand, it also saves precious time. As outlined above, the process itself is quick and easy.
