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How To Apply To Get A Good Personal Loan In India

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Introduction-

An installment loan refers to a personal loan. Unlike a credit card, a personal loan offers borrowers a one-time cash payment. Then, during the term of the loan, borrowers pay that amount plus interest in regular, monthly installments. If you also want to take a loan and want to fulfill your personal needs, then you can click on Personal Loan.

If you have a steady income and a decent credit score, getting a personal loan is an excellent choice because you will be offered a cheap interest rate. On the other hand, if you have insecure work and a poor credit score, the interest rate you are offered would be significantly higher.

Uses-

Personal loans are sums of money borrowed for a variety of purposes, including significant purchases, debt consolidation, emergency needs, and so on. These loans are repaid in monthly installments over a period of a few months to a few years.

Check these things before applying for a personal loan:

Before you take out a personal loan, there are six things you should know.

Maintain a positive credit history.

  1. Examine current market interest rates.
  2. Compile a list of all expenses…
  3. Think about your needs when deciding on a loan amount…
  4. Assess your ability to pay back the loan…
  5. Be wary of gimmicky deals and schemes.

Process-

Step 1: Review the Eligibility Requirements-

  • You must be a resident and citizen of India, with a minimum age of 21 years and a maximum age of 65 years at the time of loan closure. 
  • You must have the necessary documents for the personal loan, as well as the duly filled and signed application form.

Step 2: Investigate Interest Rates and Other Fees-

  • Fullerton India’s interest rates vary according to the creditworthiness of the borrower, the amount and term of the loan, and other criteria. It ranges between 11.99 and 36 percent. 
  • A personal loan has a processing fee in addition to interest rates. Please see our article on personal loan interest rates for additional information.

Step 3: Determine your EMI-

  • EMI calculators assist in calculating the monthly EMI due on a loan. The total loan amount, interest rate, and term are all factors in this calculation.

Step 4: Double-check the documents you’ll need-

  • Passport/PAN card/Certificate from a statutory authority.
  • Age proof (Passport/PAN card/Certificate from a statutory authority).
  • Identity proof (Driving license/voter ID card/Passport/PAN card).
  • Address proof (Telephone bill/electricity bill/Passport/driving license/ration card/rental agreement/bank statement)

Step 5: Complete the online application form-

You can apply for a personal loan online or in person at Fullerton India. Come into our local branch office for a free consultation and recommendation on the best finance solution for your needs. Alternatively, you can apply for funds directly on our website and receive immediate approval. If you are applying for a personal loan online, keep a soft copy of all the paperwork required to be uploaded. And if you want to take a loan for your studies, then you can click on Education Loan which is provided to you through Empower Youth.

  1. Go to the online loan application page and choose the appropriate option based on whether you are a salaried or self-employed individual.
  2. You will then be directed to an online form. Make sure you type in your phone number correctly. You will be sent a 6-digit OTP, which you must input in the textbox.

Step 6: Await approval of the loan-

The application for a personal loan will be processed by Fullerton College. The procedure will after that be taken care of by a representative who {: gap {: kind: user input }} will assign to you. The loan will be approved following the verification of papers. The approval process for personal loans is quite simple when compared to other forms of loans, as long as the paperwork is valid.

Conclusion-

As a result, we have seen that taking out a personal loan to fulfill additional cash needs is a good move. However, before deciding on a personal loan, it’s a good idea to look into servicing costs, foreclosure fees, and other hidden fees.

Steps to keep in mind for applying for a personal loan

Step 1: Review the Eligibility Requirements-

  • The minimum age to apply is 21 years old, with a maximum age of 65 at the time of loan closing.
  • You must be a citizen and resident of India.
  • You must have all of the essential documents required for a personal loan, as well as a completed and signed application form.

Step 2: Investigate Interest Rates and Other Fees-

  • Fullerton India’s interest rates vary according to the creditworthiness of the borrower, the amount and term of the loan, and other criteria. It ranges between 11.99 and 36 percent.
  •  In addition to interest rates, a personal loan involves a processing charge.

Step 3: Calculate your EMI-

  •  EMI calculators help you figure out how much you owe on a loan each month. The total loan amount, interest rate, and term are all factors in this calculation.

Step 4:check required documents-

  • passport-sized photographs
  • Completed personal loan application form
  • Age proof (Passport/PAN card/Certificate from a statutory authority)
  • Identity proof (Driving license/Aadhar card/voter ID card/Passport/PAN card)
  • Address proof (Telephone bill/electricity bill/Passport/driving license/ration card/rental agreement/bank statement or passbook)
  • Salary slips/proofs of the last 3 months or bank passbook/statement of the last 6 months
  •  Form 16
  • Income tax returns
  • Processing fee cheque

Step 5: Complete the application form online-

You can apply for a personal loan online or in person at Fullerton India. Come into our local branch office for a free consultation and recommendation on the best finance solution for your needs. Alternatively, you can apply for funds directly on our website and receive immediate approval. If you’re applying for a personal loan online, keep a soft copy of all the paperwork you’ll need ready to upload.

Select the relevant choice based on whether you are salaried or self-employed when you go to the online loan application page.

After that, you’ll be sent to an online form. Make sure you type in your phone number correctly. You will be sent a 6-digit OTP, which you must input in the textbox provided on the page.

Step 6: Wait for the loan to be approved-

The personal loan application will be processed by Fullerton. The procedure will thereafter be handled by a representative who will be assigned to you. The loan will be approved once the documents have been verified. In comparison to other sorts of loans, getting a personal loan is quite simple as long as the paperwork is valid.

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