Many official sites offer cash loans entirely online today to facilitate and help individuals all over the country for needful purposes. Indeed, instant cash loans are versatile and can be used for multiple uses at once or the whole at once; for example, to make purchases, plan a big event, pay fees, medical emergency, refurbish or renovate a home, and so many more. So utilise the advantageous financial tool and make the most of it at the time of need.
The aggregating company Buddy Loan is undoubtedly one platform providing its customers with all the advantages of personal loans. They provide a list of lenders suitable for each customer based on the requirement. Also, they avail no processing, pre-payment or hidden charges for their customers, which is beneficial in saving a little money. So opt for Buddy Loan personal loans for the convenience and user-friendly experience of getting loans online.
Without further ado, let's learn how to get a loan online. Follow along to know more.
Basic Personal Loan Procedure Online
The process referred here, is a basic online procedure. Please note that the process can differ based on the lender's terms and conditions.
Check The Eligibility Criteria:
- Age must be over 21 years to apply for a loan
- An Indian resident is eligible
- The annual earnings of an individual must be more than INR 18,000
- Keep necessary documents and information ready to process the loan quickly
Check Interest Rates And Other Charges:
It's always wise to check for low-interest rate loans with no additional or hidden charges while applying. However, at Buddy Loan, consumers can get low-interest rates starting from 11.99% p.a. With no additional costs at the time of availing loan. Although, additional costs are liable to pay once when taking the loan amount, unlike interest rates that have to be paid monthly according to the tenure. Thus, check for all these aspects and apply for a loan.
Calculate Your EMI:
Beforehand, check your EMI using the EMI calculator or from the concerned lender. Then apply for a loan, but be sure not to pay your EMIs more than 30% to 40% of your earnings, enabling better money management.
Keep Necessary Documents Ready:
- Passport size photographs
- Personal, income and address information
- Age Proof: (Passport/PAN card/Statutory authority Certificates)
- 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 or passbook)
- Salary Slips/Last 3 months' proof of bank statements or passbook/Last six month's Statement
- Form 16
- Income tax Returns
- Processing fee cheque
Fill In Application Form Through Online
With a few simple steps, customers can avail of personal loans easily online, mainly by filling out the application form with authentic information.
- Visit the official website or the mobile application, then register by providing a phone number and the OTP sent to your mobile number. The next step is to fill up the form.
- Enter personal, employee and bank details.
- Upload necessary scanned documents like PAN, Aadhar card or other bank documents.
- Then after submission, shortly applicants will get information about the loan's approval or rejection after various checks.
- So finally, anyone who receives approval will get loan funds directly transferred to their account within the same day in most cases, or sometimes in just 30 minutes.
It is the most important and basic way of getting personal loans online. However, beneficially, by applying to Buddy Loan, there will be lenders who understand your criteria and approach you through emails or messages for a personal loan. Thus, the consumer will have vast options laid out for them with an easy loan application process.
The Bottom Line
To conclude, availing of personal loans online is easy and convenient because of no physical document need and quick disbursals, unlike traditional times where applicants were supposed to go back and forth multiple times to the lender physically to get verification and submission done. Thus, avail of personal loans and benefit the most.