A personal loan is the best solution whenever one needs to manage their expenses for purposes that are either planned or unexpected. Online personal loan applications can be flexible to meet other financial requirements like weddings, travelling, home renovations, and medical emergencies. Using an easy online application process, you can apply for a personal loan online quickly and get quick access to your funds hassle-free.

Benefits of online Personal Loans

By choosing to apply for a personal loan online, you can benefit from a quick and convenient process for all financial requirements.

1. High Loan amount and disbursal

You can get a loan amount up to Rs. 40 lakh, which can let you quickly take care of your significant expenses. The instant disbursal facility is available for pre-approved customers. The funds are credited instantly within 10 seconds after the approval. For other customers, loans take about four working days to process, thus making it an instant solution even if more documentation is needed.

2. Minimal paperwork

The process of applying for an online personal loan involves minimal paperwork. No documents will be required for the pre-approved customers, and the other customers will have only to provide the barest documents, such as current bank statements, three months’ salary slips, and KYC documents.

3. Flexibility in tenure

The applicants can choose terms from three to 72 months, which they can take according to their optimum repayment plans best suited to their cash flow, budget, and financial state.

4. Special rates and lower EMIs

Special interest rates are available to government employees, and existing personal loan holders can opt for balance transfers to reduce the EMIs. Transferring an old loan can help applicants benefit from interest rates as low as 10.85% with competitive processing fees to pay less monthly.

5. Customised Insurance coverage

Customers can also add insurance for additional security, thereby availing personal accident and critical illness coverage at a minimal premium. The policy also includes personal accident cover of Rs. 8 lakh and a critical illness cover of Rs. 1 lakh. This is directly deducted from the amount disbursed during the loan process.

Steps to apply online

Applying for an online Personal Loan is simple and efficient:

• Check eligibility

Use the eligibility calculator on the website or at your select branches to check your Eligibility with results in just one minute.

• Calculate EMIs

Before applying for the loan, use the personal loan EMI calculator to check your monthly payments. This will ensure you have clarity about your monthly financial commitments.

• Apply

Online Sign-up: You can fill up an application form online with just a few clicks, providing basic personal and financial details.

• Disbursal

The loan amount for pre-approved customers will be disbursed immediately, while other customer's loan amounts will be credited in four working days.