In this fast-paced world, people prioritise time the most. Traditional bank loans, with their lengthy processes and paperwork, no longer appeal to modern borrowers who value efficiency. People rarely prefer to visit banks, fill out lengthy paperwork, and wait days for approval. The digital revolution has completely transformed this tedious process of obtaining financial support. Today, it is possible to apply for personal loans online in minutes. No need to step into a bank or go through complicated forms.
Keep reading to learn how to navigate this swift and simple process and get the financial support you need without delay.
An overview of personal loans
An instant personal loan is an unsecured loan that you can use for a variety of purposes, such as debt consolidation, home renovation, weddings, education, medical expenses, or even a vacation. Its unsecured nature means you don’t need to provide collateral, like a house, car, or gold, to secure the loan. Instead, the approval is based on your creditworthiness and financial history. These instant personal loans are usually repaid in fixed monthly instalments over a set period, which can range from 12 to 48 months.
Steps to apply for a personal loan online within a few minutes
Choose the IndusInd Bank Instant Personal Loan to secure a competitive interest rate and lower the cost of borrowing. With lower interest costs, you can repay the loan faster or allocate the savings to other crucial financial goals. Also, the 100% digital application process means you can apply and receive approval for your personal loan instantly, without the hassle of paperwork or bank visits.
Look at the steps to apply for this loan:
●Visit the IndusInd Bank website or download the IndusMobile app
●Find and click on the personal loan apply option
●Enter your PAN and Aadhaar-linked mobile number. After that, an OTP will be sent to your mobile to confirm your identity.
●Post verification, you will be directed to complete an application form. Fill it out with your personal and financial details, such as your name, address, employment information, and income.
●The system will analyse your income and credit score to show you the best loan offers available
●After you select your preferred offer and your details are verified, the loan amount will be credited to your account
You can also use a personal loan EMI calculator available online on the website to understand what your Equated Monthly Instalments (EMIs) will be. With this information, you can accurately budget your monthly expenses and repayment obligations.
Quick, easy, and flexible | The multiple advantages of personal loans
With a personal loan, you enjoy various useful benefits, such as:
Quick access to funds
Personal loans are known for their quick processing times and fast disbursements. You can apply for a personal loan from anywhere, anytime, without the need to visit a bank branch. Upon approval, the funds can be transferred into your bank account in as little as a few hours. This speed is crucial in emergencies, such as medical situations or urgent home repairs, where you cannot afford delays.
Simple verification and paperless process
Your Aadhaar and PAN details are all you need to verify your identity and financial credentials for an online personal loan. These documents serve a dual purpose, i.e., they confirm your identity and provide a snapshot of your financial history, which is crucial for lenders assessing your creditworthiness.
Borrow a flexible amount
Many banks set a high minimum amount for personal loans, which can be a drawback if your financial needs are smaller. This means you might have to take on more debt than necessary and pay additional interest payments.
IndusInd Bank Instant Personal Loan offers a more flexible approach. You can request any amount between ₹30,000 and ₹5 lakh as per your financial requirements. Be it a ₹50,000 personal loan for a smaller expense or a ₹3 lakh loan for a significant purchase, you can borrow exactly what you need, no more, no less.
Repay at your convenience
You can repay the borrowed funds over time by selecting a tenure ranging from 1 to 4 years. If you want to minimise your monthly financial burden, you can extend the repayment period. In case your priority is to clear the debt quickly and save on interest costs over time, you can opt for a shorter repayment term.
Tips for a successful online loan application
Before you click on the online loan apply option, there are a few factors you should consider for improving your approval chances. These include:
Tip 1: Check your eligibility beforehand
Before applying, make sure you fulfil the bank’s eligibility criteria. This includes age, income, employment status, and credit score. Knowing the eligibility requirements in advance can help you prepare better and prevent potential rejections and credit score damage.
Tip 2: Use a personal loan calculator to borrow responsibly
A personal loan EMI calculator is a free online tool that helps you plan your repayment efficiently. By inputting the loan amount, interest rate, and repayment tenure, the tool instantly displays a detailed breakdown of your EMIs. This helps you assess whether the loan is affordable within your budget.
You can change the loan amounts and tenures to see how these adjustments impact your EMI. For example, if you increase the loan amount, your EMI will rise accordingly. Similarly, extending the loan tenure will lower the EMI, but increase the total interest you will pay over the tenure of the loan. Alternatively, reducing the loan tenure will result in higher EMIs but save you on interest costs. You can experiment with different scenarios until you find a loan plan that best fits your repayment capacity.
Tip 3: Avoid multiple loan applications
Try not to submit multiple loan applications in a short time frame, as each application results in a hard inquiry that may temporarily lower your credit score. Instead, research thoroughly and apply to one lender at a time to save your credit score and improve your chances of loan approval.
Key takeaways
The flexibility to apply for personal loans online in minutes has made it easier and faster for individuals to secure the funds they need. The process is simple – apply online, enter your PAN and Aadhaar details, provide financial details, and, after approval, receive the funds directly in your bank account. This simplified process eliminates the hassles of traditional banking and lets you meet your financial needs without delay.
Disclaimer – Brand Impact