A personal loan can provide adequate financial support when you need funds urgently, such as in a medical emergency. Reputed lending institutions like Fullerton offer a hassle-free loan application process and instant approval in the shortest possible time.
Personal loans with quick approval are now a reality. All you need to do is visit the official website of a lender offering such a facility, upload your KYC (Know Your Customer) documents online, and wait for the loan approval process.
Learn about the application process, features, benefits, eligibility, and other requirements of a personal loan.
Personal Loan in 5 Minutes – How to Apply
Since these loans are unsecured, personal loan requirements are minimal. There is no need to pledge any asset as collateral. The only criteria to apply for a personal loan are a stable monthly income and a good credit score.
The following is the process to apply for a quick-approval personal loan online:
Step-1: Visit the official website of the lender offering quick personal loans.
Step-2: Calculate your EMI by entering your desired loan amount and tenure. You can change the input figures multiple times to find an affordable EMI amount with the help of an EMI calculator.
Step-3: Click on ‘Apply for Personal Loan.’
Step-4: Choose the ‘Salaried’ or ‘Self-Employed’ option.
Step-5: Enter your mobile number. You will get an OTP (One-Time Password) on your registered phone number. Enter the number in the appropriate box.
Step-6: Enter your details, such as name, profession, email address, PAN, etc., and click on ‘Submit.’
Step-7: Enter the loan amount and tenure.
Step-8: Upload your KYC and income documents and hit the ‘Apply Now’ button.
The lending institution will verify your application after you submit the quick-approval personal loan application. On successful verification, you will receive the loan amount instantly on your account. However, your lender may require additional time if your documents are incomplete or invalid.
Personal Loan in 5 Minutes – Eligibility and Documents Required
Both salaried and self-employed professionals are eligible to apply for a personal loan. The eligibility criteria and document requirements depend on your income profile.
You may consider yourself eligible if you are a resident Indian, your age is between 21 and 60, monthly income is INR 20,000 or 25,000, and your credit score is above 700. But, verifying the latest personal loan eligibility requirements from your lender before submitting the application form is advisable.
The documents required to apply for a personal loan include KYC documents (PAN card and Aadhar Card), age proof, income proof (salary slips or profit & loss statement in case you are self-employed or in business), bank statement, and Form-16 or Income Tax Returns.
The Salient Features of Quick-Approval Personal Loans
The following are the top features of personal loans approved within 5 minutes of application submission:
You don’t need to pledge any asset, such as property, gold, motor vehicle, etc., to get a personal loan. You are eligible for a personal loan if you earn more than Rs. 20,000 or 25,000 (in Metro cities) and have a credit score of 700+.
Unlike purpose-linked loans like home loans, auto loans, or loans against property, personal loans do not have any restrictions on the end use. You can use the loan amount for several things such as medical emergencies, house purchase or renovation, motor vehicle purchase, travel, wedding, education, and more. Some borrowers also use the personal loan amount to consolidate existing debt.
Personal loan repayment terms range between one (1) year and five (5) years. If you opt for the maximum term of five years, your EMI will be the lowest. However, the applicable interest rate may increase slightly if you choose an extended repayment term.
Attractive Interest Rate
The interest rate of a personal loan depends on a wide range of factors, including the borrower’s credit score, age, income, type of occupation, and existing relationship with the lender. Generally, personal loan rates start at 11.99%. Check whether your preferred lending institution charges a fee for processing the loan.
High Loan Amount
The maximum loan amount can be as high as Rs. 25 lacs, depending on your personal loan requirements and eligibility. Hence, you can use the loan amount to fulfil any financial goal, whether small or big.
You can close your loan anytime by paying a small prepayment charge. Prepayment enables you to become debt-free before the original loan maturity date. Moreover, your loan eligibility will be higher if you do not have any outstanding debt.
A personal loan can pull you out of a financial crisis and help you fulfil your aspirations. Fullerton provides personal loans with quick approval to ensure you get money whenever needed.