Things to Know About Personal Loan in 24 Hours

Gone are the days when granting personal loans disbursal would take days or even weeks. Thanks to digitisation, borrowers can now easily avail personal loans in under 24-hours. As long as you meet the eligibility criteria and have all the documents handy, getting a quick personal loan is easy and convenient. Let’s look at how borrowers can get these loans to fuel their financial needs.as home loan, car loan, etc. Make sure you have a clear plan of repaying in place before you avail of such loans.

• The interest rate offered
• Terms and conditions
• Fees and costs
• Customer service
• Disbursal time

• Identity Proof (PAN Card, Driver’s License, etc.)
• Address Proof (Passport, Adhaar Card, Voter ID card, etc.)
• Income Proof (Salary slips, ITRs, etc.)
• Bank Statements
• Passport-size photographs
• Any other document required by the lender

• Identify the Loan Amount While a personal loan is a multi-purpose loan, it is essential to identify the reason for taking the loan to ascertain the exact amount you need. Do you need it for funding an upcoming expense (travel, medical, marriage), renovating your home, or consolidating your existing loans?
• Select the Right Lender When selecting a lender, keep a few things in mind;
• Check Eligibility Once you have zeroed in on your preferred lender, check if you qualify for a personal loan. Most lenders have an easy-to-use calculator on their website that will help you determine your eligibility for a personal loan in under 2 minutes. This will enable you to apply for the right amount of loan based on your repayment capacity.
• Documentation Checklist While applying, you will need to submit a few documents that can help the lenders authenticate your eligibility for a personal loan. Keep a hard and soft copy of these documents handy to ensure you don’t waste time later. Some of the important documents include;

• Mention the correct name that matches with the supporting documentary proofs.
• Mention the loan amount required correctly.
• Attach the necessary documents wherever asked.

• Keep Your Credit Score High Being unsecured loans, lenders rely heavily on the borrowers' credit score for loan application approval. Most lenders usually prefer a credit score of 750+. Check your credit score online before you apply for a loan.
• Apply Online: Most lenders allow you to apply or at least initiate the process online. Visit the website of your preferred lender and follow the steps mentioned to begin your loan application. While applying, make sure you;
• Loan Approval and Disbursal: Once the lender receives your application, you can get the disbursal of your personal loan amount in 24 hours or even less. Make sure you are aware of the loan terms before the amount is disbursed into your account.

Personal loans can be a useful tool against a financial crunch. However, it is essential to take these loans responsibly. Being unsecured loans, these loans' interest rate is higher than other types of secured loans such as home loan, car loan, etc. Make sure you have a clear plan of repaying in place before you avail of such loans.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.