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Here's a Beginner Guide on Getting an Instant Personal Loan

Are you facing a cash crunch? An instant personal loan will be of great help to manage all your emergency expenses. You can either take this...


Are you facing a cash crunch? An instant personal loan will be of great help to manage all your emergency expenses. You can either take this loan by visiting a bank or through online lenders, which will help you get a quick loan without much documentation. 

If you are not sure what we are talking about, this article will help you understand all about personal loans and how you can get an instant personal loan. 

What is Personal Loan?

An unsecured loan type that does not require any security or collateral for approval is known as a personal loan. A personal loan gives individuals access to monetary funds which they can use for various purposes like weddings, medical emergencies, vacation, education, and many more.

Eligibility criteria for a personal loan 

As a personal loan is an unsecured loan, the eligibility criteria are a little stringent. The eligibility can vary based on various lenders. However, the general eligibility criteria for personal loan followed by all lenders are: 

1.      The applicant must be a resident citizen of India.

2.      The applicant must be between 21 to 60 years of age.

3.      The applicant must be an employee of a private limited company or a public Sector Undertaking or should be self-employed.

4.    The income cut-off for each applicant is:

  • For Salaried Professionals resident in Mumbai or Delhi, the minimum income is Rs 25,000/Month
  • For Salaried professionals residing in the rest of India, the minimum income is Rs 25,000/Month.
  • for self-employed professionals, the minimum yearly profit after tax is based on the profession or industry they are working in. 
5. The applicant must be able to provide the following documents for a personal loan

  • duly filled and signed application form
  • Proof of identity
  • Proof of address
  • Proof of age
  • Salary slips for the last three months (for salaried)
  • Bank statement for the last six months
  • Income tax returns or form 16
  • Proof of Income / financial statements (for self-employed)

Steps to get an Instant Personal Loan

If you want to apply for the Fullerton India online personal loan mentioned below is the stepwise guide for the same. 

Step 1: You can either visit the Fullerton India Website or download the Fullerton India app to apply for a personal loan. You can download the app from Google Play Store or Apple Store. You will be required to register on the app to start your loan application. 

Step 2: You will be asked to fill in some details about yourself including personal, professional, and banking information. 

Step 3: Fullerton India will ask for minimum documentation like proof of identity, proof of residence (leave and license agreement or electricity bill, latest three months bank statement (where salary/income is credited), salary slips for the last 3 months or the 3 months bank statement and one passport size photograph. All these documents will have to be uploaded in PDF format. 

Step 4: The maximum loan amount that Fullerton India offers is Rs 25 Lakh and based on your repayment capacity you can choose the amount that you want to apply for. If your credit score is good and all the details mentioned in the application form are up to date the lender will either provide the complete loan amount or mention the loan amount that they can offer you. 

Step 5: Once the application is submitted it takes 8 to 24 hours for the loan to be reviews and processed. The approved loan amount will be credited into your account 30 mins after the loan is approved.  

The entire documentation and transaction process are done digitally, so you do not have to visit or get into the verification process. You are provided a timeline under which you are required to repay the loan amount in the form of monthly EMIs. 

When Can You Take a Personal Loan?

A personal loan can be taken for various purposes, some of the reasons are enlisted below: 

  1. Medical Emergencies – Financial assistance can help in accessing quality healthcare.
  2. Used Cars – Whether you are looking to buy a brand-new car or looking for a second-hand car, a personal loan at an exciting rate can come to your assist.
  3. Debt Consolidation – You can get rid of the circle of debt like a credit card, by consolidating the different debts into a single personal loan. However, make sure that the interest rate of a personal loan is lower than the other loans you are paying off.
  4. Higher Education – Give wings to your dreams by financing your education through a personal loan.
  5. Wedding Expenses – Now plan your dream wedding, with a personal loan.
  6. Home Renovation – If you are undertaking renovation or repair of a home then also a personal loan will be of great help to you. 

Conclusion

Fullerton India is one of the best digital lenders, the above details will help you know all the details of a personal loan. If you want to know more, you can contact the customer care of the lender.    

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