When people have dreams, they work to realize them. They aspire to renew their home, start a business, have a fairy-tale wedding, take a vacation, etc.
Due to various constraints, such as a lack of support, financial constraints, etc., realisation of these dreams may seem difficult. A personal loan may be the answer if a person's financial condition prevents them from achieving their goals.
For several people, personal loans are a convenient credit option. They are for those who have a regular income but need money for various reasons. Medical crises, business expansion, taking a trip, and even wedding expenses can be covered with an online personal loan at the best personal loan interest rates available.
Personal loans should not be taken lightly; it is a commitment to making monthly payments on a scheduled date and bearing interest costs. Before taking out a personal loan, consider whether you need one, and only borrow if you are certain.
Important Guidelines for Obtaining a Personal Loan Online
A few guidelines for obtaining a personal loan online are:
1. Check the credit score
Check your credit score before applying for a personal loan. A credit score will tell the lending institutions about the borrower's credibility and whether they can repay the loan.
A CIBIL score ranges from 300 to 900, with 300 representing the lowest score and 900 representing the highest. If borrowers want the best deals on loans, their CIBIL score should be closer to 900. Most lenders require a CIBIL score of 750 or higher (750-900) to consider an applicant for a personal loan.
Timely repayment of EMIs and credit card bills, accompanied with keeping one's debts lower than 40% of one's income are excellent ways of ensuring a good credit score.
2. Decide the loan amount
Another crucial aspect that influences loan approval is the loan amount. After examining the repayment capacity, one should request a reasonable loan amount.
As soon as a lending institution receives a loan application, they check the applicant's ability to repay the loan based on their current income. As a result, if they seek a large loan that they may not be repaid, their loan application is likely to be refused. It is thus advised to use a personal loan eligibility calculator to get an estimate of the maximum amount one can borrow, and then apply for an amount within this limit.
3. Select a lending institution
The eligibility criteria, charges, services, etc., differ for different lending institutions. As a result, rather than applying to a few at random, it is preferable to conduct an online comparison to determine which lending institution's eligibility criteria one meets.
With Fullerton India, getting a personal loan is quick and instant, the documents required are minimal, and the entire process is digitalized, making the fund disbursement quick.
With Fullerton India, a person can obtain up to Rs. 25 lakhs as a personal loan; the interest rates start at 11.99% per annum. Borrowers can choose repayment tenures between 12 to 60 months depending on their monthly budget.
4. Look for the eligibility requirements
Before applying for a personal loan, applicants need to make sure they meet the lending institution's conditions. Applicants must meet the following basic criteria to qualify for a personal loan from Fullerton India:
- Any salaried or self-employed person can take out a loan.
- Individuals must be Indian citizens between the ages of 21 and 60.
- In Mumbai and Delhi, salaried applicants should receive a minimum monthly income of Rs. 25,000, and Rs. 20,000 for residents of other Indian cities. Self-employed individuals' minimum income varies depending on their profession and industry. Cash salary applicants will not be accepted.
- A year of experience is essential, with at least six months in the current company.
- Further, a minimum credit score of 750 is required.
5. Keep documents handy
For a stress-free loan, proper documentation is crucial. Personal loans have fewer requirements for verification than other sorts of loans, such as home loans. When applying for a loan online, keep the necessary documents ready so that the process can be completed seamlessly.
How to obtain a personal loan?
Fullerton's online personal loan application process is simple and flexible. Here is a basic step-by-step guide:
- Click on apply now, enter your phone number, and choose whether you are employed or self-employed.
- The mobile number will be verified using an OTP.
- Input the loan amount and payback term that you desire. Personal, employment and financial information will also be requested.
- Upload your documents and submit. If found eligible, a representative will call you for further processing of your loan application.
Salaried customers can also use Fullerton India's Instaloan mobile app. Please note that final eligibility and approval depend on a number of criteria including Fullerton India's policy at the time of loan application.
Conclusion
When used prudently, personal loans can be advantageous. It is critical to ensure that the lending institution is trustworthy and that they provide the best service and offers. A personal loan, when handled carefully, can assist in filling a financial gap comfortably.
Further, individuals can estimate their monthly costs through a personal loan EMI calculator to manage their finances properly.
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