Personal loans are the latest approach to satisfy your expanding financial requirements. A personal loan is a quick loan that requires minimal documentation. The personal loan apply process has been extremely simplified by lending institutes these days. It is the primary reason why everyone may now benefit from this immediate financing.
Today, we will help you apply for a personal loan and provide information on important aspects, such as personal loan documents and an EMI calculator. We recommend that you pay close attention to the eligibility requirements and paperwork section so that you do not encounter any difficulties throughout the loan application and approval process.
What is a Personal Loan EMI Calculator?
A personal loan EMI calculator is a custom tool that is available on your lender’s online website. It computes the monthly payments that you must make on your personal loan in minutes. The function of an EMI calculator is regulated by three variables: loan amount, duration, and interest rate.
You can change these three parameters on the EMI calculator to receive various answers. The EMI calculator is very simple to use and saves you a lot of time by automatically calculating the EMI and removing the laborious effort of manually calculating the EMI.
What Documents Should I have on Hand Before Applying for a Personal Loan?
You must present the following personal loan documents when applying for a personal loan:
- Application form and a passport-size photo
- Identity evidence in the form of a PAN card/ Aadhaar card/ driver’s licence/ passport
- Proof of residency from Passport/ License/ Ration Driver’s Card Utility Bill/ Aadhaar Card
- As proof of work continuity, you have to submit a letter of appointment from the current employer, and a certificate of experience from the former company.
- Electricity bills, maintenance bills, and property records serve as proof of ownership (for salaried individuals only).
- Salary slips from the previous six months, bank account statements from the preceding six months, and Form 16 for income proof (for salaried individuals only).
- Submit verification of your office address from Property Documents/ Rent Agreement/ Maintenance Bill/ Utility Bill (for self-employed individuals only).
- Bank statements for the preceding six months and income tax returns for the previous two years (for self-employed individuals only).
- Proof of business existence in the form of a company registration certificate/copy of tax registration/proof of company establishment (for self-employed individuals only).
How to Apply for a Personal Loan?
You can apply for a personal loan in multiple ways. We have mentioned all of them below:
1) Via App
- Download the app from the Google Play store on your device.
- Select the loan amount.
- Fill up the blanks with your basic information, such as your name, income, loan purpose, and PAN card number.
- Finish the KYC process.
- Fill in your bank account details.
- Wait for the loan to be approved in real-time.
- Digitally sign the eMandate and Loan Agreement.
- The money will be deposited to your bank account shortly.
2) Through Online Website
- Go to the online webpage of your lender.
- Insert details in the application form.
- Attach all the required papers online.
- The lending staff will contact you to complete the application process when you submit the form and upload the documents.
- Once you are done with all the procedures, just wait for the bank to deposit funds into your account.
3) Through offline mode
- Visit a branch office in your area.
- Speak with a representative and describe your exact needs.
- Once the representative has finished the procedure, your loan will be authorized shortly.
- Finally, provide copies of all necessary papers for verification.
That’s all the details you will need for a personal loan apply. A variety of financial companies provide personal loans. As a result, compare personal loan interest rates and personal loan documents to get the best offer. Most of the documents are the same for the majority of lenders, but it’s always a good idea to check the document requirements area to make sure you don’t run into any issues or miss any.