Personal loans can be used for just about anything related to your personal life. You can use it for big-ticket purchases, weddings, higher education, home renovations, medical emergencies, etc. 

Confused about how to get personal loans? Don’t Worry; we’ve got you covered. This article covers the details of personal loans and how to get them quickly. 

Eligibility Criteria for Personal Loans

Listed below are the criteria for personal loan eligibility:

1. Nationality: One of the primary personal loan eligibilities is nationality. If you are applying for a loan in India, your nationality must be Indian. 
2. Age: Another personal loan eligibility criterion is the borrower’s age; you must be at least 21 years old and below 58 years of age. 
3. Occupation: To apply for a loan, you must be a salaried employee with considerable working experience. 

Along with these personal loan eligibility criteria, you must keep all essential documents ready to submit while applying for the loan.  

The Process of Applying for Personal Loans

Listed below is the detailed process of how to apply for instant loans:

Determine the Type of Personal Loan You Want to Apply For

The first step in applying for a personal loan is to check the purpose of the loan. You can take a personal loan for home renovation, travel, higher education, debt consolidation, wedding, and even medical emergencies.

Having a clear purpose can help you decide on the right loan amount to be borrowed. Once you are sure about the loan amount, use a personal loan EMI Calculator to calculate the EMIs. You can even choose the repayment term for your loan based on your monthly budget.

Select the Lending Institution

After you check the eligibility criteria, you can approach the lending institution you find suitable for you. 

Fill out The Application and Submit the Required Documents

After approaching the lending institution, you must complete the personal loan application form. Ensure that you fill up the application form correctly without any discrepancies. 

Listed below are the documents generally required for a personal loan:

1. Identity proof: You must produce a government-issued identity proof like an Aadhaar card, driving license, etc. 
2. Address proof: Along with your identity proof, you must also provide a government-issued address proof like your passport, Aadhaar card etc. 
3. PAN card
4. Account statements, especially for the last six months.  

This is the usual process of applying for a personal loan. You must follow each step meticulously to get your loan approved quickly.

Repayment Schedule

Loan Repayment refers to paying back the borrowed amount with the applicable interest rate to the loan provider.

A repayment schedule is the sequence of scheduled payments known as EMIs. The EMIs contain the principal amount and interest.

It is important to maintain a repayment schedule to keep track of your outstanding loan. The components of the repayment schedule include:

1. Payment Frequency: Indicates when you have to pay the lending institution; includes the monthly payment cycle. 
2. Total Payment: The outstanding amount you have to pay the lending institution. 
3. Principal Repayment: The amount you have to pay towards the principal amount every month. 
4. Interest: The amount of interest you have to pay. 
5. Outstanding Balance: Indicates the total loan amount balance. 

Conclusion

You must follow these guidelines and provide all the documents required to get the loans sanctioned. Now that you know the entire process of getting a personal loan, you can apply online and get instant loan approval. 

Clix Capital is the right platform to take a personal loan. You can get instant personal loans with minimum documentation by applying on their website. So, what are you waiting for? Pick up your laptop or smartphone and apply for an instant personal loan online today!

About the Author

Amaira Sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses