A loan that does not require any collateral or security and is offered with minimal documentation is considered as a personal loan. These funds from the bank or any non-banking financial company (NBFC) can be used for any financial need, but like any other loan, this one too must be repaid to the bank, in the agreed amount of time – be it months or years. The amount which can be used for anything from funding a holiday to paying for medical treatment needs to be repaid to the financial institutions in instalments.
Like most loans, there are different ways to apply for personal loan online. They are as follows:
- If you have an account with the bank from which you want to take the loan, you can apply for personal loan online, through the bank’s website. Almost all banks – ICICI, HDFC, HSBC, SBI, etc. have sites with personal loan sections where if their users require personal loans, apply online. The bank will have a form in which you will have to fill in all your basic information and check your eligibility and even fill out the application form. Each user will also be required to attach scanned copies of their documents, to apply for personal loan online. This is only possible if the user has a net banking account with the bank.
- Another way to apply for personal loan online is via email. You will need to email all your details, including the amount you want to borrow, and the bank will review your eligibility and respond to you.
- To get a personal loan, apply through an ATM as this feature is now available at kiosks as well. Once the request for a loan has been raised, a relationship manager will get in touch and take it forward.
Once the online personal loan has been requested for, the application is processed your bank will verify everything from your address to credibility and financial information. Unlike other loans, there is no other collateral other than yourself, due to which the verification process is longer. To ensure smooth approval of the loan, your credit score needs to be 750 or more. If the bank has approved the loan and the EMI is not repaid, the bank will levy a penalty on the outstanding amount. If multiple EMIs are skipped, legal action can be taken.
Like most loans, there are different ways to apply for personal loan online. They are as follows:
- If you have an account with the bank from which you want to take the loan, you can apply for personal loan online, through the bank’s website. Almost all banks – ICICI, HDFC, HSBC, SBI, etc. have sites with personal loan sections where if their users require personal loans, apply online. The bank will have a form in which you will have to fill in all your basic information and check your eligibility and even fill out the application form. Each user will also be required to attach scanned copies of their documents, to apply for personal loan online. This is only possible if the user has a net banking account with the bank.
- Another way to apply for personal loan online is via email. You will need to email all your details, including the amount you want to borrow, and the bank will review your eligibility and respond to you.
- To get a personal loan, apply through an ATM as this feature is now available at kiosks as well. Once the request for a loan has been raised, a relationship manager will get in touch and take it forward.
Once the online personal loan has been requested for, the application is processed your bank will verify everything from your address to credibility and financial information. Unlike other loans, there is no other collateral other than yourself, due to which the verification process is longer. To ensure smooth approval of the loan, your credit score needs to be 750 or more. If the bank has approved the loan and the EMI is not repaid, the bank will levy a penalty on the outstanding amount. If multiple EMIs are skipped, legal action can be taken.
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