Until a few years ago, people who needed to do any kind of banking-related work had to physically visit their nearby bank branch to carry out their tasks. However, the advent of the internet and rapid digitisation has enabled users to access and carry out their banking-related functions online, from the comfort of their homes and offices. Crucial activities such as applying for a loan, transferring money, creating a bank account, and opening FD accounts, can now be done in just a few clicks, with the help of the Internet. In this article, we’ll take a look at how you can get a personal loan online without having to visit a bank physically.
What is an online personal loan?
Online personal loans, also known as instant personal loans, are simply personal loans that you can apply for online through a bank’s website or a mobile app. Online personal loans have recently become popular, as they offer unparalleled convenience and ease of access.
An applicant can get an online quick personal loan sanctioned within just a few minutes by uploading their documents onto the bank’s portal and filling out the loan application. The document verification and KYC process usually happens in just a few minutes to a few hours, and then you immediately get the loan funds disbursed into your account.
Steps to get an instant personal loan online
Here are the key steps that you will need to follow to get your online personal loan approved:
Consider your loan requirement: Before you begin applying for online quick loans, carefully consider how much money you need to borrow and for what purpose. Make sure that you only apply for a loan amount that you are confident that you will be able to successfully repay. Moreover, check if you have a good enough credit score to apply for an online personal loan.
Consider available options: Once you have decided to take a personal loan for a specified amount, make sure you look at all reputed banks and non-banking financial institutions to compare who is offering personal loans at the lowest rates and with the most relaxed requirements. If you have a high credit score (750+), chances are high that banks would be willing to lend you a personal loan at competitive interest rates.
If you are looking to apply for a personal loan online, you get an instant personal loan approved in minutes through the IndusInd Bank’s website or mobile app. Key highlights of the IndusInd Bank’s Instant Personal Loan offering include:
- Competitive interest rates to make the loan affordable
- A 100% digital loan approval process
- Quick disbursal of the loan amount to your bank account
- Loan proceeds between ₹30,000 and ₹5 lakh
If you are in need of quick funds, apply for an instant personal loan with IndusInd Bank today! Enjoy a seamless online application process along with other benefits.
Check eligibility and gather documentation: Once you have chosen the bank where you will be applying for the loan, make sure to check out the personal loan eligibility criteria on their website to ensure that you are in fact eligible to apply for the loan. After confirming your eligibility, gather all necessary digital documents such as your Aadhaar card, PAN, residential proof, income statements, etc., that you will need to upload onto the bank’s portal.
Apply for the loan online: After completing the above-mentioned steps, you can simply apply for an online personal loan by filling out the bank’s loan form through their website or app. Make sure you add all the correct information and upload all the necessary documents. Once the bank approves the loan after the document verification and KYC process, the loan amount will be transferred to your account.
Key takeaways
To get an online personal loan without having to visit a bank, maintain a healthy credit score and don’t have too many active credit lines open. Make sure that you only apply for a personal loan when you have the capability to make repayments on time. Missing out on payments can harm your credit score, which can, in the long run, harm your financial future.