30 November, 2024 | 11:00 IST
In times of financial need, personal loans offer a quick and convenient solution. Whether you're looking to cover urgent expenses, fund a course, or manage unforeseen costs, a personal loan can provide immediate access to funds. With the new-age digital lending platforms you can apply for personal loans easily in a few simple steps. All you need is a good credit score and relevant documents about your address proof, identity proof and income.
Quick loan apps and online lending platforms allow uploading documents through the app or website without the need for physical submission and verification for a personal loan. This not only simplifies the application process but also improves your credibility and increases your chances of securing the loan.
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Personal loans are versatile and can be used for any purpose, from home renovations to medical expenses, education fees, or even small business needs. The advantage of a personal loan is that it’s unsecured, meaning you don’t need to put up collateral to secure the loan. With minimal documentation and a quick process, personal loans are accessible to a broad range of borrowers.
You can apply for a personal loan through a 100% digital process through online lending apps like Moneycontrol. The Moneycontrol app and website allow access to multiple loan offers from its lending partners. You can apply for a personal loan by following just three easy steps — enter details, complete KYC and set up EMI repayment.
Among the essential documents required are proof of identity, proof of address, income statements and employment history. These documents play a major role in verifying your personal information, assessing your financial stability and evaluating your ability to repay the loan. By providing clear evidence of your income and employment, you help mitigate the lender's risk, making them more likely to approve your application.
To streamline the personal loan approval process, keep these documents handy:
1) Basic KYC documents
2) Bank statements
Bank statements are crucial for assessing your financial health and repayment capability. Most lenders require statements from the past three to six months.
3) Income documents (for salaried applicants)
Lenders typically ask for recent salary slips, usually from the past three months, to verify your monthly income. Income consistency is the key in personal loan approval, as it assures lenders of your ability to repay. Additionally, lenders may also ask you for your employment certificate, which confirms one year of continuous employment.
4) Document requirements for self-employed individuals
For self-employed individuals, income and employment verification are slightly different due to the lack of regular salary slips. Instead, you may need documents like:
To make your personal loan journey smooth and quick, here are some additional tips:
Overall, it’s essential to maintain an organised and detailed set of documents before you begin your personal loan application. This proactive approach not only reduces stress during the application process but also sets you up for success in obtaining the financial assistance you need. Being thorough in your documentation can ultimately save you time and help you secure the best possible terms for your personal loan.
Moneycontrol provides access to instant loans up to Rs. 15 lakhs in partnership with fivelenders, making it easy to apply with minimal documents based on your employment status. The interest rates for such loans start at as low as 12% per annum.
With Moneycontrol’s 100% digital application process, obtaining a loan is faster and easier than ever. With minimal documentation, and you’ll be ready for a smooth personal loan approval journey with no hidden fees, quick disbursal and flexible repayment terms.
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