Personal loans seem to be on a rise in the economy. Many economic experts attribute this boom to the simple fact that these loans are unsecured and comparatively easy to avail of.
Many players have entered this segment. Not just banks, even NBFCs have made the personal loan market a viable and workable option for the borrowers.
Although India is an economy where the consumers largely depend on their savings, often unexpected expenses and sudden liabilities cause them to arrange immediate funds. In this case, diluting one’s savings may not be the best option.
Social distancing and the pandemic have also made it difficult for citizens across the country to step out for their banking or financial needs. Hence emergency expenses such as medical expenses, urgent travel requirements, cash flow difficulties often leave the customers in a dire situation faced with a financial crunch.
Thus, personal loans have become a favorite amongst the borrowers and lenders alike. Borrowers find it as an easy option to finance their immediate and urgent needs without having to disturb their savings or investments. Lenders are more than willing to meet this rising demand.
The Digital Age
- The internet and booming technology have made it possible for most of the financial institutions to offer their services online. Dependable NBFC’s such as Fullerton India, which has been in the business since a pre-independence era now offers instant online personal loans.
- This means that you can avail of a personal loan, at the comfort of your home, without putting yourself or your family’s health at risk.
- Dedicated customer service also ensures that you get the required support on the online platform if need be.
Steps for availing an Instant Online Personal Loan
Personal loans, unlike specific consumer loans, can be used for any purpose that you deem fit and hence it’s relatively easy to get a loan approved as per your needs.
- Figure out your requirement
- NBFC’s such as Fullerton India offer instant personal loans up to a tune of a whopping 25 lakhs instantly. So, the amount is not an issue. That being said, you need to understand and evaluate the principal amount you require.
- Know your monthly expenses and decide on the term of the loan
- There is a wide variety of tenure offered on personal loans. You can choose a term that best suits your requirement. For instance, Fullerton India has the options of the tenor ranging from 12 months to 60 months. You can decide on any timeline you consider apt.
- However, you must understand your monthly cash flow so that the monthly outflow towards the repayment of the loan doesn’t become a burden.
- Online EMI calculator
- You can compute your monthly installment by using the online EMI calculator that most of the Financial Institution offers. For example – Fullerton India has a personal loan online EMI calculator where you are required to input your principal amount, tenor and automatically the EMI is auto-populated.
- Interest Rate
- The ethical and honest players display their interest rates on the site itself. Fullerton India, a reliable brand even offers a personal loan with interest rates starting from 11.99%. However, the interest rate offered to you would depend on your CIBIL credit score, amount, repayment history, credit utilisation, nature of employment, etc.
- Documentation and Eligibility
- Personal loans also have a minimum eligibility criterion of age, citizenship, and certain income parameters. All of these conditions are reflected on the website of the Financial Institution you may choose.
- Documentation is also fairly simple to arrange and readily available. Identity proof, residence proof, age proof, Income proof, tax return, Form 16 – these are the basic required documents that have to be scanned and uploaded.
- Application Process
- Once you have computed your requirement and scanned these documents, all you need to do is to click on the website of the company.
- At Fullerton India, the application process takes only a few clicks.
- You need to click on their “apply now” tab on the site, you will be required to share your contact number, enter the OTP to verify yourself. Post this upload the required documents and you will receive the approval in no time.
- Fullerton India is known for its efficiency, disburses the loan amount as quickly as 30 minutes once the approval is received. Their digital process is entirely automated, fast, and hassle-free.
- You can also avail of the help of their dedicated customer service team to help you out in case of any queries or glitches that you may face.
NBFCs such as Fullerton India have got your back and have made the process of availing an instant online personal loan convenient and simple. So, what are you waiting for? You can ease your financial burden and bid goodbye to your cash flow issues from the comfort of your home.