New Delhi | Jagran Brand Office: A digital personal loan puts the paper-based loan process entirely online. The offline process for traditional lenders, which used to take 1-2 weeks, has dropped to 24 hours* or less, with NBFCs and other fintech companies making this process faster and more efficient. Now, in India, you can simply get loans online with the help of eKYC.
Today, you can get a digital personal loan from an NBFC using a 100% online application process. Just make sure you meet the eligibility criteria and qualify based on other factors that affect approval. As it is a simple process, you can approach NBFC even as a new borrower. Digital personal loans are the best personal loans you can get because they guarantee convenience, speed and ease. As a result, you can quickly access funds without leaving your home and deciding loan terms using the personal loan interest calculator. To learn more about how you can qualify for a fast digital personal loan from an NBFC, read on.
Make sure you have a good credit rating:
Applying for a digital personal loan from an NBFC can be a quick process if you have a good credit score. Also known as the CIBIL score, it reflects the credit risk you represent as a borrower. The three-digit score between 300 and 900 contains all the details regarding your credit history, including debit and credit card bills. With a credit score of 750 or above, you can get quick approval and competitive interest because this score signifies your financial stability and hence increases your creditworthiness.
Meet all the eligibility criteria required for a digital personal loan You must meet certain conditions for NBFC to sanction your loan. They understand:
Make sure you have a steady income when applying for a personal loan from an NBFC. These lenders check your bank statements and pay slips to assess the stability of your income. Note that your income and place of residence are taken into account before deciding on the loan amount offered to you. It is therefore important to meet the income criteria based on the city of NBFC that you have chosen to be eligible for a digital personal loan.
Lenders verify an applicant’s age (usually those between 21 and 65 are offered loans) before approving a personal loan application. This is to assess the number of years of work ahead of you, affecting the repayment.
– Professional experience
Your work experience is also important as it shows the consistency of your earnings. It is also an important way to build trust with the lender. Some NBFCs require 2 years work experience with one year working for the same company, and some require 3 years.
– Make sure your documentation is correct
Although you have to submit minimal documents to get approved for a NBFC Personal Loan, make sure you don’t miss anything. The usual list of documents is as follows:
1: Identity Proof KYC documents such as your Aadhaar, PAN Card, Passport, Driving License or Voter ID Card and Employee ID Card
2: Proof of income like your payslips, bank statement and ITR documents
3: A proof of address such as your passport, your ration card, your electricity bill, your telephone bill or your rental contract.
– Avoid applying for multiple loans simultaneously
Applying for multiple loans lowers your credit score and affects your chances of getting approved. Lenders want to make sure you have a good credit reputation before approving your application. So be sure to do your research well and choose the best borrowing option that meets your needs.
– Steps to apply for a digital personal loan from an NBFC
Once you meet the eligibility requirements and obtain the necessary documents, applying online for a digital personal loan is simple. It includes these steps:
1: Accurately complete the online application form
2: Verify it with an OTP
3: Submit KYC and financial documents online
4: Choose the amount and duration of the loan you want to borrow
5: Send your application via
Once your data is verified, you will get a personal loan offer if your application is approved.
In your search for the best financial solution, consider Bajaj Finserv personal loan and an affordable finance solution from one of the best NBFC in the country. Here you can get quick access to funds and a sanction of up to Rs. years to repay the loan and reduce your initial EMIs by up to 45%* with a unique Flexi facility. Before applying, calculate all the components of the loan using the EMI calculator so you know how much you will repay each month. Consult your pre-approved offer to apply and obtain a personalized loan without delay.
(Note: this article was written by Brand Desk)