Applying for a personal loan has become quite simple by using the online option. All you have to do is visit the bank or NBFC’s website, fill up the online application form for an instant personal loan and upload the scanned copies of the required documents. Once you submit the personal loan application online, you will get approval for the loan in no time barring your credit score is good and all the documents are in order.

You must have to know how to Calculate Personal Loan EMI. You can also check the interest rate and EMIs on your personal loan by using the personal loan EMI calculator available on the bank or NBFC’s website. 

Before applying for a personal loan online, you need to meet the personal loan eligibility criteria by fulfilling some basic conditions laid down by the bank or NBFC. You need to disclose your monthly income and submit your PAN number, credit score and KYC documents. If you don’t know your credit score, your bank or NBFC will check it for you. To get your loan approved swiftly, do not conceal any information and do not submit any false documents as it can hamper your chances of getting a personal loan. Make sure to check processing fees, foreclosure charges, and part pre-payment charges before applying for a personal loan online.    

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Additional Read: 7 Simple Tips to avail a Personal Loan in India