A loan can help you in a time of cash crunch. If you are facing a situation entailing ‘I need a personal loan’, you should know how to apply for one. To ensure a hassle-free loan approval, here are the tips to keep in mind while making a loan application online: 

Check your credit score

When searching for ‘I need a personal loan’ online, your credit score will be the foremost requirement for a personal loan. Lenders prefer applicants with a CIBIL score of 750+. If you have paid your previous credit card bills and loans on time, you should have a good credit score. Check if you have a score per the lender’s requirements to approve a loan. 

Know how much you can afford to repay 

You should apply for a loan amount that you require. Apply for a reasonable loan amount that you can repay within the loan tenure on time. Compare your monthly income and expenditure, and then choose a loan amount and tenure for affordable EMIs. Use an online EMI online calculator to know an affordable EMI as per your budget. The loan amount can go as high as Rs. 25 lakhs which can be repaid in 12-60 months.

Check with the previous lender

You can consider your previous lender to apply for a new loan. If you maintain a good transaction with the lending institution, you can avail of pre-approved loan offers for quick processing and affordable interest rate. You can consider reputed NBFCs for the lowest personal loan interest rate in India.

Keep your documents ready

For a hassle-free loan process, the loan-seeker should keep all the documents handy. It will speed up the loan processing. The documents required for a loan application depend on the loan you applied for. Basic requirements are:

• Proof of Identity
• Proof of Income
• Proof of Address
• Previous Income Tax Return
• Latest Passport-size Photographs

Thus, check your personal loan eligibility with reputed NBFCs to get the lowest personal loan interest rate in India. It will approve your application digitally without any hassle.

Also Read: Is using Personal Loan to start small businesss a good idea?