personal loan online

Tips To Get The Best Personal Loan Online

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Personal loans are the easiest way to get funds for financial emergencies. They are unsecured loans. So, you do not need collateral. Several financial institutions offer personal loans to both salaried and self-employed individuals.

What Is The Best Way To Get Personal Loan Online?

Before filling your online personal loan application, you need to remember certain things. 

  • Check Out The Interest Rates

Never forget to check the interest rates before applying for a personal loan. The rates are higher than other types of loans. However, if you compare the interest rates offered by different lenders, you can get a better deal.

  • Maintain A Decent Credit Score

It is the most vital thing your lender checks while processing your loan application. Maintaining a good credit score gives you better bargaining power. You will be able to get lower interest rates from your lender.

  • Compare Different Lenders

You have several options when it comes to personal loan lenders. So, why restrict yourself? Check out the rates and other benefits offered by each lender.  Take your time to compare their features. It will allow you to get the best personal loan.

Personal loan interest rates in India start from 10%. It depends on the lending institution, your income, and your credit score. 

Final Word

Fullerton India offers easy personal loans for all. You do not have to wait for days to get approval. You can apply online and get the loan amount transferred to your account immediately. Check out your eligibility criteria for a personal loan now.

Additional Read: Know When to Pay Off Credit Card Debt with a Personal Loan

Need Money Urgently? Take A Personal Loan Online

Personal loans are a convenient way to meet your planned and unplanned expenses. However, you might be in doubt whether to take the online or offline route. With the rapid growth of the internet, you can do everything online. Taking a loan is no exception.

Earlier, you had to visit your lender in person to get a loan. But personal loans online approval has made your task a lot easier. It saves your precious time and energy. Moreover, there are other benefits of taking a personal loan online.

Why Take A Personal Loan Online?

  • You will require minimum documents. When you apply for an instant personal loan online, you do not have to submit tonnes of documents. The digital copies of some important ones will suffice. That way, you will also save paper.
  • You can get instant approval. Gone are the days when you had to wait in long queues to submit your application. Waiting for approval was another thing. What if you need the money urgently? When you choose the online route, your loan gets approved within a couple of days.
  • Avail of a flexible plan. There are numerous options when you apply for a personal loan online. You can opt for a personal loan at minimum interest to manage your finances well.

Take A Personal Loan Online From Fullerton India

Fullerton India makes the lending process more accessible than ever. You can apply online from the comfort of your home. Track the status of your loan anytime. Once it gets approved, you will receive the money in your account. Could it get easier?

Must Read: Manage Your Expenses With A Fullerton India Low-interest Personal Loan

Apply for Online Personal Loan in 5 Easy Steps

India has witnessed several changes in the last couple of decades, especially in the financial sector. With rapid digitalisation, everything has now shifted online, ditching the age-old lending system. With all the services online, one can now enjoy all the financial services from their homes’ comfort.

Are you looking for funds to finance your daily needs or family emergencies? Now you can get instant personal loan online. There are various lenders available online to choose from.

Apply for an online personal loan

To apply for an online personal loan, follow the steps mentioned below:

Step 1: Visit the lender’s website and browse over to the personal loan page.

Step 2: On the web page, click on the ‘Apply Now’ option. You will mention your mobile number for verification and choose whether you are a salaried individual or a self-employed professional.

Step 3: Fill the loan amount you want and the preferred repayment tenure. You can use the personal loan EMI calculator to know the monthly financial strain you will face in repaying the loan.

Step 4: Once the eligibility check is complete, fill in all the details in the application form. You will be required to mention your personal, professional and banking details.

Step 5: Upload the required documents for e-KYC and loan approval. Click on the submit button.

Based on your details mentioned, a customer care executive will call you to provide you with the loan amount, interest rate and tenure for which loan is available to you. On your approval, the loan amount will be directly transferred into your account.

Must Read: What is the concept of Prequalifying For Personal Loans? Learn here

How to Manage your Personal Loan?

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Due to fluctuations in the economy, interest rates and the buying behaviour, repayment of loans is made to look more challenging. Many borrowers find themselves in tricky situations where they are unable to pay the EMIs or make late payments, and it is hard on their pockets.

If you are going to personal loan apply online must know the tips for managing instant loans smartly will help you reduce credit burden and pay off your loan easily.

Tips to Manage Personal Loan:

  • Making a budget

Establishing a budget when you are repaying a loan is incredibly important. Since you are aware that you have to make monthly payments, it makes sense to allocate certain chunks of money to your monthly expenses. Rent, groceries, shopping etc. should all be accounted for at the beginning of the month. Same goes for the loan. Be sure of every payment you made and make a budget out of it too. You should have an excel sheet, where you have accounted for the processing fee for a personal loan as well.

More important than even making a budget is undoubtedly sticking to it. Sticking to what you have decided for your expenses will help you stay on top of finances and take out money for repayments also. Having a budget and sticking to it is the golden rule to repayment.

  • Set a reminder 

Setting reminders for paying your monthly EMI can be of so much help. Not only will it make your payments on time, but it will also lead to an improved credit score.

While personal loan apply online, some lenders provide the option of sending you reminders or E-mails to know when and how much is due as EMI for a specific month. If provided, choose that option. It will only help you repay on time and avoid all the late payment stress. 

Repayment of a loan is not as stressful as popular discourse has made it out to be. It can be easy and manageable in case borrowers take care of a few things.

Must Read: How to Avail Instant Personal Loan Online in India?

What are the Types of Personal Loans in India?

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Personal loans are a great way to get a loan for something that may not have a separate loan category. They are quick and easy to procure and have minimal documentation involved. It is best that you apply for a personal loan online as it is much more convenient.

Even Personal Loans are also of many types, but here are few things you should know about them before you look into the type of personal loan you might want to get.

  • Unsecured Loan – A loan that does not require collateral
  • Secured Loan – A loan in which the lender will give you a certain amount against a collateral
  • Fixed-rate –This means that the rate of interest remains the same throughout the life of the loan.
  • Variable-rate – This means that the rate of interest will fluctuate as per the market and varies throughout the loan.

Types of loan:

  1. Credit Builder – This helps in making or repairing a bad credit history.
  2. Debt Consolidation – A debt consolidation loan allows you to permanently put all your existing debts into one and have a new interest rate and renegotiated repayment term.
  3. Holiday Loan – These can be used to buy gifts and offset the expenses so that you don’t have to use your savings.
  4. Home Improvement Loan – Loan meant for renovating the house.
  5. Medical Loan – Medical expenses can quickly become a burden, especially for complicated conditions.
  6. Vacation Loan – Travelling to other places can be expensive, but that does not mean it is entirely out of your reach

In summary, there are n number of personal loans. In fact, when you opt for a personal loan there is no limitation as to where you can or can not spend the money. You can use it for anything from gardening needs to covering wedding expenses.

Additional Read: 8 Reasons Why Personal Loans Are Popular in India

4 Emergency Situations Where a Personal Loan Can Help You

If you’re buying a house, there’s home loan, if you’re buying a car, there’s car loan. But if expense surfaces which cannot be defined in these terms to the bank, then what do you do? For these times there is a personal loan.

A personal loan is the most fluid kind of loan you can get. It is not specific to one function and you can spend it however you like. You can easily look at personal loan interest rates (Check Interest Rate) and apply for a personal loan online. Here are five situations where a personal loan can help you:

Medical Emergencies: Especially in the times of the COVD-19 pandemic, Hospital bills, and medical expenses can be much more than what you can afford. But don’t worry. A personal loan has you covered in such tough matters so that you can only focus on your family’s health and let your financial worries rest.

Wedding Expenses: Wedding can be an expensive affair, especially in India. But a personal loan can ease your load. You can apply for one, and see your family dancing at the wedding with joy.

Education: If you don’t want your child to be burdened by an education loan, you can easily take a low-interest personal loan and let your child study freely.

Travel: An unplanned trip can create a hole in your savings. But you can apply for a personal loan to finance your trip and save your money for better emergencies.

Let personal loans be your savior in your times of need and live worry-free!

Must Read: How to Plan Your Retirement by Taking a Personal Loan?

Apply for an Instant Personal Loan from NBFC

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A personal loan is an instant loan that can be used for a variety of purposes, including medical treatment, home renovation, travel, marriage, and any other immediate financial need. With Personal Loan, you can borrow up to Rs 25 lakhs and get instant approval on it with minimum documents.

Just complete our easy-to-qualify application and original documentation process to receive the funding you need within a single day of approval. With our flexible tenure of up to 60 months, repay your loan at your convenience. Plus, you can reduce your EMI by up to 45% with our Flexi Personal Loan.

Our Instant Personal Loan is available to professionals in India at attractive interest rates and has no hidden fees. You can also take advantage of a pre-approved offer from NBFC for yourself and get instant access to funds. Have a glimpse at some of the features and benefits of Personal Loan.

  • Fast disbursal

Get your loan amount in your bank within 24 hours as soon as your loan is approved.

  • Flexible tenure

Repay your loan with complete ease with our flexible tenure, which ranges from one year to 5 years.

  • Minimal documentation

All you need is to have a credit report, personal documents, PAN card and residential proof for availing a personal loan.

  • Pre-approved loan

Borrowers with good CIBIL score are also eligible for a pre-approved personal loan. You can check your credit score with ourpersonal loan eligibility calculator.

  • Apply online

You can apply for a personal loan online or with the application in just a few clicks.

Must Read:  How to Get an Instant Personal Loan in 2 Clicks!

Top 3 Reasons To Opt For A Personal Loan

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Though there are several loan options available in the market, most people still prefer personal loans to counter their financial emergencies. Here, in this article, you will get to know about the advantages of a applying personal loan online over its counterparts.

Top 3 Reasons to opt for a Personal Loan

A personal loan is a great weapon to counter any financial issue since its usage isn’t limited to a specified purpose. Be it a short-term cash requirement at the month-end or a trip abroad, a personal loan covers everything and helps anyone in an emergency. Below listed are the top three benefits of applying for an online personal loan.

  1. Easy loan processing:

You can apply for a personal loan via online lenders, which helps save time and effort. The quick application process, minimum documentation, and instant approval make it an ideal choice for urgent cash requirement. Besides, personal loan interest rates lie on the lower side, which is a definite advantage for the borrowers.

  1. Multi-purpose use

Unlike other loans, you can take a personal loan for anything, like wedding, higher education, renovation of your home, purchase something of high value, etc. Besides, personal loans are unsecured; as a result, you don’t have to get a collateral mortgage to get the loan. 

  1. Flexibility in Repayment

You get the option to choose the repayment duration for the personal loan. Such flexibility offers you enough time to repay the amount. You can also consider the EMI option for repaying the loan amount. 

Conclusion

A personal loan is an incredible way to make major purchases and consolidate debt. However, make sure to use this financial resource wisely and responsibly to avoid any trouble later on.

Reference Read: Things to Check Before Availing a Personal Loan Online

Improve Your Cibil Score By Applying For A Personal Loan

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The best personal loan is the one which can fulfil your needs and is also not a burden on your monthly expenses. A personal loan is repayable every month. The amount of EMI depends on the amount of loan, and the tenure one will be selecting. You can check your eligibility for a personal loan by using a personal loan eligibility calculator.

Personal Loan

Availing the benefits of a personal loan can affect your finance for the tenure you are selecting. So, before applying for a personal loan, one must check with different lenders to get the best personal loan possible. Listed below are some factors one should consider before applying for a personal loan.

1. Rate of interest: The rate of interest is the most critical factor that will determine your monthly EMI’s and how much you will have to pay for a loan. So, it is advised to get the best rate possible.

2. Amount of loan and tenure: A personal loan varies from Rs. 10,000 to Rs. 75 lakhs depending upon your credit score and monthly income. You can select the period according to your ease from 12 months to 84 months.

3. Extra fee: Many lenders charge additional fees like processing fees, prepayment charges and many more. It varies from lenders to lenders depending on the scheme you will be choosing.

Conclusion:

To get the best personal loan, it is advised to compare different lenders to get the best deal possible. Review the above factors before applying for any personal loan.

Additional Read: How To Avail of A Personal Loan With Low CIBIL Score?

4 Things To Keep In Mind While Applying For A Personal Loan

Personal loans are a good option for seeking emergency funds. In case you have a medical emergency or are renovating your dream home, availing instant personal loan can help. You only need to keep these things in mind before applying for a personal loan. 

  1. Interest rates: Do not search out for the lowest interest rate. Inquire about the type of interest rate applied on the personal loan. There are two types of interest rates –  flat interest rate and second reducing the balance interest rate. You might get attracted towards the lowest flat rate, but lower interest rates don’t mean you are going to pay less.
  1. Include all costs: Apart from the principal amount and rate of interest, there are many expenses incurred when you think ‘personal loan apply’. You must ask about the other costs, including processing fees, pre-payment fees, service tax and late payment fees.
  1. Assess your needs: You need to check out your needs for the personal loan. You might meet the personal loan eligibility criteria of ₹15,00,000 amount, but you need to borrow the required amount to address your needs. Remember you have to repay the interest as well. Thus, borrow as much as you need and not in excess.
  1. Ensure your capabilities: Check out your repayment capabilities with personal loan EMI calculator. Make sure your savings or income can cover the EMI along with the principal and interest amount. Do an honest assessment. Failure to default the EMI will result in penalties and can spoil your credit history.

Additional Read: How Personal Loan Helpful For You in Emergency Situations?