As per data put forth by the RBI, India’s personal loan segment witnessed a 16.9% YoY growth in January 2020. The growth in this sector can be owed to several reasons, one of the foremost being its easy availability.
Nowadays, individuals can avail this loan by satisfying a few eligibility criteria and following simple steps on a lending institution’s online loan app.
Steps to apply for a personal loan –
Individuals can apply for a personal loan through a loan app by following these steps below –
- Download the app on Android phone from Google Play Store or on iPhone from App Store.
- Register in the app with your name and contact information.
- Submit all your financial, employment and personal details.
- Select the loan amount and tenor.
- Upload the documents required on the easy loan app.
- After submitting the application, track your approval progress.
If you satisfy all the eligibility criteria, your loan will be approved and disbursed within 24 hours of approval.
Eligibility criteria to avail personal loan –
To avail the loan, one must satisfy a few basic criteria, like –
- Individuals must be between 23 and 55 years of age.
- They must be a resident of India.
- Must be a salaried individual, employed at an MNC, private or public sector company.
Apart from satisfying these eligibility criteria, individuals must also submit the following documents on their quick loan app for approval –
- KYC documents.
- Salary slips for past 2 months.
- Bank account statements for past 3 months.
- Employee ID card.
Borrowers may have to submit other additional documents as per the requirements of their lender.
Individuals can check the complete list of documents required for such loans on apps such as the Bajaj Finserv app – Experia, before applying. With such information at their disposal, the application process for a personal loan through an online loan app can be completed without hassle.
Also Read :- Advantages of Personal Loan via Mobile Application
