When you are thinking about taking a trip to Paris or planning the perfect wedding, a personal loan can finance your aspirations with ease. Apart from offering unrestricted end-use, these loans are unsecured, and you are not required to pledge any security or collateral while applying for one.
What’s more is that trusted financial institutions like IndusInd Bank allow you to apply for personal loan online, making the process quick and convenient. Owing to the digital application process, you can browse through the features, overview, eligibility conditions, and benefits of various personal finance products online. Besides, with IndusInd Bank, there won’t be the usual hassle of carrying hefty paperwork and standing in long queues.
So, if you’re deciding to opt for a personal loan with IndusInd Bank, here is a seven-step guide for you to keep in mind.
- Identify your loan requirement
The first and foremost thing to consider when you need a personal finance is to understand your financial requirement. The loan amount and the personal loan interest rate will be different for travel, home renovation, medical emergency, education, or a wedding. Therefore, settle on a clear estimate of the required money so that you don’t under-borrow or go overboard.
- Check your loan eligibility
Before you apply for personal loan online, confirm whether you are eligible for availing of personal finance from your lender. Nowadays, perusing through the eligibility conditions is simple since all the details are available on the bank’s website. Usually, the criteria include CIBIL score, age, monthly income, job stability, etc. However, the personal loans requirements can vary depending on whether you are salaried or self-employed; take note of the differences.
- Fill up the loan application form
You will receive an application form whether you apply for personal loan online or offline. The form, typically asks for basic details including, address, age, employment and financial information like your place of work, monthly income or company particulars for self-employed individuals.
- Choose a loan tenure and amount
This step requires you to pick and enter the desired loan amount. Depending on your loan requirement and utilising IndusInd Bank’s personal loan EMI calculator, you can precisely compute your interest rate, EMI payable, and tenure easily. With all the necessary information, you can simply decide the loan tenure best for you. This will help you figure out your instalments in advance and ease your repayment process.
While you are at it, you can also review the additional fees applicable to personal finance.
- Understand the loan agreement
It is vital to read the fine print of your personal loan agreement, whether you are a first-time borrower or not. Going through the terms and conditions allows you to understand the process better and prepare you well for the loans you may avail of in the future.
- Submit necessary documents
Apart from the duly filled application form, the personal loan application process only requires the proof of identity, KYC papers, and income proof. Some documentation, like proof of residence, salary slips, and employment certificate, is essential for determining your personal finance eligibility. The required documents are different for salaried and self-employed individuals. With IndusInd Bank, you can either drop these off at bank or quickly upload them online.
- Application approval and loan sanction
After you apply for personal loan online or offline, a financial institution approves your application after properly verifying the paperwork. Subsequently, your loan amount will be disbursed, if sanctioned, directly into your bank account within 4-7 working days.
Irrespective of whether you are exploring international higher education options or looking to revamp your home, a personal loan can meet all your wide-ranging expenses. Offers can vary by your requirement, but this guide can help you navigate availing personal finance with IndusInd Bank whether you apply for personal loan online or visit the nearest branch. Additionally, maintaining a good credit score, calculating EMI in advance, and knowing the loan offer inside out can distinguish a borrower from a smart borrower.