In today’s fast-paced world, financial needs can arise unexpectedly. Whether it’s a medical emergency, home renovation, or funding your dream vacation, a personal loan can provide the necessary financial support.
If you are wondering about the procedure of personal loans in India, you’ve arrived at the right place. This blog will guide you through the simple step-by-step process, ensuring a smooth and hassle-free experience.
Personal Loan Process Steps
Follow these steps to avail of a personal loan in India.
Step 1: Research and Compare
In the procedure to get personal loan, the first step in getting a personal loan is to conduct thorough research and compare various lenders in the market.
Look for reputable financial institutions that offer competitive interest rates, flexible repayment options, and convenient application processes. Consider factors such as:
- loan amount eligibility
- interest rates
- loan tenure
- additional fees or charges
By comparing different lenders, make an informed decision and select the one that best suits your needs.
Step 2: Check the Eligibility Criteria
Before applying for an instant personal loan, verifying the eligibility criteria set by the lender is essential. Typically, lenders consider factors such as:
- employment stability
- credit history
- existing financial obligations
By checking the eligibility requirements beforehand, you can save time and ensure you meet the necessary criteria.
Step 3: Gather Required Documents
You must gather the required documents to complete the personal loan application process. The documents include:
- Identification proof such as an Aadhaar card, PAN card, or passport
- Address proof
- Income proof (salary slips, bank statements, or income tax returns)
- Employment details
It’s advisable to keep documents ready to expedite the loan application process.
Step 4: Submit the Application
Once you have completed the above steps, you can now submit your loan application. Complete the application with truthful and current information. Verify the information twice before submitting it to prevent mistakes or delays in the approval process.
Step 5: Verification and Approval
After submitting your application, the lender will initiate the verification process. This involves assessing the provided information, conducting background checks, and verifying the documents submitted. Upon approval of your application, you will receive an offer letter with the following details:
- loan amount
- interest rate
- repayment tenure
- other applicable terms and conditions
Step 6: Loan Disbursement
After accepting the loan offer, the final step is the disbursement of funds. The disbursed funds can be used as per your requirements, whether to cover medical expenses, finance a wedding, or consolidate debts.
Is the Procedure to Get a Personal Loan on MobiKwik Easy?
- Online Application: MobiKwik allows users to apply for a personal loan online through their website or mobile app. This eliminates the need for visiting physical branches or going through lengthy paperwork.
- Quick Approval: It provides instant approvals for personal loans, enabling users to receive loan offers within a short period of submitting their applications. This swift approval process reduces the waiting time typically associated with traditional loan applications.
- Minimal Documentation: Its loan application requires minimal documentation, making the process hassle-free. You need to submit basic identification documents and income proof, simplifying the document submission and verification process.
- Digital Verification: MobiKwik employs advanced algorithms and technology to expedite the verification process, ensuring quick turnaround times. Users can complete the verification process online, enhancing convenience and speeding up the loan approval process.
- Integrated Wallet and Disbursement: MobiKwik has a digital wallet that users can link to their personal loan accounts. Once the loan is approved, the funds can be disbursed directly to the linked wallet, offering quick and easy access to the loan amount.
- User-Friendly Interface: MobiKwik’s app is user-friendly, with intuitive navigation and clear instructions throughout the loan application process. Users can easily understand the steps involved and complete the application without any confusion.
- Transparency: It ensures transparency by providing clear terms and conditions associated with the personal loan. You can review and understand the interest rates, repayment terms, and any applicable fees or charges before accepting the loan offer.
- Flexible Repayment Options: MobiKwik offers flexible repayment options, allowing you to select a repayment tenure that suits your financial situation. It provides various convenient payment methods, including auto-debit and online payments, making it easier for you to repay your loans on time.
Instant Personal Loan with MobiKwik
MobiKwik, a leading digital wallet, and financial services platform, offers instant personal loans with transparent terms and competitive interest rates. With MobiKwik, you can avail of an instant personal loan up to an amount of Rs 2 lakhs, using ZIP EMI. You can easily repay the personal loan in easy EMIs ranging from 6 – 24 months. Also, till you use the credit balance, no interest will be charged.
Here is a step-by-step process for availing of an instant personal loan from MobiKwik –
- Download and install the MobiKwik app from Playstore or Appstore.
- Create your account if you are a new user.
- If you are an existing user, log in to your MobiKwik account using your registered email id or phone number and OTP.
- Once you are logged in, navigate to the “ZIP EMI” in the Loan section of the app’s main menu.
- Agree to the “Terms & Conditions” and “Declaration” by clicking the concerned box of “Getting Started.”
- Complete your KYC by clicking on “Proceed to KYC”
- After completing your KYC, you will have to enter some personal information like your father’s name, employment type, email Id, monthly income, etc.
- Based on your KYC details, the MobiKwik app will fetch your credit score.
- MobiKwik will present the available loan options after assessing your eligibility. Choose the loan amount and tenure best suits your needs and repayment capacity. The corresponding loan interest rate will also be shown.
- Apply voucher details, if you have any.
- Click on “Accept” to complete your loan application process.
- As soon as the personal instant loan is approved, the loan amount will be disbursed directly to your MobiKwik wallet or bank account linked to your MobiKwik account.
By streamlining the application, verification, and disbursement processes, MobiKwik simplifies the overall experience of getting a personal loan.
Obtaining a personal loan in India is a simple process with the presence of lenders like MobiKwik. It simplifies the procedure of personal loans by providing a convenient and reliable platform to meet your financial needs. With competitive interest rates, flexible repayment options, and a user-friendly interface, MobiKwik is your trusted partner in securing an instant personal loan.Follow Us on: