How Long Does It Take To Get a Personal Loan in India?

After practically coming to a standstill during the height of the pandemic, the personal loan industry has sprung back to life.

Personal loan online is becoming more popular among customers, particularly for large-ticket expenditures. A personal loan assists families bridge any gaps in their finances while facing a medical emergency, for their child’s education, buying a car or home, going on a vacation, etc.

Personal loans are a great borrowing option for coping with financial shortages and difficulties because they require minimal documentation, do not require collateral security, are processed quickly, and have no end-use restriction on loan proceeds.

Many lending institutions provide rapid loan disbursement to applicants depending on their credit ratings and other factors in their credit profile.

Personal Loan

What Are The Eligibility Criteria For Availing of an Instant Personal Loan?

The requirements for obtaining a personal loan differ depending on the lending institution.

Getting a personal loan with Fullerton India is simple and quick; the documentation required is minimal, and the entire procedure is digitalized, allowing funds to be disbursed quickly.

To be considered for a personal loan from Fullerton India, applicants must meet the following requirements:

• To apply for a personal loan, applicants need to be Indian citizens and should be between 21 and 60.
• A self-employed person or any salaried person can obtain a loan.
• In Mumbai and Delhi, employees should receive a minimum monthly salary of Rs. 25,000, and elsewhere, Rs. 20,000. Self-employed people’s minimum income varies depending on their profession and industry.
• A year of experience is essential, with at least six months in the current company.
• Further, applicants need to have a minimum credit score of 750.

Steps involved in getting a personal loan

The steps involved in obtaining a personal loan instantly are:

1. Check the eligibility criteria with the lender. If you fulfil the eligibility criteria, move to the next step.
2. Check the interest rates and other charges of the lender. Interest rates with Fullerton India are competitive, starting from 11.99% per annum.
3. Using the personal loan calculator, calculate the EMI to receive an estimate of the monthly payment.
4. Check the documents required by the lending institution so that your loan is processed quickly. With Fullerton India, the documents required are minimal.
5. Applicants can apply at one of Fullerton India’s branches, call customer service, or apply through the website. Salaried applicants can also use Fullerton India’s Instaloan mobile app.

For applying online, the steps are as follows:

1. Click on apply now, enter your phone number, and choose whether you are employed or self-employed.
2. The mobile number will be verified using an OTP.
3. Input the loan amount and payback term that you desire. Personal, employment, and financial information will also be requested.
4. Upload scanned copies of documents.
5. Press the submit button.

If the eligibility criteria are satisfied, the application will be processed further. The documents will be verified, and once the final approval is received, the funds will be disbursed.

Benefits of instant personal loans

The instant personal loan can provide numerous benefits; some of them are:

• Individuals can not only acquire an instant personal loan online, but they can also receive one without putting up any security.
• The documentation procedure for a Fullerton India instant personal loan is simple.
• Depending on the applicant’s eligibility, a personal loan of up to Rs. 25 lakhs is available from Fullerton India.
• Personal loan rates are competitive with Fullerton India starting from 11.99% per annum.
• They offer flexible repayment tenures, varying from 12 to 60 months, enabling borrowers to choose the plan that best suits their needs.
• They offer quick loan payout thanks to the digital process. In addition, using an online application improves efficiency and saves time.
• Existing Fullerton India customers can take advantage of special top-up credit offers (or pre-approved loans).
• Fullerton India simplifies the process by offering an eligibility calculator that allows borrowers to estimate the maximum personal loan amount they are eligible for.

Conclusion

Once a person has decided that they need a personal loan, they should approach a reputable lending institution. They may come across loan offers with incredibly low-interest rates. However, if they read the fine print, they will find that there are hidden fees, or that the interest charges are actually applicable on a monthly or weekly basis, thereby making the loan much more expensive. .

Fullerton India is a reputed lender and is highly recommended for eligible applicants who need to borrow money at an affordable cost.

A personal loan from Fullerton India is available for up to Rs. 25 lakhs at competitive rates starting from 11.99% per annum and flexible repayment tenure, varying from 12 to 60 months, enabling borrowers to choose the best plan that suits their needs.