How to Get a Personal Loan from an NBFC Through Online Application

Personal Loans are unsecured financial instruments offered to individuals to fulfill their financial goals or cover unexpected expenses. Unlike secured loans such as home loans and car loans, these loans come with no specific end-use restrictions. In the digital age, most lending institutions have transitioned to online applications, making the process convenient and efficient. This article will guide you through the process of applying for a personal loan from a Non-Banking Financial Company (NBFC) and highlight the necessary steps involved.

Eligibility Criteria for Personal Loans

Age

The applicant must be at least 22 years old at the time of applying for the loan and not more than 58 years old at the end of the loan tenure.

Citizenship

The applicant must be an Indian citizen.

Employment

The applicant must have a full-time job at a State and Central Government, MNC, PSU, Listed Unlisted Public Ltd, Private Limited, company, LLP, Schools and Colleges, or companies that are listed internally.

Work Experience

Minimum 1 year of job experience and at least 2 months of stable employment at the current job.

Monthly Income

The applicant must have a monthly net take-home salary of at least 20,000.

Documents Required for Online Personal Loan Application

KYC Documents

These include:

Aadhar Card PAN Card

Current Address Proof

Such as:

Utility Bills Rent Agreement Passport

Financial Documents

Such as:

Bank Statements with Salary Credit for the Past 3 Months

Income Documents

Such as:

Latest Salary Slip

Employment Proof

Such as:

Official Mail ID Confirmation EMP ID Card

Applying for a Personal Loan from an NBFC

Many lending institutions and non-banking financial companies (NBFCs) now offer personal loans through online applications. This means you can apply for these loans from the comfort of your home or office. The online application process is straightforward and can be accessed from the lender’s official website.

Steps to Apply

Visit your chosen lender's official website. Fill out the online personal loan application form. Upload the required documents. Wait for the verification and approval. Once approved, the funds will be disbursed into your account.

By following these steps, you can easily apply for a personal loan from an NBFC through online channels, ensuring convenience, speed, and efficiency in the application process.