Personal loans are unsecured loans that are granted based on an individual’s credit history, income, employment status, and other financial factors. Personal loans are an excellent tool to meet your personal funding requirements. Almost all major banks, NBFCs, and online loan providers offer personal loans to salaried customers. However, sometimes personal loan approvals may require a lengthy documentation procedure. In this article, we will discuss how to get a salaried loan with minimum documentation and a comparative analysis of personal loan apps available in the market.
Minimum Documentation Required for a Salaried Personal Loan
Personal loan applications require some basic documentation, and the required documents are often not more than a few, including:
- Identity proof such as passport, driver’s license, voter ID card, or Aadhaar card
- Address proof consisting of telephone or electricity bills, driving license, bank statement, and rental agreement.
- Income proof like salary slips and income tax returns as salaried candidates can show up to 3 or 6 months’ bank statements.
- Passport-size photographs
How to Get a Salaried Personal Loan with Minimum Documentation?
Here are some simple steps you can follow to get a personal loan with minimum documentation:
- Check eligibility criteria: The first step is to check the eligibility criteria of the lender. Different lenders have different eligibility criteria regarding age, income, and credit score. This will help you determine if you qualify for the loan.
- Use a Personal Loan Calculator: Once you have shortlisted the lenders based on eligibility criteria, use a personal loan calculator to calculate the loan amount, EMI, and interest rate. This will help you make an informed decision and choose a lender that offers the best deal.
- Online Application: Most lenders provide an easy-to-use online application process, wherein you will have to fill in your personal and financial details. Upload the required documents and submit the application. The lenders will verify your application and submitted documents.
- Disbursal of the loan amount: After the verification process, the lender will approve the loan and the loan amount will be disbursed into your bank account.
Comparative Analysis of Personal Loan Apps
With the increasing demand for personal loans, many loan apps have emerged, making the application process quick and hassles free. The following is a comparative analysis of popular personal loan apps available in the market:
Bajaj Finserv: Bajaj Finserv offers personal loans of up to 40 Lakhs at competitive interest rates. The loan is disbursed within 24 hours of approval. Bajaj Finserv’s Personal Loan Calculator helps you assess the loan amount, interest rate, and EMI. They also offer pre-approved offers to provide further ease of access to loans. The Bajaj Finserv App allows easy application process for the users.
Navi: Navi personal loans are available at a rate of interest between 11.49% to 16.99%. The loan amount ranges from Rs. 10,000 to Rs. 5 lakhs, and their app-based platform provides a hassle-free and convenient loan disbursal process. Users can track loan repayments and manage loan accounts with the help of the app.
Dhani: Dhani personal loans are available at an attractive interest rate of 1% p.m. with no processing fees. The loan amount ranges from Rs. 1,000 to Rs. 15 lakhs, and the loan disbursal process is quick and hassle-free. The app-based platform offers real-time tracking of the application process.
Kreditbee: Kreditbee is another popular personal loan app with a quick and convenient loan disbursal process. The loan amount ranges from Rs. 1,000 to Rs. 2 lakhs, and the interest rate is between 1.02% – 3.03% per month. Borrowers can apply, choose and track their loan journeys through the app.
Cred: Cred is a popular credit score management app that recently started its personal loan platform Cred Cash. One of the key highlights of their personal loan product is the ‘step-down interest rate’, where borrowers’ interest rates decrease with the loan tenure. Cred Cash loan offer 12-24 months loan terms, starting from Rs.10,000 up to Rs.5 lakh. Cred is known for offering an exceptional user experience, with an impressive mobile interface and accessible customer service.
To conclude,
Personal loans are effortless unfettered access to finance to salaried individuals, but they come with their specific requirements and eligibility criteria. It’s crucial to compare the features offered by different personal loan apps before making the final decision. Users must check interest rates, loan disbursement process, features, credibility, and customer support services offered by the app before choosing the one that matches their requirement. Applicants must also use a Personal Loan Calculator to evaluate their eligibility, EMI and compare the loan options available to make informed decisions. These essential steps increase the probability of a successful personal loan application