Recently, the digital nature of the loan taking process has made it possible for people to avail a personal loan much faster. The online mode is popular because it is more convenient, and people have widespread access to the internet. Therefore, they can avail of loan services from the comfort of their homes.
Personal loans from Fullerton India offer great deals to their borrowers. Some essential aspects of it are competitive interest rates, flexible repayment periods, and speedy sanctions. All of which is assured by Fullerton. The entire process is a cakewalk and can be summarised into 6 simple steps.
Step 1: Set up the App
The very first step of the process is to download the app. Then, you need to enter your mobile number. This mobile phone number must be linked and updated in your Aadhaar Card and bank account. The linked mobile number should also be the one you register for your loan with. Once the OTP verification is complete and you set an MPIN number in place, you will be able to access your account from anywhere.
Step 2: Eligibility Check
After you are done setting up your account, you must ensure that you meet personal loan eligibility requirements. You can do it very quickly by using online calculators provided by your personal loan provider. However, that is not always necessary. The following are a few general guidelines on eligibility-
- A credit score of over 650 is a must
- Proper documents must be handy
- You should be a salaried person with a steady income
- You should be between 21 to 65 years old to acquire a loan
After completing the preliminary research on your eligibility, you will be all set to complete the steps ahead.
Step 3: Enter Personal and Employment Information
Your personal details entail information such as email address, gender, marital status, home address, office address, etc. When furnishing these details, make sure that you can receive, send, and access emails from the official email ID you have provided. As for your employment details, you will have to give information about the organisation you work for, how long you have been affiliated with said organisation, income, etc.
Step 4: Enter Your Bank Details
Your bank account details are essential for the lenders to determine where your loan is to be disbursed if approved and your financial point of operation. The net banking facility on your primary savings account must be active, where you receive your salary. Giving information for the bank account where you receive salaries is essential for the lenders to keep track and cross-check the information provided underemployment.
Step 5: Gather Required Documents
After verifying your eligibility and providing all the necessary details, the most foundational aspect of personal loan applications is submitting all the documents correctly. You must update your current address on all copies. These documents enable the lender to understand your repayment capacity and creditworthiness. Therefore, impacting the status of your online loan application to quite a large extent. The specific required documents are-
- PAN card
- Income proof
- Identity proof
- Bank statement of the last six months
- Age proof
- Address proof
- A recent, coloured passport size photograph
You must have original, hard copies of your primary documents, all with the current address. It is needed to be able to complete the video KYC process. Having scanned copies of your original documents is also a prerequisite when using online apps to avail of a contactless personal loan. Since there is no one-on-one interaction with the lenders, you need to have your soft copies handy to make the uploading process faster.
Step 6: Final Stages
After reading it thoroughly, all that is left to do now is click on the “Agree” button for terms and conditions. Once you have read and understood them, click on “Agree” and then “Submit”.
Apart from the guide mentioned above, an eligibility calculator is a great way to estimate your expenses. Download your favourite loan app or visit your lender’s website now and access all the facilities that make loan taking a simple process! It helps you understand the kinds of loans you are on the lookout for.
Additionally, ensuring you meet the eligibility criteria for your loan amount expedites the approval process. When you choose the online method, you can get instant approvals and disbursals, making this a highly efficient way of availing of a loan.