5 tips for how to get a Personal Loan without any hassle

A personal loan is more than a form of credit. You can call it a saviour, guardian angel, or hero - the loan has that many benefits! You can use it for travel, home renovation, wedding expenses, or buying your favourite electronics. The scope is wide, and the repayment options are aplenty. However, the process can be overwhelming sometimes, especially if you do not know where to start and what to do. You can calculate personal loan EMIs through online tools but, you must also consider the ins and outs. Thankfully, these six tips on how to get a personal loan can help. Keep reading to know more. Use financial free tools to calculate personal Loan EMI. However, the process can be overwhelming sometimes, especially if you do not know where to start and what to do. Thankfully, these six tips on how to get a personal loan can help. Keep reading to know more. 

1. Understand the process
 

Every bank or lending institution has a unique personal loan process. Understanding the process and being prepared can ensure you get your funds quickly. When you apply for a Personal loan online, the lender will likely check your employment status, bank statements, credit report, etc. When you zero in on a lender, go through their process before initiating the application. You can do this by checking the lender’s website, contacting their representative at the branch, or via customer care by phone or email.

2. Understand the documents
 

When you apply for a personal loan, the lender will ask for some documents to verify your identity and financial status. For example, if you apply for the IDFC FIRST Bank’s personal loan, you will need to submit a copy of your PAN, an identity/address proof like Aadhaar Card, Voter’s ID, Passport, etc., three months’ bank statement, and net banking or debit card details to set up an e-mandate. As long as you have these documents ready, you can get a personal loan of up to Rs 1 crore without any trouble.

3. Start planning early
 

One of the most helpful tips for applying for a personal loan is to plan. If you have an emerging financial need, start researching in time. Compare different loan options to understand the best fit for your requirement. Take a look at your savings to compute the money you need from a loan. Think about the loan payment and the time it will take you to repay it. Planning these details can help you pick the right product and avoid unnecessary confusion and doubt.

4. Plan your budget to accommodate the EMI
 

It is important to make a financial plan to accommodate the monthly payments for the loan in your budget. You may have to curb some of your expenses to ensure timely settlements temporarily. You can also use separate savings account for your loan repayments to avoid lapses or delays. You can also invest your money simultaneously and use the returns to repay your loan.

5. Talk to financial experts

Talking to an expert always helps if you are stuck in a financial situation you cannot understand. Whether it is picking a suitable loan, planning the repayments, or understanding the impact of interest rates on your future financial status, an expert, such as a financial advisor, can help you.

To Sum it Up

Knowing how to get a personal loan quickly is all about these simple hacks. You do not need to go out of your way to do anything. Mere research, comparison, planning, and, if necessary, some expert advice can do the trick.

Remember to follow these personal loan tips and tricks and pick a lender with a simplified loan process, such as the IDFC FIRST Bank.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.