How to Secure a Personal Loan Online Quickly: A Step-by-Step Guide

Personal loans are a convenient way of addressing any urgent financial needs since lenders do not usually require any collateral from borrowers. Now, there are different types of personal loans that you can opt for based on your specific requirements. For instance, IDFC FIRST Bank offers FIRSTmoney, which is a smart personal loan through which you can get funds of up to Rs. 10 lakhs instantly based on your eligibility.

FIRSTmoney loans offer flexible tenures stretching from 2 months to 60 months and involve no foreclosure charges should you choose to pre-close your debt. However, before applying for a personal loan, you need to make sure that you meet the lender’s eligibility criteria. Read on to know more about how you can secure a personal loan with ease!

Steps for securing a loan online –
 

You can apply for personal loans online by following a series of 8 simple steps –

1.  Check if you are eligible for the loan:

As the first step, you must check if you are eligible for the loan offered by the bank. Different banks follow different eligibility criteria for their loans. To qualify for IDFC FIRST Bank’s FIRSTmoney loans, you should be a salaried employee or self-employed individual, aged between 21 and 60 years, and have a CIBIL score of 730 or above.

2.  Research lenders and compare them online:

You can research lenders online using a personal loan EMI calculator and compare them to decide on the personal loan that suits you best.

3.  Gather the required documents:

You only need to present your physical PAN card while completing the video KYC process while signing up for a FIRSTmoney personal loan. You don’t have to upload any documents during this process.

4.  Complete and submit your online application:

You must then complete your online application. To sign up for a FIRSTmoney loan, you can start by scanning the QR code on the FIRSTmoney page, register with your mobile number, check your eligibility, choose your loan preferences, and await IDFC FIRST Bank’s approval.

5.   Accept the loan offer and receive funds from the bank in your bank account:

Once the bank approves your loan offer, you must go through the offer and check if the loan amount and interest rate aligns with your preferences. After your acceptance of the online personal loan offer, the bank transfers the amount to your bank account. 

Tips for successful applications –
 

Here are some tips that can help you get a better personal loan offer while applying for an online personal loan –

• Check if the loan amount is sufficient:

Firstly, you must check if the loan amount mentioned in your personal loan offer is sufficient, affordable, and if it helps you meet your financial objective. If it isn’t, use a personal loan calculator and check if a longer tenure can make your EMIs more affordable.

• Maintain a good credit score:

Banks generally prefer individuals who have a high credit score while offering personal loans. FIRSTmoney loans, for instance, requires you to have a minimum CIBIL score of 730+ to be eligible.

• Compare interest rates and research online before applying:

A personal loan EMI calculator can help you find the right loan terms by comparing various personal loans online. You need to carefully evaluate the interest rate, EMI value, features offered, and the quality of the bank’s mobile banking services before going ahead and applying for the loan.

• Understand your personal loan repayment capacity:

You must have an accurate understanding of your ability to repay a personal loan before signing up for it. Use an online personal loan calculator, calculate your EMIs, and check if those EMIs are affordable for you. You can also use these calculators to plan for the repayment of your personal loan.

In conclusion,

To secure an online personal loan, you should fix a financial objective, do your research online and check if you are eligible for the personal loan that you have selected. You must then submit the documents required and await the loan’s approval-related decision. With FIRSTmoney, all you need to do is to complete the video KYC process using your PAN card and not worry about submitting any documents.