How to get a Personal Loan without visiting the bank?

When you need funds urgently, finding a source of immediate money is essential. Bank loans make life easy by offering you the money you need to fulfil your goals. However, lengthy documentation procedures can come in the way and cause stress and unnecessary delays. 

A personal loan is one of the most flexible ways to meet your financial needs. You can take it for various reasons, and the lender doesn’t interfere with how you spend the money. Indeed, personal loans online can be a godsend, but it is important to find online loans that promise a hassle-free application process and quick disbursement.

Read on to find out how to get loans online without having to step out of the home.

Look for a reputable loan provider

Nowadays, several lenders let you apply for a loan online without needing to meet a bank representative in person. You can submit all your documents from home by scanning soft copies, which can be very convenient, especially if you have a hectic schedule. You could even fill up the application form during office breaks. The turnaround time for banks like IDFC FIRST Bank is quick, and the required funds can be credited to your account without delay. The IDFC FIRST Bank offers personal loans of up to Rs 1 crore, with an affordable interest rate starting from 10.49%.

Have a good credit history and credit score

A credit score is a three-digit number (calculated out of a total of 900) that indicates your creditworthiness. The higher the score, the more capable you are of settling your debts on time. This reassures the bank that you will not default on your payments during the loan term. If you maintain a positive credit score, you can easily qualify for a personal loan online without meeting a bank representative in person. Paying your bills on time and not taking too many loans can help you achieve a favourable credit history and score.

Maintain a high account balance

Maintaining a high monthly balance in your savings account or having a stable source of monthly income ensures the bank of your repaying capability, making them more than willing to lend you a personal loan. In some cases, you may also pre qualify for a loan. Having a high account balance has several benefits. First of all, it helps in an emergency. Secondly, it makes you an excellent candidate for a loan. And lastly, it makes you eligible for a higher savings bank interest rate, which grows your wealth faster. So, if you are looking to get a personal loan online, do not neglect your monthly account balance.

Conclusion

Handling your money judiciously, paying all your bills on time, and maintaining a decent account balance can help you get personal loans online without delay. In fact, by following these tips you can get the funds within one business day.

IDFC FIRST Bank offers personal loans that you can apply for digitally through a paperless online process. So go ahead and apply for a loan today and cover all your short-term financial needs!

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.