Today’s technology allows you to borrow money online by following the most basic of processes. Instant online loans give you quick assistance in meeting any urgent or crucial financial goal or obligation. As long as you have a device that can connect to the internet and a stable network connection, you can apply for a personal loan anytime and anywhere. Here’s how to easily borrow money online for urgent needs.
Apply on your lender’s website or app
The first step in borrowing money online is to select your lender. To make the quick loan application process easier, check the eligibility requirements on various lender websites. Simply fill in basic contact details, financial and business information to see if you are eligible for the loan using an eligibility calculator.
For example, you can select your profile as “employee” and thus consult the eligibility conditions for a personal loan for employee candidates. This step serves as the first cycle of eligibility verification and can be completed in a matter of minutes. When you apply for credit after meeting specific lender conditions, it is easier and faster to get fast loans. You can also check the terms and use the calculators on the apps of various lenders and even apply using the app.
Choose personal loan variables like amount and duration
Remember to tailor the loan to your financial needs. The amount and duration of your loan are two important parameters. When choosing them, it is important to keep the repayment in mind. To do this, calculate your IMEs with an online calculator. For example, when you opt for the Bajaj Finserv personal loan, you can adjust the duration and amount of your loan on a convenient, simple and intuitive personal loan calculator. This helps you choose the ideal loan amount and repayment schedule so that you can pay IMEs on time and increase your credit score in the process.
Prove your eligibility with supporting documents
Once your application has been pre-approved based on your eligibility, you will need to provide supporting documents to allow the lender to verify your application. This process can be done online simply by uploading the required documents. Whether you want to apply for small loans or large sums, have your documents handy before proceeding with your application. This will further reduce the time it takes to borrow money online.
In most cases, you will need to submit basic KYC documents like a PAN card and passport, your proof of employment and income like an employee ID card, pay slips and bank statements. Once these documents are ready, complete the online application form and apply.
Get funds paid to your bank quickly
Once the lender has reviewed your request and you have received the green signal, all that remains is to disburse the funds to your bank account. This process normally takes place quickly. The best lenders deposit the amount in your bank within 24 hours of approval. This further adds to your convenience when borrowing money online for urgent needs.
Now that you know how to borrow money online, choose a lender known for their speed and ease of application. For example, Bajaj Finserv offers personal loans up to Rs.25 lakh with online approval within minutes and money in your bank within 24 hours of approval. With your comfort in mind, Bajaj Finserv allows you to repay your loan over a comfortable period of up to 60 months.
Additionally, you can take advantage of the Flexi loan facility on your sanction to further facilitate your repayment experience. With it, you can opt out of your sanction multiple times, depending on your needs, and only pay interest on what you use. Additionally, you can choose to pay only interest each month for the initial term of the loan and reduce your IMEs by up to 45%. It can be of great help when you focus on your urgent and unforeseen needs.
You can further speed up your application process by applying using pre-approved offers. View your pre-approved Bajaj Finserv personal loan offer today by entering some basic information and manage your urgent needs without having to dip into your savings.