How to Get a Personal Loan Without Visiting a Branch
It’s mid-month and an unexpected medical emergency strikes. You don’t want to dip into your savings, but you need funds, fast. In such moments, the last thing you can afford is running to a lender or drowning in paperwork.
That's outdated now. Today, many NBFCs offer online personal loan application services, so your loan gets approved without you visiting the branch.
So, go through this breakdown on how to get a personal loan without even visiting the branch, and apply for one today!
How to Get a Personal Loan Online in 8 Steps
With some easy steps and the right documents, you can easily apply for a personal loan online.
Here's what to do -
Step 1# Identify the Loan Amount
Assess how much funding you need to deal with the emergency. Set up an approximate value if you cannot identify the accurate amount.
Step 2# Research and Compare Your Options
Compare loan terms, interest rates, eligibility criteria, and customer reviews to pick the lender that aligns with your loan requirements.
Step 3# Check Eligibility
To evaluate your personal loan eligibility, financial institutions set up certain standards. While the criteria vary from lender to lender, here are some common requirements -
● Income - Minimum of ₹15,000 per month
● Age - Between 21 and 58 years
● Credit score - 750 or above
● Employment status - 6+ months working with the current employer for salaried individuals and 2+ years of business operations for self-employed individuals
● Citizenship - Indian
Other than these, lenders determine your type of job and existing debts to further assess your creditworthiness.
Also Read - What’s a Good Credit Score to Get a Loan?
Step 4# Gather Necessary Documents
Documents aren’t just formalities. They help lenders find the best amount suited to your profile.
Here are some common documents you might need -
For salaried individuals:
● Photo identity, such as a passport, Aadhaar card, PAN card, driver's license
● Filed loan application form and a passport-sized coloured photograph
● Six-month salary slips, along with the bank account statement and Form 16 as income proof
● Appointment letter from your current employer
● Driver's license, utility bill, Aadhar card, passport as proof of residence
For Self-employed individuals:
● PAN card, Aadhar card, driver's license, or passport as photo identity proof
● Filed loan application, along with a passport-sized coloured photograph
● Six-month bank statement and ITR for the last 2 years as proof of income
● Utility bill, rent agreement, maintenance bill, property documents as proof of residence
● Tax registration copy, the company's registration certificate, shop establishment proof
Note - Many NBFCs like Hero FinCorp offer a fully digital, paperless personal loan process, making borrowing simple, fast, and stress-free. You can apply anytime, anywhere, without the piles of paperwork needed.
Step 5# Calculate EMI
Use a personal loan EMI calculator to calculate the installment and manage finances better. Just enter these details to calculate the amount -
● Loan amount
● Tenure
● Interest rate
This helps you plan the loan amount and tenure according to your financial needs.
Step 6# Fill Out the Online Application Form
Download the personal loan app and fill out the application form to get the personal loan. Enter accurate details about yourself, your financial situation, and the loan purpose.
Step 7# Video KYC
The lender will then verify your documents and eligibility. This may include a video KYC to validate your identity.
Once done, enter the loan amount and tenure and submit the application.
Step 8# Loan Approval And Disbursal
Once you apply, the lender verifies the details and checks if they can approve the loan. If approved, you will receive the loan amount directly into your bank account. The lender will also confirm the loan approval through SMS/email and an offer letter with the loan details, including:
● Loan amount
● Interest rate
● EMI schedule
● Loan terms
If the application is rejected, apply again after resolving the rejection reasons, which can be either of the following -
● Low credit score
● Too many existing debts
● Document and information discrepancies, or others
Turn Eligibility into Approval
With the convenience of applying for a personal loan without visiting a branch, it's stress-free to get quick access to funds when you need it the most. Complete the process anytime, anywhere, and stay focused on what matters most: being there for your loved ones when they need you.
Hero FinCorp makes it simple to apply for a personal loan online. You get flexible loan terms, instant approval, and quick disbursal. Apply now and deal with financial emergencies seamlessly.
Frequently Asked Questions
1. What is the eligible loan amount range?
The personal loan amount usually ranges between ₹15,000 and ₹5,00,000. Assess your requirements and eligibility and identify the ideal loan amount within the range.
2. Can a personal loan be closed early?
Yes, you can close your personal loan early by paying the outstanding amount and getting a No Objection Certificate from your lender.
3. How to check the application status of a personal loan?
You can check the application status from the website, app, or customer service of your lender.
Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented here is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.
