If you understand what personal loans are and want to borrow one for your cash needs, you should also understand the eligibility criteria before applying. If you’re looking for information on personal loan eligibility and the application process, this is the place to be. Because personal loans are a relatively new concept for many people, and most people do not understand how they work, this article will serve as your ultimate guide to personal loans. You’re probably curious about who can apply for a personal loan and how much money you can borrow without much paperwork, and this is where your search ends.
We will look at what personal loans are, how to apply for personal loans online, a personal loan eligibility calculator, and the benefits of borrowing this loan in this article. By the end of this article, you will be able to determine your eligibility for a personal loan and apply for one using online platforms. We will also introduce you to Loaney, a reputable and best-in-class online platform for personal loan borrowing.
What exactly is Loaney?
Many people believe that borrowing money is a time-consuming process that requires you to queue outside lenders’ or banks’ offices, present a large number of documents, submit collateral, and then work even harder to repay the amount plus interest. People also believe that once you borrow money, you become trapped in a cycle of repaying and borrowing. While this may have been true in the past, it is no longer the case for personal loans that can be applied online.
Financial services and banking have shifted to the digital realm, as have money borrowing and lending. Loaney is one of the most dependable and trustworthy digital platforms for obtaining personal loans.
Loaney is an online platform that provides personal loans of up to Rs. 15,000 to its customers. This loan has a very low-interest rate and a short repayment period. When applying for a personal loan on this platform, you do not need to provide collateral, a guarantor, or even explain why you need the money.
There is no paperwork or proof of income required, and you can easily register yourself with just a few readily available documents and a few clicks. Loaney is a quick and safe way to get a personal loan. You can also check your personal loan eligibility and then apply from the comfort of your own home for an instant personal loan that is approved in a matter of minutes.
Let’s look at what an instant personal loan is and what we need to know about it before applying for one and borrowing the necessary amount.
What exactly is a personal loan?
Unlike traditional loans, loans can now be obtained without submitting collateral. This is referred to as unsecured debt and is referred to as a personal loan. As the name implies, the amount borrowed as a personal loan can be used for the borrower’s personal needs.
You do not need to present a guarantor when borrowing any amount of money as a personal loan, nor do you need to submit a large number of documents to apply for one.
One of the most appealing features for most people is that the interest rate on these loans is low, and the repayment period is short. This type of loan has fewer eligibility requirements, and you can even find personal loans for students and self-employed professionals.
It is simple to apply for a personal loan. All you need is identification, a bank account linked to net banking services, and a mobile number. This makes it a better option for housewives, self-employed people, small business owners, students, and others who may not be able to obtain a salary slip.
Because you do not need any documents that may be difficult to obtain, this loan is useful for emergencies where you may not have much time before the money is needed.
A personal loan can be used for a variety of reasons, and your lender is not required to know why you are borrowing the money. The borrowed funds can be used for any emergency expenses, debt consolidation, or even investment.
In the following section, we will look at the different types of personal loans, which will help you understand why people borrow money. Also, read about what is working capital.
Personal Loan Varieties
As previously stated, borrowing a personal loan does not require a specific reason. You can easily apply the money you borrowed for a variety of purposes. Let us look at some of the reasons why people borrow personal loans and what types of personal loans are available.
- Consolidation of Debts
- Higher Education or International Education
- Investing in a vacation or a foreign trip
- Putting money into your small business
- Keeping track of wedding expenses
- Remodeling your dream house
- Purchasing new equipment or gadgets for yourself or your business
- Emergencies in Medicine
- Purchasing a new vehicle
- Getting rid of credit card debt
- Enhancing your credit score
Everything You Need to Know About Personal Loans
In this section, we’ll go over the essentials of personal loans, such as how to apply for one. The documents needed to apply, and the personal loan eligibility criteria.
A personal loan can be easily applied for while sitting at home. You do not need to visit numerous banks or lenders in order to apply for and receive approval for a personal loan. You can use Loaney to register and then apply for a personal loan by following these steps:
- The first step is to enter your personal details and information. Check that the information is accurate and genuine. This information must be entered into the application form for a personal loan.
- The website reviews your completed application form and verifies all of the information.
- The final step is to lend the money once it has been approved. The funds are transferred to your bank account and are available for withdrawal as needed.
When applying for a personal loan on Loaney, you must provide the following documentation:
- Aadhar Card, Pan Card, and the mobile number associated with it
- A screenshot of the applicant’s bank account number with net banking
Calculator for Personal Loan Eligibility
Before applying for a personal loan, you should be aware of your eligibility. Personal loan eligibility will differ depending on whether you are a student, a working professional, or a stay-at-home mom. You must use an online personal loan eligibility calculator to determine your eligibility criteria. The following are typical eligibility requirements for a personal loan:
- You must be an Indian citizen who is at least 18 years old.
- You must have a Pan Card and an Aadhar Card, and you must earn at least Rs. 25-30k per month.
- A CIBIL score of 750 or higher on a scale of 300 to 900 is required.
A CIBIL score is a record of your credit card and borrowing activities over time. A good credit score can help you get a personal loan quickly. This score can be improved by keeping credit card expenses under control and paying bills on time.
These are the general eligibility criteria for personal loans. To apply for a personal loan on Loaney, you must be an Indian citizen of 18 years or older and have a Pan Card and an Aadhar card. You can also use an online personal loan EMI calculator to check your eligibility and other details.