Different people apply for a personal loan for various reasons – someone will want the extra finance to renovate their homes, someone else will want it for paying off emergency medical bills while someone else will want the personal loan for living their dream of the perfect grand wedding. But you don’t secure a loan on a whim. It is a well-thought-out process and there are multiple factors to consider. Here are some things to keep in mind while applying and securing a personal loan:
Things to Keep in Mind While Getting a Personal Loan
- Loan Amount: Always consider how much you can pay from your pocket before applying for a personal loan. A higher amount means a greater interest and a bigger debt that you will have to pay off. Even if your good credit score is making it possible for you to borrow a bigger sum, don’t accept without considering your savings.
- EMI Plans: You will want to choose a lender who offers a certain level of flexibility in paying off the debt. Options for Equated Monthly Installments (EMI) plans should be such that you can pay off the loan without leaving your bank account empty.
- Credit History: Know where your credit score stands before applying for a personal loan. A low credit score will get a small loan amount (or have your loan application rejected) whereas a good credit score can open more doors for you. Since the credit score is the deciding factor for most lenders, make sure to stay in the green zone and not pose as a risk.
- Required Documents: Applying and securing a loan requires certain documents for verification. These documents range from Identity Proofs to Payslips to Photographs to Income Tax Returns. Always keep physical and digital copies of important documents so that you do not have to go hunting for them when the time comes. Go through the entire process and make a note of the necessary documents that you will require.
- Credibility of Lender: Beware of fly-by-night operators! While most money lenders are credible and authentic, many are out there to scam you. Before applying for a personal loan or submitting documents, make sure you check the credibility of the lender. Read the reviews and weigh the positives and negatives before taking any step.
- Disbursement Time: Generally, a loan is taken during emergencies and you would like to get approved as quickly as possible. Consider lenders who are quick in disbursing the loan amount so that you do not have to waste any time getting approved.
- Interest Rate: Always go for lenders who offer lower interest rates. Higher interest rates mean you will have to pay more even if the personal loan amount is small. A small difference in interest rates would mean significant difference in loan costs. Also, the interest rate is decided based on factors like your credit history, income, etc.
- Consider Your Options: Don’t go for the first option you come across. Do your research and weigh all your options before making any decision. There are many options available in the market, each offering a different USP so take note of your requirements and see which option is most suitable for you.
Getting a Personal Loan From PaySense
PaySense is an instant loan app that meets all your financial requirements almost instantly. Getting a loan from a bank is a long process. But with PaySense, you can secure a personal loan immediately. What’s more, these personal loans offer EMI plans that are suitable and affordable. You can try the EMI Calculator and see what is the approximate EMI amount you will be paying against the required loan amount. Low interest rates, flexible repayment tenures, minimal and one-time documentation, instant processing, and quick disbursal – all these benefits makePaySense a suitable instant loan app for securing a loan.
How to Apply for a Personal Loan on PaySense
To apply for a personal loan on PaySense, some steps need to be followed. Here’s what you need to know:
Check Eligibility: You need to ensure that you fit the below mentioned criteria to get a personal loan.
- Should be a resident of India
- 21 years to 60 years
- Mention employment type (salaried or self-employed)
- Minimum Monthly Income should be ₹18,000 for salaried and for self-employed
- Location (PaySense is available in 50+ cities)
Upload required KYC Documents: The documents that you will need to submit or upload for the personal loan are
- Proof of Identity (PAN Card or Aadhaar Card)
- Proof of Address (Aadhaar card, Rental agreement, Utility or Postpaid bills)
- Proof of Income (Last 3 months bank statements)
- A Selfie (Clear photograph)
Link bank account for loan disbursement: Once your personal loan is approved and the application procedure is complete, the money will be transferred to your account in no time.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs