How to get a personal loan
Finance

How to get a personal loan in quick 6 steps

When in dire need of money to fulfill your emergency expenses and to support yourself during that period, all you need to do is apply for a personal loan. A personal loan is what you need to get yourself out of bleak situations. It fulfills your short-term needs created due to windfalls. It is a form of an unsecured loan. Finnable provides individuals with a platform to apply for a personal loan.

Apply for personal loan with Finnable as it provides a time-saving solution, and its easy compliances make sure your experience is smooth. Here is the procedure that will allow you to obtain a personal loan from Finnable:

  1. Eligibility criteria: For an individual to be eligible to apply for a personal loan from finnable, he/ she should meet the following requirements:

He/ she must be an Indian citizen employed in the private or the government sector and is receiving a salary in a bank account. The individual must have experience of 6 months minimum and should have been working in their current organization for more than three months. If an individual is residing in a tier-1 city, then their salary should be more than Rs. 20,000 per month, whereas the same requirement for someone living in a tier-2 city is around Rs. 15,000 per month. If you meet these criteria and are in need of funds, you can apply for a personal loan. Individuals falling within the age group of 25 to 45 years are eligible to apply for a personal loan along with meeting other requirements.

If you are someone who is self-employed, then you will not be eligible to apply for a personal loan. Finnable does not provide business loans, commercial loans or loans on the property. 

  1. The documents that you will require prior to your application are a bank statement of your salary account, Aadhaar card, PAN card and 3 months’ payslip. 
  1. Now coming over to the application process. Begin with going to the Finnable website. Sign up and create your profile. Provide all the necessary and correct information that is required for the application. The process will require you to provide your employment status and related information. 
  1. Once you do this, you can select the product that you want to avail of from Finnable. Here, the product is a Personal loan. Once you do this, you need to determine the terms of your product. The terms include determination of loan type, loan amount and tenure of the said loan. The tenure for the loans may range from 6 months to 60 months. The rate of interest ranges from 16% to 26%.

If the user is borrowing for the first time, they may not need a CIBIL score, but they should meet the basic requirements and conditions. In cases where a borrower exists, a CIBIL score of 675 is a must.

  1.  The turnaround after the personal loan has been applied for is around 2 hours. The service is quick, and a user can avail of loans up to Rs. 10 lakhs and EMIs are also flexible as well as provide the user with rewards at times. 
  1.  A user can foreclose the loan only after a period of 6 months. If the user is unable to do so, then he/ she will be charged with a penalty that will be applicable as per company policy.