The festive season is here, and it is that time of the year when you celebrate these festivals with joy, celebrations, and togetherness with your loved ones. Whether you are planning to surprise your loved ones with thoughtful gifts, give your home a festive makeover, or embark on a holiday adventure, having some extra funds at your disposal can make the season even more special. If you find yourself in need of financial support, do not worry, an Instant Personal Loan can be your saviour.
Let us explore the following 10 steps to help you apply for an instant personal loan this holiday season, ensuring you have the means to make your celebrations truly memorable:
STEP 1: KNOW YOUR FINANCIAL NEEDS
First, you should figure out how much money you need. You can make a list of all the expenses you anticipate during the festive season, such as gifts for loved ones, decorations to adorn your home, and any travel plans you may have.
STEP 2: CHECK YOUR CREDIT SCORE
Your credit score affects your loan approval and interest rates. You can check it out for free online. Your credit score should be 750 or above. If it is not 750 or above, you must work on improving it before applying for a loan for easy loan approval.
STEP 3: FIND THE RIGHT BANK OR FINANCIAL INSTITUTION
Different banks or financial institutions have different offers. You can compare the banks or financial institutions offering personal loans based on several factors, such as their interest rates, terms, and who they lend to. Select the one that suits your needs best.
STEP 4: GATHER IMPORTANT DOCUMENTS
Banks or financial institutions need the following documents to prove your eligibility for a personal loan to streamline the personal loan application process:
- Proof of Identity (ID):
- Passport
- Driver’s license
- Voter ID card
- Aadhaar card
- Proof of address:
- Utility bills (electricity, water, and gas)
- Rental agreement
- Bank statements with your address
- Voter ID card (if it includes your address)
- Proof of income:
- Pay or salary slips
- Employment offer letter or employment contract
- Income tax returns (ITR)
- Bank statements showing regular income deposits
- Form 16
- Employment Verification:
- Employment verification letter from your employer
- Financial Documents:
- Bank statements for the last 3-6 months
- Income and expenditure statements
- Assets and liabilities statement
STEP 5: SELECT THE SUITABLE LOAN TYPE
When it comes to covering festive expenses, an unsecured personal loan might be the ideal choice for you. You do not need to provide any collateral to get this loan. But remember, you should pick the one that matches your needs best. Read and understand the loan terms, interest rates, and repayment plans associated with your chosen loan carefully. With these details, you can make a well-informed decision and choose a loan that aligns perfectly with your requirements.
STEP 6: EASY ONLINE APPLICATION
Most banks or financial institutions offer online applications, making it simple and convenient. Fill out the form accurately, providing all the required information and documents. You should double-check for errors before submitting. Just complete the form carefully, providing all the required information and documents. Ensure that you review everything before hitting submit to avoid mistakes.
STEP 7: REVIEW AND COMPARE LOAN OFFERS
After applying, the financial institution will send you loan offers. You should review the loan offers carefully by considering factors such as interest rates, loan amounts, and repayment terms. You can also calculate your monthly EMI for the required loan using a Personal Loan EMI Calculator. You can also compare offers from different lenders to find the best one for your needs.
STEP 8: ACCEPT THE BEST LOAN OFFER
After reviewing the loan offers, you should choose the one that suits you best. Read the loan agreement carefully before signing. Understand all the terms and conditions before proceeding any further with a personal loan.
STEP 9: LOAN DISBURSEMENT
Once you have accepted the loan offer, the lender will transfer the money to your bank account after completing the necessary procedures. It might take a few days, so be patient. Remember to use the funds for your festive needs, not unnecessary spending.
STEP 10: PLAN YOUR REPAYMENTS
You should carefully plan how you will repay the loan. You can set up automatic payments or reminders, which can help avoid missing any instalments or EMIs. Timely repayments help maintain a good credit score and save you from extra fees.
WRAPPING UP:
Applying for an Instant Personal Loan during the festive season is easy if you follow these ten steps. With these steps, you can navigate the world of personal loans with confidence, ensuring a joyous and financially stress-free festive season for you and your loved ones.