How to get a Personal Loan in 5 easy steps?

Thinking of travelling around the world or even planning for the perfect wedding? Opt for a Personal Loan to make your dreams come true.A Personal Loan has flexible repayment terms and usually no security or collateral is required.Here is a five-step guide on how to get a Personal Loan. From documents required to how to apply for a Personal Loan, we have all the angles covered:

Step 1: Determine your requirement
Figure out why you need a Personal Loan and how much you need. For example, you may need a loan to fund your wedding or to renovate your home.

Step 2: Check loan eligibility
Once you know how much you need, you should check whether you are eligible.

Step 3: Calculate monthly instalments
Use an online tool to calculate your approximate loan repayments every month. You can modify the interest rate and tenure to match your monthly income.

Step 4: Approach the bank
You can apply for a Personal Loan with in a variety of ways: for example, online on the bank’s website , at an ATM or by visiting a branch.

Step 5: Submit documents
Next find out what documents are required for a Personal Loan. Usually, you will need income proof (bank statements, salary slips or IT returns), address proof and ID proof. Hand over copies of your Personal Loan documents at the bank.

That’s how to get a Personal Loan in 5 easy steps!