Clix > Personal > Step-By-Step Procedure for an Online Personal Loan Application

Step-By-Step Procedure for an Online Personal Loan Application

Clix November 9, 2021

 

Anyone who is eligible for an offline, regular personal loan from a bank is also eligible to apply for a personal loan online. Whether you are a self-employed professional or a salaried employee, you may avail an instant loan on Aadhar card and PAN card with easy terms and conditions.

Personal loans are unsecured loans that you may use to cover any of your planned or unplanned expenses. You will find many NBFCs offering easy personal loans for varied purposes. You can compare and avail one according to your requirements, preferences, and budget. The easy availability of personal loans online has made them easy and fast to avail. However, go through this step-by-step procedure before making your loan application.

Decide the Loan Purpose and Amount

The first step is to decide the purpose for which you are taking the personal loan and deciding how much loan amount you require. Many NBFCs offer generous loan amounts that might be more than sufficient to cover your expenses. However, that does not mean you must apply for the entire loan amount you are eligible for. After all, taking a higher loan amount will only increase your interest outgo and add to your debt burden. Therefore, firstly, decide why you want the loan and how much.

Personal loans are available for a variety of purposes including home renovation, wedding, education, vacation, debt consolidation, or medical emergency. You can decide your purpose and calculate the expenses to determine the loan amount you require.

Know What is the Eligibility for Personal Loan

The next thing that comes on the checklist is to find out if you are eligible for a personal loan or not. Eligibility conditions may vary from one lender to the other. However, most of them look into common factors like the borrower’s age, income, employment, credit score, DTI ratio, and others. For instance, if you apply for a personal loan from Clix Capital, you need to fulfil the following conditions:

    • You should be 25 to 58 years of age
    • You must be a citizen of India
    • You should be a salaried individual drawing a salary of at least ₹ 25,000 every month
    • You should be working with your current employer for at least 6 months, and you should have a total work experience of at least 12 months

Fulfil the Documentation Requirements

If you are eligible for a personal loan from Clix Capital, these are the documents you will need to share with the lender:

    • Duly filled online application form
    • Recent passport size photograph
    • Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
    • Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
    • Income proof, including your last month’s payslip or current year’s Form 16

Since Clix Capital offers an instant loan on Aadhar card and PAN card, you don’t need to upload or submit your documents anywhere. If your KYC is updated with Aadhar or PAN, you can get your documents verified online within minutes using your KYC details.

Check Credit Score

Since easy personal loans are collateral-free loans that you can avail without providing any security, guarantor, or collateral, lenders give due importance to your credit score to verify your credibility. A credit score is a 3-digit number that you receive based on your credit history and repayment habits. Ranging from 300 to 900, the higher score you have, the easier it will be for you to get instant loan approval. So, stay consistent with your credit card bills and loan EMIs, manage your money well, and improve your credit score to get easy loan approval within minutes.

Some of the sure-shot ways of improving credit score include keeping expenses under control, paying credit card bills and loan EMIs on time, reducing the debt-to-income ratio, keeping credit utilisation ratio down, and retaining old credit cards and accounts to prolong your credit history. Diversifying your credit profile with different types of short-term, long-term, secured, and unsecured loans can also improve your credit score. Check your credit score and take the above steps to maximise it and get loans easily.

Opt for the Right Repayment Tenure

Personal loans come with flexible repayment tenures that you can choose according to your income, budget, and repayment capacity. For instance, Clix Capital allows you to choose a repayment tenure of 12 to 48 months. The longer loan tenure you select, the smaller will be your EMIs, but the higher will be your interest outgo. However, if you choose a shorter loan tenure, you will end up saving big on the interest outgo, but the EMI amount may be higher.

Personal loan EMI calculator is an excellent free-to-use tool, with which you can know the EMI amount you will need to pay every month and choose your loan tenure according to your repayment capacity. Selecting the right repayment tenure helps in paying EMIs regularly. As a result, you improve your credit score further, and it becomes easier for you to avail more loans in the future.

Choose the Best Lender

You will find many NBFCs and financial institutions providing easy personal loans. However, you need to compare them based on multiple factors so that you can make an informed decision regarding your lender. Apart from the loan amount and interest rate, other factors that you must consider include eligibility conditions, documentation requirements, application procedure, loan approval speed, customer service, fees and charges, and repayment term. With some research, you can scout for the best lender offering you the most lucrative loan deal.

Are you looking for an instant loan on Aadhar card and PAN card? Apply for a personal loan at Clix Capital and get the required funds instantly within 15 minutes*. With online application procedures, easy eligibility conditions, minimal documentation requirements, and flexible repayment terms, you can meet your personal expenses in time. Fill out our online loan application form, and our customer representative will contact you soon for the next steps.

For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp

You can also reach out to us at hello@clix.capital or call us at 1800 200 9898

* T&C Apply

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