If anytime you need funds for fulfilling your life goals or other emergencies, you can always opt for a personal loan. They are offered by all banks and non-banking financial companies which covers a wide variety of expenses. The best part about such an investment is you can even opt for the digital application route. The funds get disbursed within 48 hours.

Types of loans:

There are personal loans for every need. You can apply for the following –

• Medical urgency: If you or a loved one need immediate medical attention or hospitalisation, you could opt for this.
• Wedding expenses: You can take the loan for varied wedding expenses such as the trousseau, jewellery, gifts, payment to caterers, decorators, photographers, etc.
• Travel: Fund the dream trip within India or abroad through the loan and pay for expenses such as flight booking, hotels, sightseeing, food, shopping, etc.
• Consumer durables: Apply for the loan to buy the latest consumer durables such as the smartphone, smart TV, refrigerator, play station, etc.
• Festival loan: Bring in the joys of the festive season such as Holi, Diwali, Eid, or Christmas by applying for personal loans and fund expenses concerning the festival.
• Home renovation: If you seek to remodel the house, apply for the loan, and pay for expenses such as house painting, furnishing, leaking ceilings, hanging wires, etc.

Eligibility criteria:

If you want to apply for personal loan online, you need to be eligible for the same –

• Must be an Indian resident
• Age group should be between 18 years to 65 years
• A salaried or self-employed individual
• Employed for a minimum two consecutive years and the salaried person working in a public or private sector company

Besides the mentioned criteria, you must hold a minimum credit score of 750-900 for availing the loan. Remember, the eligibility criteria could differ from one lender to the other.

Loan application:

The application process is simple and hassle-free. You can do so online and follow the steps –

• Check the eligibility using the eligibility calculator on the portal and find the maximum loan amount you are eligible for.
• Check for the personal loans section on the lender’s portal
• Fill the application form and attached the relevant documents such as ID, address, and employment proofs along with the credit score
• Submit to the lender

Once sent, the lender evaluates the application and documents. If found appropriate, the lender disburses the credit directly to your savings account, within 48 hours