14 MARCH, 2022

Personal loans can help solve many financial problems. You can pay for an emergency medical expense, consolidate your debts, pay for your travel plans, fund your child’s education or marriage and even renovate the house with the money. The best part is anyone can get a personal loan by applying for it in a few simple steps. However, though the application process is quick and easy, applying for a personal loan is much more than just filling out the application form. Continue reading for a detailed guide on applying for personal loans.

 

  • Check your eligibility

If you are not eligible for the personal loan, the lender can reject your application and deny lending you any money. Therefore, before applying, you must check the personal loan eligibility. You can either check it from the lender's website or contact their representative. While checking your eligibility, lenders consider your age, income, employment history, occupation etc. 

 

  • Check the charges and interest rates

There are a few changes that you need to pay, like administration charges, processing fees, etc., while availing a personal loan. Along with interest rates, you must take notes of these charges as well. 

 

  • Collect documents

Often the lenders reject the application when they find that the documents furnished are incomplete, wrong or inadequate. You must know that application rejections can adversely affect your credit score. Therefore, before filling out the application form, ensure to collect all your documents and check them for updated and accurate information. You would need documents like identity proof and address proof (Aadhaar card, Driving license, PAN, Voter ID, utility bills, etc.). You also need income documents like salary slips, bank passbook, Form 16, income tax returns, etc. If you are applying online, you will need to scan these to upload with the application form. 

 

  • Calculate your EMI and interest amount

You must determine the amount of loan you need beforehand. For that, ensure to assess your expenses and future needs. The loan you avail should be affordable and within your budget. Using an EMI calculator can help you make decisions faster. You can check your monthly interest rates and EMI with this calculator and ascertain your affordability. You can also know the total repayment amount and decide your tenure based on it.

 

  • Fill out the application form

The last step is filling out the application form. You can visit the website to fill out the application form online or visit the branch. All you have to do is click on “apply now” and fill in the required details like name, age, contact details, etc. Upload the documents and click on ‘submit’. The lender's representative will contact you for further formalities. Once your application is approved, you will get a notification through mail or message.

 

Once the documents are verified, and your loan application is approved, the loan amount will be disbursed within a few hours. Ensure that you keep the loan documents safely for further correspondence with the lender. Wait no further, and apply for personal loan today.

How applying for a personal loan is more than filling the application form. Explained Here

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.