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Posted on Monday June 17th, 2019

Before getting into how you can Apply For Loans Online let’s get this clear, that these are personal loans. Personal loans are a type of loan that is collateral-free. So there is one thing you do not have to worry about. Due to this reason, many young professionals opt for this type of loan during an emergency.

Along with its benefits, it also comes with some disadvantages, like the interest rates are really
high on this kind of loans. The interest rate could range from 13% to 24%. But there are other
extra charges as well. You may be required to pay a foreclosure fee, processing fee and may
even be charged for failing to pay off the loan in time.

You can Apply For a Personal Loan from any major bank in the country, although every applicant
is not eligible to receive a personal loan. The tenure could be as short as 5 months or as long as 5 years depending on the amount and the bank you are borrowing it from. Different banks have
different rules. Banks may take 3 or more days to approve of your request and process your loan.
There will be a lot of documentation work, which can be annoying for some and you need to
have a good credit record. If you are in a time crunch and need a loan to be sanctioned almost
instantly, there are other ways to do it. Instead of opting to get a personal loan from the bank,
there are many apps on the market that offer personal loans instantly. For these type of loans, you do not need any documentation, and everything is done online.

Applying for Instant Loans

If you are applying for instant loans for the first time, it is very important to choose the right lender. Choose a lender who gives you the maximum repayment time with the maximum amount. Applying for instant loans is easy; all you need is an internet connection and a computer.

1. Go to the site which offers instant loans.
2. Next, please enter the loan amount.
3. Next, you will be required to enter your personal details like your name, Pan number, email, etc.
4. After you have followed the above steps to the T, the lender will contact you for further communication, and you may be required to upload some documents for verification.
5. Once the documents are verified, your loan will be sanctioned, and you will get the money in your bank account.

Although you do not have to go through the huge amount of paperwork before getting the loan, you may still be required to provide a few documents for identity proof, address proof, and income proof. A Pan card or a driver’s license is enough as an identity proof, and for address proof, you can give your electricity bills or ration card or Adhaar. Uploading your last 3 months salary slip will be enough for income proof.