How to Apply for a Personal Loan?

In today’s world, we may come across instances of unexpected expenses. It can be sudden medical expenses, funding for your next vacation or any other financial needs. In such circumstances, opting for an instant personal loan is an easy way to tide over this crisis. This form of loan is an unsecured loan and does not involve any collateral. They generally involve a quick disbursal process.

Read this blog to learn how to apply for personal loans and learn about their benefits and features.

An instant loan or quick loan is a form of personal loan that allows one to opt for a loan amount for a short period with a minimum steps involved. Through this, the borrower can get instant money in their bank account at an interest rate that is competitive with the interest rates charged by other sources of loans.

Quick loans can be helpful in cases of urgent financial requirements, such as student loans, medical payments, some immediate purchases, and marriage-related costs. However, people can also avail of these loans when they require a one-time payment and wish to repay it in EMIs, such as funding their next vacation or buying a bike.

To get a personal loan instantly, one needs to apply by following the steps given below:

Step 1: Visit the lender's website or mobile app.

Step 2: Go to the personal loans section.

Step 3: If you are an existing customer, fill out the application form. New users will have to complete the registration process and then fill out the application form.

Step 4: Fill in all the details and complete mobile or e-mail OTP verification. 

Step 5: Fill in the income details and KYC data.

Step 6: Select the loan amount. 

Step 7: Upload the relevant documents.

Step 8: Submit the application form. 

▶️Calculate your Personal Loan EMI here with Groww Personal Loan EMI Calculator

If you're wondering how to apply for a personal loan offline, this section is specifically for you. The following are some of the offline loan application methods-

Option 1: In-person

You can go to a branch of the bank where you want to get a personal loan. A completed application form must be submitted with all necessary supporting documentation.

Option 2: Through an Agent

Agents handle personal loan sales for banks. If you need advice, these agents are beneficial. They do receive a commission, though, which may have a minor effect on your interest rate.

To meet the financial needs of its customers, Groww has introduced the Groww Credit app. It brings the trust and reliability of Groww to the world of lending. Whether you need money for an emergency, a big purchase or just to manage your cash flow, we have got you covered.

Applying for a personal loan on Groww Credit app is simple and hassle free with no hidden charges. Here are the steps that you need to follow:

1. Download the Groww Credit app 

If you haven't already done so, download the Groww app from the Google Play Store.

2. Create an Account

Open the app and follow the on-screen instructions to create a new account. You'll need to provide basic information such as your name, mobile number, and email address.

3. Complete Your Profile

After creating an account, complete your profile by providing additional details like your date of birth, occupation, income, and address. This information will help Groww assess your eligibility for a personal loan.

4. Check Your Loan Limit

Once you've completed your profile, Groww will provide you with an estimated loan amount and interest rate based on your eligibility. 

5. Submit Your Application

If you're satisfied with the estimated loan terms, proceed to submit your loan application. Also, choose from various EMI options that suits you. 

6. Complete KYC

You'll need to provide additional documents as requested, such as proof of income, identity proof, and address proof. Groww will review your application and documents. If your application is approved, you'll receive a notification with the final loan amount and interest rate.

7. Disbursement

Once approved, the loan amount will be disbursed directly to your bank account within a few days.

Note: Groww Credit app is now available for Android users only. It will be available to the ioS users shortly!

Before applying for an Instant Loan, take a look at the list of documents that must be provided while applying for an instant personal loan:

• Proof of address (voter ID card, passport, utility bills, etc.)
• Proof of identity (PAN Card, Aadhaar Card, etc.)
• Salary Slips of the last 3-6 months (for salaried employees)
• Income statement (for self-employed individuals)
• Bank statements for the last 3-6 months

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Given below are the important features of Groww Personal Loan: 

1. No Collateral Required

Since quick loans/instant loans are unsecured loans, there is no need for collateral, and the loan amount is decided based on eligibility.

2. Easy EMI Repayments

It has easy flexible EMI plans upto 60 months for instant loans – these allow the borrower to pay back the money in small amounts. 

3. Minimum Paperwork

Unlike traditional bank loans, Groww personal loans involve minimum or zero paperwork requirements and can be availed from the comfort of your home.

4. Get Loan Amount as low as Rs 50,000

It can be a medical bill, a vacation or a wedding expense; one can apply for an instant loan with Groww for an amount as low as Rs 50,000.

A personal loan can be beneficial when someone is facing a cash crunch. Individuals opting for instant loans should compare the terms and conditions as well as facilities offered by various lenders before initiating the application procedure.

Disclaimer: This blog is solely for educational purposes.