5 things you need for taking personal loans online

In the present world, the wealth among people is distributed so unequally that most of the people find their finances insufficient to fulfill all their wishes. This means that most of the people will have to resort to borrowing money from various lenders. The advent of smartphones and the digital revolution has allowed the lenders to sanction and disburse personal loans online instantly. There are many instant cash loan apps in India like RapidRupee that disburse the personal loans online in a very limited time. In this article, we look at a few pre-requisites you will need before you go ahead and take aninstant personal loan online:

·        Bank account: Most of (if not all) the online lenders disburse the loan amount in the bank account of the applicant by direct online transfer. This requires the applicant to have a bank account and share the account number and IFSC code to the lender for this transfer.

·        Identity and address proof: Any lender, online or offline requires the loan applicant to give his or her identity and address proof. Usually in India, it is Aadhar card and PAN card that are accepted as valid documents of proof. The applicant is expected to have both of them while applying for a personal loan online.

·        Reference details: The lenders that sanction and disburse the personal loan online expect the applicant to have at least one reference. The reference can be a parent, sibling or spouse that serves as a verifier who can verify the details furnished by the applicant.

·        Source of income: Any lender who sanctions and disburses a personal loan online requires some confidence about the repayment capacity of the applicant. No lender would disburse a loan to an applicant that has no way to repay that loan. Hence, to establish the repayment capacity of the applicant, the lenders ask for a source of income of the applicant. The applicant will be eligible for a loan amount that is established by his repayment capacity determined by his income details.

·        Smartphone/PC: Last but definitely not the least, as the entire process is online, you will require a smartphone or PC or device to run the website or the app that the lender has provided to complete the loan sanction and disbursal process.

It is important to note here that the lenders who disburse personal loans online do not require a credit history of the applicant, which makes the process of getting a personal loan simpler. However, any default in the repayment of the personal loan online would affect the credit history of the applicant.

So, as we discussed in this article there are a few pre-requisites that must be met before you opt for personal loans online. We hope this article was helpful to you and informed you about this recent advancement in borrowing money from financial institutions. Wishing you all the best!