We seek personal loans from banks whenever we make an important financial decision. Personal loans can be of use for anything. Growing up, we have always seen our elders talk about seeking a personal loan from a bank before stepping into any significant financial investment. It is not always possible for people to use their savings or emergency funds for some significant investments. Taking a personal loan becomes mandatory in such cases. In this article, we have covered everything that you need to know about how to get a personal loan for 15,000 online. Albeit the confusion that follows while you seek personal loans online might be too much to take, this guide explains everything you have to know about getting a personal loan for Rs. 15,000 and will help you through everything.
The article will also provide a complete guide on how to meet the basic requirements for getting personal loans up to Rs. 15,000 and what steps that you should follow to maintain your CIBIL score.
What does a ‘loan’ mean?
The term ‘loan’ means borrowing money from a lender and then paying the money back in installments. Back when there were no certified banks, people turned up to wealthy merchants and landlords for loans. As a result, many people were a victim of unfairness and money fraud from such money lenders. As time passed, the system and the government brought about a change, and certified banks were established. These banks had certain sets of rules that were fixed for everyone. Anyone who intended to fetch a loan had to follow the rules set by the bank.
This system of taking loans through certified banks turned out to be much convenient and safe for every sect. The banks usually come up with different plans suitable for the clients, and each amount of the loan taken has different eligibility criteria. When a bank lends you a certain amount, you pay them back through monthly installments.
For personal loans, the tenure of paying back commonly differs from three to five years minimum. The client who took a loan from a bank usually pays the amount along with some interest that the bank implements.
How Does A Personal Loan Differ From Other Loans?
A personal loan is a form of ‘unsecured debt’. Unlike other loans, a personal loan does not require collateral. Collateral means anything that is given as a security assurance when someone fails to repay their loan to the bank. This is why we often hear news about how the bank sealed someone’s personal property because they weren’t able to pay their due debt back.
As we already know that personal loans can be used for almost anything, such as a wedding, investing in your child’s education, buying a house or an extensive renovation of the same. To get an instant personal loan for Rs. 15,000, it is essential to have an excellent CIBIL score. These scores are also known as your credit scores which are awarded on the basis of your payment history and payment activity using your credit card.
As promised, here are a few points to ponder as you might wonder how to maintain their CIBIL scores.
How to maintain your CIBIL Score to Get Instant Personal Loan for 15,000 Rs. Online.
In order to get an instant personal loan for Rs. 15,000, one should have a score above 750. Any score that is above 750 is considered a good score. The CIBIL score is determined by looking into your credit card history. The vital things that the lenders usually look for are:-
- Timely payments of bills.
- Timely payments of installment of loans.
- Maintenance of the regular payment period.
How do people having a bad CIBIL score get an online personal loan?
In case you get a bad CIBIL score or are a CIBIL defaulter, you might face some challenges. It is usually observed that a person having a bad CIBIL score does not get a loan approval right away. However, that does not mean that a CIBIL defaulter will not get a loan at all. There are ways through which they can improve their scores to get instant personal loans online. In order to know how to get an online personal loan, read the article further.
What about the personal loan interest rates that are attached to the debt payment?
Personal loans usually have fixed terms and fixed interest rates. This means that an instant personal loan is set for a short period of time. Ranging from one year to five years, the payments are deducted in a timely manner from your bank accounts.
Any personal loan from any registered firm does not change its interest rates with time. Suppose, you take a personal loan for 15,000 INR and the interest rate briefed to you was 2%, then the rate will stay the same throughout the monthly installments you are entitled to pay.
In order to determine a genuine lender, you must look into the interest rates of the loan. The interest rates in any personal loan do not fluctuate with time. They stay the same. No matter how long it takes a person to repay the loan, the interest rates remain unchanged.
If any firm, banking or non-banking, states anything otherwise, they might not be a safe or genuine lender. Hence, to be safe on your part, run a thorough background check on the lender before you apply for a personal loan up to Rs. 15,000 and their personal loan interest rates.
What Is Loaney, And How Does It Work?
Loaney is an online platform where you can get instant personal loans online. Loaney offers convenient methods for instant loan approvals. Loaney does not ask for any collateral or guarantors. This means that a person does not have to stake their personal property to apply for any loan. The platform offers to get an instant personal loan of Rs. 15,000 in no time.
Loaney offers a complete digital platform to their clients for filling out the application forms to get instant personal loans online. They believe in keeping minimum documentation and minimum interest rates on loans. The client must go through a simple registration process and get their loan approval immediately. Loaney offers a hassle-free and easy application procedure that can be done from home.
Loaney allows its borrowers to apply for personal loans upto Rs. 15,000.
Steps To Apply For A Personal loan for Rs. 15,000 Through Loaney.
As described above, Loaney is an online money lending platform that enables customers to apply for personal loans. Looney, as it quotes, is “a one-stop solution for all your instant cash needs.” It has a straightforward process for their customers to get an instant loan up to Rs. 15,000.
- The first step is to fill out an application form. The application form would contain a list of essential details such as your name, date of birth, personal mobile number, and some more relevant information to apply for the loan. This process to apply for a personal loan for Rs. 15,000 does not take time, and approval is given immediately.
- After filling out the application form, the site will review your details and check your application’s personal loan eligibility criteria. This process does not take much time. The details in your forms are reviewed immediately, and the procedure is taken further to be approved.
- The last step is lending the money. Once your loan is approved, Loaney will send the money to you within a span of a few minutes. And this is all you have to do to get your instant loan of Rs. 15,000.
Yes, it is as hassle-free as it looks. Furthermore, this online website does not ask for any guarantors or collaterals—the processing of every data is handled in a very secure and confidential manner. The website has all the legal compliance and rights needed to provide personal loans for upto Rs. 15,000.
Specific protocols are needed to be maintained to be their client.
- The client must be a citizen of India.
- The age of the client should be 18 and above.
- The client must possess a PAN Card and an Aadhaar card.
- The mobile number of the client must be linked with the Aadhaar card.
There are some fixed sets of rules that the online platform follows for their client’s convenience.
- Loaney would never ask for the reasons for applying for loans.
- They believe in working with minimum but relevant documents.
- Loaney’s website will perform the entire loan process online.
- The client must give the website their correct information as the personal loan eligibility improves and their chances to get an instant loan for Rs. 20,000 increases.
Why Should You Consider Opting For Personal Loans?
Here are some reasons you should consider while taking a loan and the necessary information that might come in handy in the future.
How to get a personal loan for 15,000 Rs?
With loaney, there are a few easy steps that you have to follow in order to get an instant loan of Rs. 15,000. The process for this is already discussed above. However, here’s a brief about the process again for your convenience.
The first and most vital step is to fill out an application form.
The application form would contain a list of crucial details such as your name, date of birth, personal mobile number, and more relevant information to apply for a personal loan up to Rs. 15,000. A vital thing to keep in mind while filling out the application form is that you should fill in the details very carefully. The reason behind this is that each and every piece of information you give them through the forms will be verified for its genuineness.
The next step is approval.
And as stated before, While filling out the application form, the site will review your details through the details submitted by you along with the CIBIL report generated and check your application’s personal loan eligibility criteria. The approval process does not take time and happens instantly. Hence, if the criteria for acceptance are matched, a personal loan for Rs. 15,000 will be given to you.
The third step is followed by getting an instant personal loan for Rs. 15,000
After the approval is done, your loan will be sanctioned within no time. A well-explained plan for your loan would include your monthly instalments with interest rates, the date of your monthly debt payment, and all such relevant information that must be mentioned.
Credit score for a personal loan.
Cibil scores are mainly categorized into two types
- Good CIBIL score – the scores of more than 750 or any score ranging within 750-900 are considered a good CIBIL score.
- Bad CIBIL score – any less than 750 or any score ranging from even 650-750 is considered a bad CIBIL score.
Maintaining a good CIBIL score is very vital to get faster loan approval. The ways to keep your CIBIL score on the good side if you are a CIBIL defaulter and otherwise are discussed below.
Eligibility to get a personal loan for Rs. 15,000
Different loan plans require additional eligibility criteria. The first criteria that the lenders, both banking and non-banking organizations, look out for are the borrower’s monthly income. For example, if you want a personal loan for Rs. 15,000, your monthly repayment would be somewhere around 6,000 INR to 7,000 INR, with the interest applied. Now, the first thing the lenders would want to know is that will you be able to pay the required amount monthly.
The following criteria would be assessing your CIBIL score. Your CIBIL score has to be considered reasonable. Avoid being on the CIBIL defaulter’s list in order to get a hassle-free personal loan of upto Rs. 15,000.
The online websites and banks also assess the source of your income. The source of income plays a significant factor in the eligibility criteria of loan approval. Only certified/ legitimate sources of income statements will be eligible for the approval of the loan.
In order to take a loan in India, the borrower has to be a citizen of India the age of 18 and above.
The rest of the eligibility criterion consists of general information such as your permanent address, phone number, which should match during verification purposes.
Reasons to choose Loaney
There are several reasons why one should choose Loaney. They are:
- Loaney provides the fastest instant personal loans at low-interest rates.
- The information of the client is confidential. Once you trust Loaney, they will not let you down.
- A proper schedule of payment along with the interest rate per month is pre-generated. This avoids confusion regarding the payment.
- Good customer support is a vital part of running any organisation. Hence, Loaney ensures that their clients are always under the guidance of top-notch customer support.
- The system is built in such a way that procedures are easy, fast and efficient. The work is done fast, and the registration is hassle-free.
- Registration and all related work is done online.
- All legal protocols are followed with all authenticity.
- Clients do not have to stand in a long queue and can apply for a loan from the comfort of their home instead.
- Loaney is absolutely trustworthy, and there are no hidden protocols or charges that come with using their services. Everything they do is transparent.
- The best feature about loaney is that they give out small loans. Loans from 15,000 INR upto 20,000 INR.
What to Do If You’re a CIBIL Defaulter?
There are various ways through which CIBIL defaulters can get a personal loan upto Rs. 15,000 in India. By now, I hope you have an idea about what a CIBIL is. However, to dig a little more into the topic, let us see what you can do to get a personal loan if you are identified as a CIBIL defaulter.
CIBIL is known as the TransUnion CIBIL Ltd., which was earlier known as the Credit Information Bureau Ltd. is one of the credit information companies in India. The basic functioning of this company is through keeping track of all your credits and loans. Every banking, as well as non-banking firms and companies, submit their records to CIBIL.
This submission of documents is being made every month. Remember the point where we covered the ‘approval of your loan’? The approval part consists of a step where the lenders, such as Loaney, assess whether it is safe to lend you the loan amount.
The lenders run background checks based on the information of your application forms or registration forms. They check on the possibilities of whether you will be able to repay the loan within the given tenure. The bureau then gathers all the information and computes a “CIBIL score.” This CIBIL score creates a detailed report about you. And the notification is sent to the lenders for further assessment.
The bureau is certified or linked with the Reserve Bank Of India. The CIBIL appoints each borrower a CIBIL score based upon various criteria such as their payment history, underlying debts, length of credit, etc. The above is the criteria where the CIBIL credit score should not be less to get your loan approved.
However, if you have been under the CIBIL defaulter’s list, you can still get a personal loan of Rs. 15,000. There are some things you need to take care of such as:
- Borrow the amount wisely:- you must remember that a loan, after all, needs to be repaid. And hence you should borrow only as much as you can repay.
- Payment’s timings should be on check:- To increase your CIBIL score, you must keep a check on the timing of your payments. Avoid any late fees. Do not miss the deadlines of your expenses.
- Do not exceed your credit card limit: To have a good score for your CIBIL, it is vital to not exceed the limit of your payment through the credit card. Ideally, one should not exceed 30% of the total credit card limit. Instant loans upto 15000 are considered among the minor loans. But generally, when you take massive amounts of loans, they are given upon debt-to-income (DTI) ratio. Hence, if the limit crosses or, in some cases, even reaches 50%, then the loan usually gets rejected.
- Close a defaulted account: A cheat code to get your loan; if you are listed among the defaulters, open a new account. Do not settle for the old version. Why? As stated above, the account statements are tallied during the approval process of your loan. This means that the histories will be visible in the account statement. To avoid such a situation, you can always open a new account and transfer your funds there.
- Opt for loans backed by a guarantor:- You can always opt for loans backed by guarantors. Choose a guarantor with good payment track records who can back you up when the loan needs to be paid. Make sure you meet the personal loan eligibility criteria.
Keeping in mind the present situation, when the world is going through a pandemic, digitisation of every platform is the most sensible step taken. Furthermore, any finance-related transactions are relatively safe and fast through digital media. So when one essential financial step combines with the much-needed platform of the hour, the convenience of banking increases tenfold. We can keep track of every amount that has been debited from our accounts instantly. Hence, having such online portals such as Loaney, taking personal loans and investing in something that requires vast finances are now at our fingertips. So instead of any further a-do, think about taking an online personal loan through Loaney.
While we read such articles, it is common to have some questions in mind. So here are some frequently asked questions that might be of help.
How much personal loan can I get?
With Loaney, the amount of personal loan you can apply for is upto 20000 INR. However, all this depends on how much earning you make for a living within a month. To apply for an online personal loan of 15000 INR, your monthly income should not be less than 9000.
What are the basic requirements to get your personal loans approved?
There are quite a few points that are to be kept in mind to get your loans approved faster; they are:
- Maintaining a good CIBIL score.
- A valid monthly income from an accurate source.
- The client should fill out the application form properly.
- If you have a low CIBIL score, work on increasing them.