Most people are not very willing to borrow a loan or not very inclined towards the idea of applying for a loan from a formal financial institution because they are afraid that the amount that they will have to pay back will be much higher compared to the amount that they will be borrowing. It is not just the high-interest rates that scare most people, and most people looking for low interest personal loans on the amount they wish to borrow as a loan.
If you are someone who is looking for a low-interest rate loan, you can always consider the option of a low-interest personal loan. A personal loan is offered to the borrower at lower interest rates compared to most other loans and for a shorter duration. This is an unsecured loan which means that the borrower doe not even need to submit collateral. Most lenders would not even ask the clients to present a guarantor.
Borrowing personal loans at low-interest rates is easy as the paperwork involved is not much and this loan can be applied for from home using the internet banking facility. A personal loan has a lot of benefits, the most important being that you do not need to specify a reason for borrowing the loan. The amount borrowed as a low-interest rate personal loan can be used for any purpose and you can even use the amount to pay off your debts and improve your credit score.
In this article, we will be discussing the application procedure of a personal loan, the low interest rates offered, the eligibility criteria and documentation required for the same, and a few tips to get your personal loan approved.
Table Of Contents:
In this article, you will not just find details about the low-interest personal loans but also the following other topics related to it:
- What is Loaney?
- Apply for low-interest personal loan approval – step by step process
- How to check your eligibility?
- Documents required
- Low-interest personal loan approval – Tips
- How long does it take for personal loan approval?
As we conclude we will be answering a few common questions related to personal loan low-interest rates to help you apply for the loan of your requirement for an interest rate that suits you.
What Is Loaney?
If borrowing a low-interest personal loan is on your mind then Loaney must be your first option for doing so. If you are wondering what Loaney is and what is so special about this platform then we are here to introduce you to easy loan borrowing on the platform.
Low-interest personal loans are offered by most banks and online portals these days but Loaney not just offers its clients a personal loan at the best interest rates but also is a reliable platform and ensures that client data will be kept 100% confidential. Loaney offers small loans for a repayment tenure of about 2 months. You do not need to submit collateral or much paperwork. The eligibility criteria to get a personal loan at a low-interest rate from Loney is simpler compared to most banks and other platforms. Y
Table of Contents
The Step by Step Process To Apply For Low Interest Personal Loans On Loaney
If the idea of borrowing a low-interest personal loan has now attracted you and you wish to know how this loan can be applied for, worry not. In this section, we will be taking a look at the step-by-step procedure of applying for a personal loan at low-interest rates on Loaney. To apply for an instant personal loan, you must follow these steps:
- Step 1: Visit the website of Loaney.
- Step 2: Register on Loaney and start filling up the application form with your personal details. This will include your name, date of birth, mobile number, bank account details, etc. make sure that the information provided by you is genuine as it will speed up the approval process.
- Step 3: Once you submit the form filled in Step 2, the form will be immediately reviewed by Loaney. The information will be verified. This review process takes only a few minutes.
- Step 4: Post verification, the loan is approved by Loaney, and you are notified of the same. The entire low-interest personal loan approval procedure takes only a few minutes.
- Step 5: After the loan is approved, the borrowed amount is disbursed to the registered bank account.
After this, you have to visit your nearest ATM to withdraw the amount as cash o use this amount digitally s per your needs and requirement.
How To Check Your Eligibility?
Now that you know the procedure of applying for an instant loan, you can easily apply for the same without much hassle. But before you go ahead and apply for a loan anywhere, you must be aware of the eligibility criteria and make sure you meet the same and qualify for loan approval on the platform. The following is the eligibility criteria to apply for a low-interest personal loan:
- The applicant must be an Indian citizen and hold an Aadhar card and PAN card.
- The applicant must be at least 18 years old.
- The monthly income of the applicant must be between 25,000 INR to 30,000 INR.
- The source of income of the applicant must be from a source that is approved by a verified organization.
- The CIBIL score of the applicant must be at least 750 or above. The CIBIL credit score is assigned by TransUnion CIBIL Limited in India and reflects the credit history of the applicant. Having a poor CIBIL score can make it difficult for the applicant to get their loan approved or might have to pay a higher rate of interest. Maintaining a good CIBIL score is vital to getting a personal loan at a low-interest rate.
Looking at the above list, you can easily figure out if you meet the eligibility criteria for applying for a personal loan or not. You can also improve on the points that you fall short on for the approval of your loan.
Documents Required for Applying for Low Interest Personal Loans
Applying for a loan is an easy task thanks to the improving financial services and technology, but before applying for a loan, you must be aware of the procedure, the eligibility criteria, and the documents you will need. We are through with the application process and eligibility criteria and will now be taking a look at the documents you will need to apply for a personal loan at low-interest rates. The following are the documents required:
- PAN Card
- Aadhar Card linked to your mobile number
- Bank Account with internet banking facility offered
- Picture of the applicant
- Credit report and CIBIL score
Low Interest Personal Loan Approval- Tips
Now that we have gone through all the pre-requisites for applying for a low-interest rate personal loan, let us look at some tips for faster approval and getting the desired amount as a loan.
- Always provide genuine information wherever asked for. This will lead to a faster approval procedure.
- You must be an Indian national who is 18 years old or above.
- You must have a complete set of documents that includes the PAN card, Aadhar card which is linked to your mobile number, the CIBIL credit report, and a bank account number with a net banking facility.
- You must have the required minimum income from a verified source.
- Your name should not be on the CIBIL defaulters list.
- Carefully check the interest rates and repayment tenures before agreeing to borrow the loan amount.
How Long Does It Take For Personal Loans To Be Approved?
By now we have taken a look at almost all major topics and aspects related to a low-interest personal loan. Before we conclude, we would also like to add another benefit of personal loans at low-interest rates. If you are faced with a financial emergency or are in desperate need of instant cash, personal loans are the best option for you. The time taken for loan approval, in this case, is very less. Personal loans on Loaney are reviewed immediately and the approval takes place within a few minutes of application.
FAQs
1. How can I lower my personal loan interest rate?
You can always choose a moneylender or banking facility that offers personal loans at low-interest rates. Having a high CIBIL score also helps you avail of loans at low-interest rates.
2. What is the maximum amount of loan I can get?
The maximum amount of loan that you can avail of depends on the money lending facility that you choose. On Loaney you can get a loan of Rs. 15,000.