The world has shifted to digitisation. It is now the need of the hour to ensure every service provider, such as banks, extend their services online. Especially when the banks are closed, and the finances have hit the roof, many people are in dire need of loans. But with the banks closed all around, the in-office banking services are no more feasible.
On one hand, we see how beneficial it is to not have in-office services at the moment; however, on the other hand, not everyone is comfortable with handling the banking part online. Whatever be the situation, we are here to help. We have covered everything you need to know about the personal loan online application and every procedure that surrounds it. We will help you through your queries on how to apply for a personal loan.
So if you wish to know how the online personal loan application process works, keep reading further.
What is a personal loan online application?
As we all know, a loan application form is a form that a borrower fills out to apply for a personal loan. Traditionally, these loan application forms are on a piece of paper that has various fields. These fields are where you fill in your details. Along with this form, the borrower has to write an application regarding taking out a loan and the amount of loan needed to the bank manager.
The form consists of some critical details regarding the finances, total annual income, per month income, financial history, and much more. Then, the borrower’s application will ask for the amount of loan they need to borrow from the bank. And then, the lender, i.e.your bank, will specify a term.
The “term” in terms of personal loans means the time given to a borrower to repay their loan. Further, depending on the “term”, the interest rates will be fixed by the lender.
This is how the traditional personal loan application process works. Now, when all these formalities are done through an online platform, the process is known as an online personal loan application. In such a platform, the borrower needs to fill in the exact details and go through the same application approval process, and the whole process will be held online.
The whole process, when being conducted online, there will be no need for the borrower to go to the bank physically. You can do everything from the comforts of your home. All you need is an electronic device such as your PC, laptop or mobile and a stable internet connection.
Benefits of an online personal loan application.
Every coin has two sides. A good side and a bad side, and these two aspects are what makes everything a whole. Confused? Well, as concerning as the online application processes might feel, it is relatively safe to apply online than in any other method. How? Well, let’s see few reasons why online operations are safer and more accessible.
- Security services or cyberspace professionals track every online activity. This means that the process is under vigilance and is highly safe. Any malfunction in your data and application process can be traced and resolved immediately.
- You do not have to stand in long queues to get your application under process.
- The work will be done ten times faster, and the processing will be easier.
- Because the process is online, you can always keep a copy of the form for yourself.
- If anything untoward happens in future, you will always have proof online regarding your online activity.
These are some of the many advantages of processing personal loan online application form online. You will see more of these while you proceed to read the article further.
What is Loaney, and what do they do?
A platform where you can apply for instant loans up to Rs. 20,000. Yes! That is precisely what Loaney does. It gives out a small amount for the loan. They are an entirely online functioning platform that gives out instant personal loans. Loaney has few easy and fast steps where you can register for your online personal loan and get the loan approved instantly.
Now that we know what is an online personal loan application let us know more about how to apply for a personal loan and how to check your loan application status.
- How to apply for a personal loan?
Applying for a personal loan is no rocket science. All you have to do is follow some easy steps.
Step 1: Log in to your loaney account. If you do not have an account that is not a problem. All you need to do is click on “sign up”.
- You will be directed to a page that would consist of a few fields and you will need to fill out your personal information.
- The fields will ask for information like your name, father’s name, gender, date of birth, PAN number, mobile number and email address.
Just by following these few steps, your registration will be done and you will have an account.
Step 2: Fill in the general information and then a few more information and your registration process will be complete.
Step 3: Choose the amount of loan that you would need and then submit your application form.
Step4: Get your loan approved instantly after a verification process.
- How to check your personal loan application status?
To check your personal loan application status, you have to click on a tab that would guide you to your loan application status page.
You have to fill out your loan application number and your last four digits of a security code that will be assigned to you upon filling the application form.
The next step is to fill out your pin code and you can check your loan application status.
- How does the loan application get approved?
There are a few factors that play a key role in the approval of your loan application form. The most important factor is your CIBIL score.
If you do not know what a CIBIL score is, here’s an idea about it. CIBIL score is a three-digit number that determines your credit score. Your expenditure, timely payment of bills everything is kept under observation by the CIBIL. Depending upon these activities, you are given a CIBIL score. CIBIL scores are mainly of two types: good CIBIL score and bad CIBIL score.
A good CIBIL score is a score that is more than 750 or any score ranging up to 900 are considered a good CIBIL score whereas, a bad CIBIL score is any score that is less than 750. Even a score of 650 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 is discussed below.
- What are the disadvantages of the application process with other banks?
- For those of us who are into internet banking and are quite regular with our routines, we know how tiresome slow networks can be. Having a slow network can contribute to one of the greatest disadvantages of other banks. As we know that filling out loan applications are pretty tedious and online application forms from several other banks have a time limit. If an application is not filled out within a stipulated time, you have to go through the process altogether. Therefore, slow servers and an incompetent service provider is one of the most cumbersome disadvantages that people might face in other banks.
- Coming to one of the most important points, long queues are the reason many people take several days to submit their application process. Also, in times when a pandemic has hit the world, the best way to stay safe is to avoid any social interaction.
- The next most disadvantageous reason is the customer and worker ratio. It is often observed that some banks are underemployed. This means, the customer to worker ratio sometimes becomes 6:1. This is a very tedious job for just one person to verify so many applications.
- Human errors are a common threat to loan application forms. Applying for a loan means borrowing a considerably huge amount of money. And when such large amounts are concerned, there should not be any window for errors.
- The loan applications are not approved instantly. They take a lot of time. Now, there are moments when people need loans in extreme emergencies. In such times, they cannot afford to wait for several days for approval.
So, these were some of the many reasons that show how other banks can be at a disadvantage when processing the loans.
- Why should you choose Loaney?
Loaney is an online platform where you can get approval for personal loans online and the process will be spontaneous and instant.
It is an online platform where you can apply for a personal loan and get it approved instantly.
Loaney offers a convenient and easy method for instant loan approvals. Unlike some other lender, Loany never asks for a guarantor or collateral in return neither do they ask you the reason for the loan.
They keep every information regarding their clients confidential. Be it personal information or general information, everything is kept confidential.
Loaney offers a complete digital platform to their clients for filling out the application forms to get instant personal loans online.
The protocols for Loaney are legally approved and they do not create any hoax advertisements or convey false messages.
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 20,000 INR -25,000 INR.
Now that you know how to proceed with filling out an application form online, there must be some questions whose answers might come in handy for your future loan endeavours. Here are some frequently asked questions, and we have tried to answer them with every drop of information that we have.
What is the easiest way to get a personal loan.
The first and easiest way to get a personal loan easily is to choose Loaney. The next step would be to maintain a good CIBIL score. Make sure your payments are timely and do not exceed 30% of your total monthly income.
Does applying for a loan hurt your credit.
No, applying for a loan does not hurt your credit. What hurts the credit is the untimely repaying of the loan.