A personal loan is quite resourceful in case of emergencies. Many established financial institutions and lenders offer hassle-free personal loans with instant approvals through their personal loan app. When your loan request gets approved, the money is directly deposited in your bank account within a short span. When you fall short of funds for a big-scale project or exigencies, Fullerton India personal loan can provide much-needed financial support with a large amount up to Rs 25 lakhs.
The documents you present are thoroughly scrutinised by the lenders if you are applying for a loan via instant personal loan app. When they feel you can repay the loan, your application is approved, and the amount is transferred in your account. However, to build a good credit score and maintain good creditworthiness in the market, the customer should also ensure timely repayment of the instalments. It increases the chance of procuring bigger loans with ease in the future.
The personal loan falls into the bracket of an unsecured loan, offered based on your goodwill and credit score. Since most of the loans can be procured online through instant loan apps these days, the approval and fund transfer are quick. However, you still want time to prepare for documentation and initiating the whole process. There is also a provision to check your credit score and eligibility online to ensure your loan eligibility.
Below is a checklist that helps you apply for a personal loan through Fullerton India Personal Loan App:
- Identity Proof
Any ID proof government-approved ID works fine while applying for a personal loan. Passport, Birth Certificate, PAN Card, Aadhaar Card, or driving license with your full name printed on it can be furnished as identity proof.
- Address Proof
Address proof is a document that includes your current residential address. It could be an electricity bill, bank statement, passport, aadhaar card, or an account valid for at least six months.
- Employment Period
To avail personal loan, you cannot apply for it without any stable source of income. The lenders consider a minimum of one year of steady employment before approving the loan. Students and unemployed persons stand a dim chance to get a personal loan. They must have a convincing credit score to get their loans approved.
- Employment Proof
If you have a stable job at a reputed firm, your salaried income is the only way to repay the loan. You may present an employee ID card or your visiting card as proof of employment. It is very important for an unsecured loan where there is an absence of collateral. Relations of the lender with the organisation you are employed with can play a significant role in the approval.
- Work Experience
There is no guarantee of repayment except for your income. Thus, the lending agencies are particular about furnishing details of work. They need to know if you have been switching jobs very frequently. Most lenders ask for salary slips of the past six months to analyse your repayment capacity before approving the personal loan.
- Credit Score in the market
A personal loan application is approved only after thorough verification of KYC documents and creditworthiness. The credit score is calculated and provided by a leading credit bureau in the country such as CIBIL, Equifax, Experian, etc. In the past, if there is a failed repayment or a rejected application, your credit score can dip. It affects your creditworthiness in the market. For Fullerton India personal loan, a CIBIL score of 750 or above is preferred.
You can fulfil your financial commitments with a personal loan quickly. Hence, download the loan app and apply for loans quickly. The instalment amount and number is agreed upon based on your need. Since these loans are free of collateral, Fullerton India conducts thorough documentation before disbursing personal loans. However, as the documentation is entirely paperless, loan processing is quick and easy.