Steps involved in applying for a personal loan online

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Applying for personal loan online

Steps involved in applying for personal loan online

As we all know that the personal loan is that one applies for meeting his or her financial needs, it can be useful in a lot of ways to the buyers like the requirement of the funds in a wedding or renovating the house and even in travelling. This makes it a very useful and easy loan for the buyer to avail.

There are 3 simple steps involved in availing a personal loan online:

Step 1: The buyer first fills the data that is available in the online form then the eligibility calculator tool calculates the eligibility.

Step 2: The person can compare the personal loan options that the tool interface offer and apply in the most suitable one.

Step 3: In the final step the applicant gets the approval or the denied message electronically.

The key features of applying for personal loan online:

1.Flexibility to use funds:  The person can flexibly use the funds which mean the person is free to use the funds freely. And makes it easy to avail online, as it consumes less time Easy access:  The banks now days allows its customers to avail the loan online as it’s easy to avail online and the buyer can track the whole process.

2.Round the clock service:  Sometimes the person requires the money in non-convenient time. To get the funds available easily the borrower the person does not require being physically present in the branch all you need is internet access.

3.Find the best deals:  It becomes difficult for the person to physically go and compare rate of interest, loan tenure, processing fee by physically going to banks and comparing. By comparing it online the person can compare easily and avail the best deals for his/her requirement.

Personal loan EMI calculator:

Loan amount

Interest rate

1 year EMI

2 year EMI

3 year EMI

4 year EMI

5 year Emi

3 lakhs

10.99

26,513

13,981

9,820

7,752

6,521

4 lakhs

10.99

35,351

18,641

13,094

10,336

8,695

5 lakhs

10.99

44,188

23,302

16,367

12,920

10,869

7 lakhs

10.99

61,864

32,622

22,914

18,088

15,216

10 lakhs

10.99

88,377

46,603

32,734

25,841

21,737

20 lakhs

10.99

1,76,754

93,206

65,468

51,681

43,475

30 lakhs

10.99

2,65,131

1,39,810

98,202

77,522

65,212

Summary:  In this fast growing world the people love technology more than going personally for availing personal loan as going online for the loan makes it much more easy and comfortable and saves the buyers and lender time, money and energy. Which make it more convenient option for both parties to make deals online more comfortably and quickly.

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