Online Loans -To Offset Any Financial Crisis

We all have faced a financial crisis at some stage in our lives. Borrowing money from friends or relatives isn’t feasible while neutralizing savings isn’t an option. At that time, Online loans from financial institutions is a lifesaver. An eligible applicant can access instant personal loans at affordable rates for a short to medium duration.

What are online loans?

Gone are the traditional methods of applying for loans in office and then wait for days to hear from the banks or other institutions about the clearance. Today, an eligible applicant can access loans online and get instant loan disbursal. The online loan process is much faster, requires minimal documentation, and are unsecured. Some of the reasons to avail of online loans are:

* Education expenses

* Medical expenditure

* House renovation

* Car- bike loans

* Travel expenses

* Wedding expenses

* Debt consolidation, etc.

What are the benefits of Online loans?

Instant personal loans are collateral-free and can meet the immediate financial requirements of borrowers. Some of the benefits are:

* Minimal documentation

Since the entire process is online, the documents required are minimum that is verified digitally. The entire documentation and submission process is online cutting down on the time. 

* Unsecured form of credit

There is no need to pledge any security to avail of the online loan. Since the loans are collateral-free, the interest rates charged are on the higher side. 

* Easy approval

The complete online loan process is digital, cutting down on the documentation and verification time. As a result, the loan is approved quickly. 

* Flexible repayment tenure

The interest rates levied by lenders are negotiable with flexible repayment tenure for borrowers. 

How to calculate EMI online?

A borrower can calculate the EMI payment using the EMI calculator available online. To calculate the EMI, we need :

* Loan amount

* Interest rates levied

* Tenure of repayment

What are the other things to know about online loans?

* Interest rates charged - Between 10.75% to 35%(depending upon different lenders)

* Processing fees - Between 1% to 3% (depends on the lenders)

* Loan tenure - 12 to 60 months tenure

* Loan amount sanctioned - Rs.50,000 to Rs. 50 lakh

* Pre-closure charges - 2% to 5% on outstanding loan amount

What is the eligibility to avail of an instant loan?

The minimum eligibility criteria to procure an instant personal loan are:

* Age limit: 21 yrs - 60 yrs

* Indian national

* Stable income source(bank statements)

* Minimum income: Salaried individuals - Rs.12000 and for self-employed - Rs.15,000

What are the documents required to get an instant loan?

* Identity proof: Aadhar card, Passport, Driving license

* Address proof: Ration card, Aadhar card, Voter ID, Utility bills

* Photos: Two passport size photos

How to apply for an online loan?

* Step 1: Check the eligibility and fill the loan application form

* Step 2: Upload the documents(KYC) and the correctly filled loan application form.

* Step 3: Select the loan amount and the repayment tenure(EMI)

Once the loan application and the documents are verified, the loan amount is credited to the borrower’s account. 

Conclusion

Instant loans are an easy way to get funds to meet all your expenses. Online loans are convenient, paperless, available at affordable rates, and EMIs can be selected as per financial viability. Instant personal loans are dependable and allow an individual to lead a stress-free life.

Download the LazyPay app, get your credit limit and enjoy making those purchases like you never have !!!