Personal Loan

How To Apply Personal Loan

Posted on sees month-on-month growth in personal loans… personal Loan, India’s largest lending marketplace, is witnessing a month-on-month increase. In disbursement of personal loans with an increase in demand and supply as lockdown restrictions are ease across the country. Lending marketplace, a part of PB Fintech, which also owns the country’s leading insurtech brand, has seen an increase in demand for loans during the last three months.

“Certainly, the situation is not as bad as we saw last year. The first wave was sudden and unpredictable, causing the supply of credit to stop suddenly. Naveen Kukreja, CEO and co-founder, said, there was deep uncertainty even amid economic disruptions and the health crisis, which led to a much more severe impact last year, with most lenders mainly focusing on collections.

“The second wave had some impact, but the industry expect it to be short-live. This time the overall sentiment within the sector was also more positive,” Kukreja told FE. has over 70 partnerships with banks, NBFCs, credit bureaus and fintech lenders and offers products across all loan categories. “What has changed significantly in the last 12 months is that most large banks. And NBFCs were better equip to handle the conditions of lockdown and restrictions on physical activity.

What Is Personal Loan

We have all learned from the past year, and a lot of work has happened within the industry over the past few months. Almost all the lenders have shifted their focus on digitization. Today, personal loans from many lenders have a complete digital process where there is no need for you to visit a bank branch or visit bank officials,” Kukreja said. Since the pandemic began, most lenders have raised their eligibility criteria around credit bureau cut-offs and minimum income.

“We see more rigorous scrutiny and verification on the employment of borrowers to ensure income stability and adequate repayment capacity,” he said. People usually take personal loans to raise funds for home renovation, higher education, family gatherings, travel and health related expenses. “With the nationwide lockdown, consumers have also started planning their annual holidays and celebrations that were halt during the lockdown.

We are seeing an increase in the demand for loans in the last three months. This is expect to increase further in the next six-nine months,” said Gaurav Agarwal, senior director,
Kukreja said that over the past 12 months, the company has focused on strengthening its business fundamentals. He added that a key aspect was building a more robust digital infrastructure and capabilities, and the company is working hard to digitize lending with its partners.


Wanted to keep his EMI low and was thinking of opting for a very long tenure. Paisa’s customer friendly team guided me on how the balance between tenure and loan amount can help me make significant savings on interest in the long run. There was no information about the logistics involve in taking a personal loan.

The team guided me through the entire process including eligibility criteria, documentation requirement, choosing the right lender, loan amount and tenure as per my requirement and repayment capacity. My loan was approve and disburse from the bank within 72 hours without any hassle.

Wanted to take loan for daughter’s marriage. helped me get one from the bank at the best interest rate in the market. He also helped me choose the right loan amount and tenure as per my repayment capacity. Thanks
Wanted to take a personal loan to renovate my house. helped me get one at the lowest possible rate and least hassle without leaving my home.
Was looking for Rs. 20 lakh loan. Don’t know where to start. not only guided me through the entire process and documentation requirement but also provided personal loan offers from various lenders based on the approval probability. I got a loan from the bank at the best possible interest rate. Thanks

Main Features and Benefits

The approval of a personal loan application depends on several factors. When you apply for a loan, you must ensure that you are meeting all the factors to ensure the approval of your loan application. The eligibility criteria for a personal loan may differ from one lender to another.

However, there are several general criteria which include the applicant’s age, his income, credit score, employment status, etc. Before applying for the loan, ensure that all the eligibility criteria are being met. This will help you avoid rejection of your loan application.

Although there are other options that you can exercise if your loan application gets reject. Is recommend to double-check before applying to avoid chances of the application being reject.

How to check loan application status

There are two main ways to check the status of your loan application. Most of the lenders offer both online and offline methods through which you can keep track of your loan status.

  1. Online Mode:- Most of the lenders provide an option to log on to their official portal to help you track the status of your loan application.
    You can use the application number or reference number issued by the lender for this purpose.
    On the other hand, if you have applied for the loan through a third-party aggregator website like BankBazaar.
    You can simply log on to its web portal and directly track the status of your loan application.

2. Offline Mode:- If you are not comfortable using the online platform, you can also track the status of your personal loan application through offline mode.
You can visit the branch office of your loan provider and check the status of your loan application.
On the other hand, you can also connect with your lender over the telephone through their helpline or customer care number.
For both these methods, you will need to provide some basic details such as your name and application number or reference number.

Instant Personal Loan

You can easily contact your lender through their online web portal or in person and request for your loan details. On most lender websites, you can simply log in using your online credentials and provide your loan account number. Once you have tracked your account, you can request for a statement. Which is either sent to your register email id or provide as a PDF file which can be download. Similarly, you can also visit the branch office of the lender from where you have taken the loan and request for the details. Apart from this, you can also request for your personal loan details through phone banking.

If you have recently paid off your personal loan (either repaid or closed), you may have the idea that your obligation to the loan has come to an end. However, this is not the case. There are a few things that you should do after paying off your personal loan.
Personal loan disbursement is basically the process of sending the loan amount to the customer’s bank account by the financial lender. The loan disbursement takes place after the customer submits the relevant documents and the financial lender has verified and approved it. Financial lenders offer personal loan disbursement within seconds, while others take a few hours to a few days to disburse the loan amount after approval.

Types of Pre-Payment

There are 2 types of pre-payment. They are full pre-payment and part pre-payment and part payment.

  1. Full Pre-Payment
    If you are paying off the whole outstanding loan amount before. The end of the loan repayment tenure, it is known as full pre-payment.
  2. Part pre-payment
    If you are paying off a part of the outstanding loan amount before the end of the loan repayment tenure. It is known as part pre-payment.

There are a number of repayment modes which are offer by lenders. Although these modes might differ from lender to lender. The most common modes of repayment can be summed up as follows.
One can use your loan for any purpose as long as it is legal. However, there are certain lenders who provide different loan products on the basis. Of the purpose which is mention by the borrower in the loan application. On the basis of utilisation, these are the different types of personal loans which can be avail in India.

Do not forget to check the eligibility criteria for the different types of personal loans before you apply for one.
A personal loan customer can avail an additional loan amount through the top-up facility over his/her existing loan. The loan amount will be subject to the terms and conditions set by the financial lender, while the interest rate may be the same as the existing loan or could be up to 1% more than the interest rate of the current loan. The tenure of the top-up loan will be subject to that of the existing personal.

Apply for Personal Loan

You can easily apply for an instant personal loan online by visiting an online financial marketplace such as or through a particular prospective lender’s website or mobile application.

The application process generally involves the following steps

1: Visit the lender’s website or login to the mobile application.
2: Fill up the loan application form.
3: Upload the required documents and submit the application.

He lender quickly makes the loan decision based on your eligibility, the loan amount that you have applied for and upon approval, credits the amount directly to your bank account.

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