The various types of loans which can be availed online are car loans, personal loans, home loans, two-wheeler loans, business loans, education loans, shopping loans, credit cards, etc.
Secured loans need collateral in which the applicant has to pledge an asset as security so that the lender has some means to get back their money. Unsecured loans do not need collateral. The money is lent based on the credit score and past associations of the applicant.
You have to check your eligibility, select a loan that serves your needs, fill up the application form, submit the needed documents and finally get funds in the bank account.
Some of the factors that determine the eligibility of an individual for a loan are the individual's age, the monthly income of the person, years of employment, etc.
Some of the major advantages of online loan applications are convenience, simple application, speedy approval, comprehensive loan information, no physical submission, low-interest rates, minimal documentation, and quick disbursal.
People can get a personal loan almost instantly if they have an existing relationship with the bank and are pre-approved customers.
A hassle-free and convenient way to get loans, online loans allow people to complete the loan application process, starting from prequalification to loan funding, without any need to step into a bank. Online loans typically have lesser stringent requirements and lower rates of interest in comparison to the offers made by conventional lenders. People can now avail of loans online anytime from banks, NBFCs, and peer-to-peer lending platforms in a matter of minutes as the approval time of online loans can be as low as 1 minute. The most obvious difference between an online loan and a traditional loan is that the applicant does not have to interact with a customer service representative or banker in person.
A car loan is very much essential today for commuting conveniently. It is easy to apply for a car loan online. The interest rates will vary from one bank to another and hence it is important to compare the interest rates before application.
Education loans, wedding loans, medical loans, loans for home renovation, travel loans, shopping loans, etc. are all personal loans. To get such a loan, the applicant has to submit only a few documents like proof of assets, proof of income to prove that he/she has enough assets to repay the loan. Personal loans can be very helpful for replaying small loan amounts.
Home loans prove extremely beneficial to finance the purchase of home properties. The interest rate starts from approximately 6.40% p.a. for tenures up to 30 years depending on the credit score of the applicant, monthly income, amount of loan, and other factors.
A two wheeler loan can help people buy their dream two-wheeler vehicle. The ratio of debt to income, credit score, loan tenure, etc. are some factors that will play a crucial role in determi9ning the loan amount.
A business loan can be borrowed for meeting both planned and unplanned business expenses. This unsecured financing is available to partnership firms, private limited companies, self-employed non-professionals, and self-employed professionals.
Credit cards prove handy for people planning to make high-ticket purchases. Having a credit card can make shopping an extremely rewarding experience. Justdial is the right place to find a credit card that perfectly suits different needs and helps users to make the most of their purchases.
While the steps will vary from one online lender to another, almost all of them follow a standard procedure. Here are the various steps involved in getting a loan online:
People willing to take a loan have to visit the lender's website
They have to choose a type of loan they want to apply for
Click on the apply option
The bank will check the eligibility of the applicant and request the applicant to submit the required KYC documents and income documents
The bank will disburse the loan amount to the bank account of the applicant if they find the applicant to be eligible
For any type of financial emergency, the best that you can do is get a loan. Justdial makes this task easier for you by helping you to apply for different types of loans such as car loans, personal loans, home loans, two-wheeler loans, business loans, education loans, shopping loans, etc. You can easily compare the interest rates of different banks, check out the eligibility criteria, the application process, and all other related information here. In case of any queries, you can always reach out to a customer care representative of Justdial at 8888888888.