Get Instant Personal Loan Starting from 9.99% Annually

A personal loan is an unsecured loan provided by financial institutions, banks, etc., to help you meet financial liabilities/responsibilities. It is a multi-purpose loan, which means that the loan amount can be used for any purpose - medical emergency, travel, wedding, education, home renovation, consolidating existing debts, or any other purpose. Also known as ‘Consumer loan’, ‘Customer loan’, or ‘Signature loan’, a personal loan is not backed by collateral. The personal loan is granted based on the credit score, employment, repayment capability, income level, etc., to help individuals meet their different financial needs.

Key features of a personal loan

The key highlights of an instant personal loan are:

• Unsecured loan: Personal loan is also known as a ‘Unsecured loan’ as no collateral security is kept against the loan.
• Multi-purpose loan: The loan amount can be used for multiple purposes - travelling, wedding, education, buy a home, etc.
• Customisable repayment tenure: Individuals can choose a repayment tenure that perfectly fits their budget.
• Affordable EMIs: The EMIs for the personal loan are fixed and affordable. You can even use a personal loan emi cal to calculate the EMI amount on your own.
• Easy application: The process of personal loan apply online is simple and can be done quickly in minutes.
• Quick disbursal: The loan amount is disbursed securely and quickly, offering applicants a hassle-free process.

How to apply for a personal loan through Park+?

To get instant loans, perform these steps: 1. Visit Park+, go to the ‘Personal Loan’ section and click on it. 2. Enter your name as per the PAN card. 3. Select the type of employment - ‘Salaried’ or ‘Self-employed’. 4. Click on ‘Check Now’ to let Park+ quickly check your eligibility. 5. Based on the eligibility criteria, you can then proceed with the personal loan application to request a loan.

Documents required to apply for a personal loan

To check the personal loan eligibility to take an instant personal loan online, applicants need to provide some documents, which are: - Identity proof - Address proof - Income proof - Salaried: Salary slips, bank account statements. - Self-employed: ITR.

How does instant personal loan work?

Though personal loans are quick, unsecured and the application for personal loans with low interest rates can be done online easily, yet one should know how it works.

Below is a brief information on the working of the personal loan.

1. Application received for the personal loan.
2. Checking of the eligibility criteria to process the application.
3. The loan application is then approved or rejected.
4. If approved, the decided loan amount is disbursed in the applicant’s account.
5. Based on the decided repayment tenure, terms and conditions, the amount is then paid back by the applicant in form of EMIs.

Types of personal loans

Based on the purpose, the personal loans are divided into several categories. We are here listing the most common types of personal loans.

• Medical loan: To meet the medical expenses, treatment costs, hospital room bills, medicine cost, etc.
• Travel loan: To cover the travelling expenses - domestic or international. It can be used to book flight tickets, accommodation, sightseeing expenses, etc.
• Home renovation loan: To renovate the house, repairs, remodeling, etc.
• Debt consolidation loan: To repay the existing debt/loan.
• Wedding loan: To cover the wedding expenses, including venue booking, catering, attire, etc.
• Education loan: Loan to cover the education expenses (majorly for higher education), such as tuition fees, books, living expenses.
• Instant personal loan (emergency loan): Small loans to meet the emergencies.

Benefits of applying for a personal loan through Park+

Park+ has been helping individuals with easy pl loan apply process, but in addition to this, it also serves several other benefits, such as:

1. Digital convenience: Park+ offers the best personal loan app, allowing individuals to easily apply for a loan or check out the plans whenever they need.
2. Minimal documentation: Getting instant loans has become much easier with minimal documentation.
3. Comparative analysis: Individuals can find personal loans offered by different providers, all at a single place, and compare the plans to make a wise decision.
4. Easy access: Park+ lets people check out or complete an instant loan application anytime and from anywhere across the nation.
5. Personalised loans: Get personalized loans for your different needs, from medical emergencies to travel.
6. Attractive interest rates: Compare the personal interest rates offered by the different companies and choose the one that best fits your budget.
7. Free personal loan EMI calculator: Check the low interest personal loans and access the EMI amount using the free, online personal loan emi cal to meet your financial needs.
8. Quick personal loan eligibility check: Park+ lets individuals easily access their eligibility criteria within a minute to proceed with personal loans with low interest rates application.
9. Avail offers: Stay notified about the offers on personal loans and avail the best-suited offers.
10. Transparency: The complete process right from personal loan application to disbursal, is completely online, maintaining complete transparency.

Key factors affecting personal loan eligibility

There are some factors that affects the eligibility of the personal loan, and they are:

1. CIBIL score: The CIBIL or credit score of the applicant highly defines the eligibility criteria. Based on the credit score the loan applicant can be approved or rejected.
2. Income and employment type: The income and the employment type - salaried or self-employed of the applicant are another important factors that determine the loan approval.
3. Age: The age gives lenders the idea of the remaining number of working years. It directly affects the loan amount, the tenure and the low rate personal loans.
4. Debt-to-Income ratio: This is to know the existing liabilities of the borrower. A higher ‘Debt-to-Income’ ratio reduces the chances of loan approval and vice-versa. It is suggested that ideally DTI should be lower than 40%.
5. Work stability: The stable employment increases the chances of instant loans approval. A work experience assures the lenders about smooth repayment of the loan amount.

Things to remember for a personal loan application

Applying for a personal loan comes with great responsibility. To get a fair and easy loan, we advise you to put some considerations to make a wise decision.

Here are some of the must-remember points before applying for a personal loan.

1. Perform detailed research and comparative analysis to choose a lender.
2. Conduct in-depth comparison of the personal loan percentage rate, interest rates, loan amount, EMIs, etc.
3. Access your needs to choose the right amount of funds.
4. Check your CIBIL or credit score before initiating the personal loan apply online process.
5. Avoid applying for personal loans to multiple lenders simultaneously.
6. Keep all the documents handy for a smooth instant loan application process.
7. Check all the associated fees such as origination fees, penalty for late loan repayment, etc.
8. Understand all the terms and conditions involved in foreclosure/prepayment of the loan.
9. Identify and avoid the gimmicky offers.
10. Review your current liabilities, running EMIs and other expenses.