A personal loan is a fixed amount that you can borrow from a financial institution at a fixed interest rate. The personal loan amount is available to you on the condition that you repay the whole loan and proceed along with the interest component towards the end of a pre-decided loan period. The borrowed amount should be returned to the personal loan lender in the form of a monthly instalment on a predetermined date, each month for a specific time period.
To repay your personal loan well on time, it is crucial you assess your present current situation, including different parameters like how much loan you require, what rate of interest best works for you and by when you will be able to meet your loan proceeds considering your upcoming and current expenditures, even before you place the application for a personal loan.
Once you have assessed all such parameters, you are thoroughly ready to move ahead with your personal loan application procedure. Also, ensure you have a strong credit score. Having a good credit score would help you to enhance your personal loan eligibility. Note that if you are looking to avail loan through SBI, then 750 is the minimum CIBIL score for personal loan in SBI Bank. Continue to read on to know how you can place your personal loan application.
Here’s how you can apply for a personal loan through Paytm
Follow the listed steps to apply for a personal loan on the Paytm app –
∙ Open the Paytm mobile app
∙ Under the section ‘My Paytm’, click on the option ‘Personal Loan.’
∙ Once the next screen opens, place your personal details like email address and PAN card and choose the purpose of the personal loan (whether home renovation, wedding, medical exigency, education etc.)
∙ After you enter all the crucial details, ensure to click on the proceed option
∙ Next, you will be required to choose your occupation type – self-employed, salaried, or unemployed.
∙ Enter all your occupation details and annual income. Next, click on the ‘confirm’ option.
∙ Now, you will be required to verify your important details by placing in the OTP sent to your mobile number.
∙ Once you are verified successfully, the maximum loan proceeds that you are eligible for will be displayed.
∙ In case this proceed meets your needs, click on the option ‘get started.’
∙ Now, choose the loan amount (in case you want to borrow a proceed lower than the amount you are eligible for)
∙ Choose the EMI option according to your preference
∙ Ensure to look at all important details like your loan amount, processing charges, overall interest component and overall amount that you must repay.
∙ Next, click on the continue option.
∙ Ensure to perform the necessary measures for your KYC verification and place in your bank details in which you are looking to receive your loan proceeds and repay your loan EMIs from the screen that appears next. Also, you will require setting up your e mandate for EMI payments.
∙ After you enter all the details successfully and once it is verified, select the option ‘get a loan’ to avail of the personal loan proceeds.
∙ Next, the amount will be added to your savings bank account, and all linked details will get notified on an instant basis.
Personal loan – eligibility criteria
Before you place the application for a personal loan, ensure to pass through the crucial eligibility criteria required for a loan:
| Age | A personal loan must be between 23 & 60 years of age |
| Kind of profession | Salaried working with reputed and government companies. Self-employed like professors, architects, businessmen etc. |
| Salary | Personal loan seekers must hold a minimum monthly income of Rs 25,000 or an annual salary of Rs 5 lakh. |
| Work experience | Applicants must work for nearly 2-3 years based on the loan proceeds and bank conditions. |
| Credit score | How much CIBIL score personal loan requires is an important question asked by many? It is advantageous to have a credit score of 750 and above to be eligible for a personal loan |
How can you check your personal loan application status?
The ease of online banking has now made it possible to track your application for a personal loan. However, old school methods to review your status still are open. Find out here how you can evaluate your application status for a personal loan using offline and online methods –
Online method
An online method for checking the status of your personal loan application is considered one of the simplest ways. All you require to do is follow simple steps, and you will instantly be updated about your personal loan status.
∙ Log in to your lender’s official website or banking portal.
∙ Enter your details as requested –
✔ Reference number
✔ Mobile number
✔ Date of birth
✔ Name
After you enter these details, you will simply be redirected to the screen where your status for a personal loan will be displayed. Ensure to find all the relevant details on documents that you receive when submitting your personal loan application.
Offline
Lately, the offline means of checking your application status for a personal loan have faded. However, the older generation still thinks it easier to go for the offline payment mode. Here is all you require to do for checking your status for a personal loan offline:
∙ Contact your bank’s customer support staff
∙ You will simply find the bank’s customer team’s contact number on the official website of the bank.
∙ All you must do is give a call and endow them with the info like your application reference number, name, date of birth, and mobile number.
∙ Concerned executive will instantly update you about your status linked with a personal loan application.
∙ You can visit your bank’s branch physically to know your status for a personal loan application.
∙ On visiting the bank, get in touch with the executive to provide your personal loan application document, containing all the necessary details.
∙ Executive will consider your details for checking your personal loan status.
Ending note
To place the application for a personal loan is hardly a two-minute procedure if you borrow the proceeds from platforms like Paytm. You instantly can check your personal loan eligibility to find out the procedure as per your eligibility. Once approved, you simply can prove your identity just by submitting a few of your details to avail of the loan to mitigate your personal requirements like sponsoring an event, marriage, vacation, urgent expenditures, home renovation etc.
