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Be Smart When You Apply For A Loan Online – Here’s How

Getting a loan is not everybody’s cup of tea, as it requires eligibility and creditworthiness. However, if you apply for a loan online, it gets more convenient than ever. An online loan is way easier to get, and the best thing about an online loan is its simple application and approval process. Many apps provide you with an instant loan, but if you are looking for a name, then PaySense is the best loan app.

To get a loan, you not only need to be eligible, but you also have to be smart. Being witty while applying for a loan online will make the process of getting a loan less complicated and smooth. You must know the below-mentioned points when you apply for a loan online.

How to be Smart while Taking a Loan?

1- Check your Eligibility

The first smart step towards getting a loan is to check out whether you are eligible to take that loan or not. To do that, you can use a personal loan calculator, as it helps you find out the loan amount you can take based on a few parameters other than your credit score. You will have to fill out a few details in the personal loan calculator section after visiting the website if you are willing to take a loan. These details include your existing debts, monthly income, etc.

2- Limit your Loan Application

Many people think that if they apply for a personal loan from various lenders, there would be a higher chance of getting their application approved at least somewhere. Just to let you know, this is a poor idea. Doing this will make it seem like you are desperate for a loan. Also, doing this can affect your credit score in a bad way. You are suggested to apply for a maximum number of two loans at a time.

3- Maintain a good credit score

Having an impressive credit score makes the process of getting a loan faster. A credit score defines your creditworthiness, and it is something that lenders consider before sanctioning your loan application. Therefore, you must maintain a good credit score. When you apply for a loan online, an excellent credit score not only helps you to get your application approved but also to get a loan with a lower interest rate.

4- Keep your documents handy

You are required to have a few documents when you apply for a loan online. Although, you must check out all the information provided in these documents before submitting them. These documents must be right, and you must upload a clear copy; otherwise, it might take more time than usual to approve your loan application.

5- Avoid making mistakes in forms or Applications

While filling out the loan application form, you must ensure no mistakes in it. Any mistake in your form or documents would lead to an instant rejection of your loan application. In addition, if you apply for a loan online, you are required to fill out all the information that is true to your knowledge. Therefore, make sure to proofread your application form and cross-check all your documents before submitting them.

Eligibility Criteria

The eligibility criteria differ most of the time, and it depends on the lender that you are taking a loan from. For example, the eligibility criteria for getting a loan from the PaySense app are as follows:

  • You must be a citizen of India, and your age should be 21-60 years to get a personal loan.
  • If you are a salaried individual, your minimum monthly income must be ₹18,000. However, if you are self-employed, your minimum monthly income should be ₹20,000.

Documents Required

Although, when you apply for a loan online, you are not necessarily required to have a lot of documents. But there are a few documents that you just need to get a loan online. These documents are as follows:

  • Identity proof: For Proof of your identity, you will need your PAN card and a selfie.
  • Address proof: For your address proof, you are required to have your driving license, Aadhar card, passport, or voter ID.
  • Income Proof: To prove your minimum monthly income, you must have a bank e-statement of the last three months.