Step-by-Step Process to Get a Personal Loan in Coimbatore

If you are a resident of Coimbatore or you are visiting for the first time, and you are considering taking a loan to meet your financial commitments, this article is for you, as we will be discussing the ins and outs of a personal loan in Coimbatore and also guide you to the path of securing one personal loan in Coimbatore for yourself.

Coimbatore, the city of dreams and iconic beaches, is known for many things, but especially among them is the rich diversity it features in terms of cultural beauty and heritage. Every year, people from all over the world visit Coimbatore to seek solace at beautiful Isha Ashram or travel further down south to the Queen of Nilgiris, Ooty, to escape the much-needed hustle and bustle of city life.

So without further waiting, let’s see.

What Is a Personal Loan?

One of the first and most vital aspects we need to know is the definition of a personal loan. In easy words, a personal loan can be known as lending means through which you can borrow a particular amount of money, usually in the range of ₹10,000 to ₹15,00,000, and pay it via a flexible repayment plan.

One of the most striking features of a personal loan that distinguishes it from traditional lending instruments in the market is the fact that it comes with features such as instant disbursement, the online application process, flexible repayment plan, and competitive rate of interest.

Along with this, although the concept of a personal loan is not exactly new to India, it has been gaining significant popularity in the past couple of years mainly because there are now more institutionalized lenders and NBFCs (non-Banking Financial Institutions) that specialize in this offering.

What Are the Main Features of a Personal Loan?

Now that you know the basic definition of a personal loan let us discuss some of its most pertinent features.

Online Application Process:

If you have ever looked into a traditional loan, you are well aware of the fact that to apply for the same; you generally need to wait in long queues and physically fill out the application form.

Since most traditional loans are disbursed by banks that rely on legacy systems, as a borrower, you are obligated to submit all your documents in physical format by either visiting the lender’s office or an assigned representative of the same.

And in our day-to-day busy lives, finding the time to physically fill out an application form or visiting the lender’s office is a hassle most of us will avoid.

On the other hand, most of the utmost personal loans in India arrive with a completely online application process, meaning that you can complete the entire application right from the comfort of your home and upload all the documents the lender requires electronically without ever needing to step out.

Having a completely online application process and utilizing it will save you precious man-hours and make it immensely more straightforward for you to get the loan when you need it the most.

Competitive Rate of Interest :

If you take a look at the interest rates of most traditional loans in India, you will realize that a majority of them range from 5% to 13%, which is very high in all sincerity.

The reason why most traditional loans have a high-interest rate is simply that there are not many lenders who render these loans.

As the competition in this space is less, traditional financial institutions can go unchecked without worry and thus charge the end consumer a higher interest rate.

On the other hand, as mentioned in an earlier paragraph, now more than ever before, some lenders specialize in rendering personal loans, and due to the sheer amount of competition.

You, the end consumer, can enjoy a significantly competitive rate of interest, starting as low as 1.13% on your personal loans.

Flexible Repayment Plans:

Suppose you have ever completed the application for a traditional loan and reached the step of entering the loan amount you require.

In that case, you are well aware of the fact that traditional lenders pre-define both the EMI amount you will be expected to pay every month along with the date on which the stated amount will be debited from your account.

While this is an excellent strategy from the lender’s perspective, as they are essentially minimizing their risk, it impairs you from managing your personal finances better.

On the other hand, in most personal loans, you are given the choice of deciding the EMI amount you want to repay every month along with the date of each month when this EMI amount will be debited.

While this still means that you need to pay back your dues on time, in the long run, this allows you to take better control of your personal finances.

How to Secure a Personal Loan in Coimbatore?

Now that you know of all the details of a personal loan and the pointers that make it unique, all that remains for you to do is secure one for yourself.

Mentioned below are the most significant steps you will need to follow when applying for a personal loan in Coimbatore.

  1. Search for “instant personal loan in Coimbatore” and go through all the personal loan offers presented to you. During this step, be mindful of the interest rate being charged and the tenure being offered.
  2. Once the above step is complete, proceed to choose the lender who suits your requirements the best.
  3. Once you have chosen the lender, download their application to your smartphone or visit their official website to initiate the application process.
  4. Keep your documentation (both eKYC and income information) handy, as you will be required to share these with the lender in the upcoming steps.
  5. Upload all your documents, submit your application, choose the loan amount you desire along with other more delicate details, and complete the process.

Once your application is submitted, the lender will take a few hours to verify the information, and when approved, you will get the money in your account in less than 48 hours.

Also Read: How Online Payday Loans in Ontario Work?

Conclusion:

Taking a personal loan has become simpler than ever before, thanks to the number of lenders who now specialize in rendering this service. So, if you are in Coimbatore, wait no more and follow the steps outlined above to secure the personal loan in Coimbatore as you require. All the best.

Must Read: Top 5 Tips to Apply for a Business Loan Without Security

Photo by Karolina Grabowska from Pexels

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