Tips To Apply For An Online Personal Loan

Online Personal Loan

With the world shifting to the online forum and Mark Zuckerberg putting up all of his work force to establish a perfect metaverse, application of an online personal loan is no rocket science. You can easily get personal loans online up to Rs.40 Lakhs or even more at competitive interest rates on personal loan with flexible repayment tenures and nominal processing fees with GST.

An online personal loan can come in handy in a variety of situations where financial aid is required which can be either planned or an emergency. However, this loan cannot be used for speculative purposes or to invest in the stock market.

The application process online involves visiting the web portal of the bank and filling up the application form with self-attested documentation attached. Later in order to check your application status, most banks and financial institutions offer the option of logging in to their official portal to assist you track the status of your online loan application. You can use the application number or reference number which is issued at the time of application by the bank for this purpose.

Apart from that, if you have applied for a loan through a third-party aggregator website, you can just log in to its website and track the status of your loan application directly. Once approved, you can easily get in contact with the bank through their online web portal and request for your loan statement. On most bank websites, you can just log in using your online credentials and provide your loan account reference number. The loan statement will be either sent through your registered email ID or provided in the form of a PDF file which can be downloaded.

If you have recently paid off or foreclosed your online personal loan,you must not simply believe that your obligation towards the loan is over. There are certain loosened end knots that you must tighten up after paying off your personal loan.

No Dues Certificate (NDC):

The No Dues Certificate (NDC) is issued by your lender once you pay off the debt. It is essential documentation that you must collect immediately after paying off your loan. It is also considered wise to retain this document for an extended period of time after the disbursal. This certificate officially validates the repayment that you have made.

If you might have to take up another loan in the future, you will require this document as a proof of repayment of your previous loan. Usually, if you are paying off the final amount through hard cash, this document is issued on spot by your bank. If you are paying through a check or NEFT or any other means, the bank will issue the NDC and will send it to your registered address or ask you to collect it from the branch office of the bank.

Statement of Account (SoA):

The Statement of Account coupled with the NDC will help you prove that your debts have been repaid and that too on time. This is an optional document; it might not be issued by all banks or financial institutions. If your bank provides this document, you must acquire it. If there are any sorts of discrepancies in the credit score. You can use the SoA to ask the credit bureau to execute the necessary changes.

Collection of unused cheques:

You must collect any cheque leaves which have not been used. The compilation of the NDC and the unused cheque leaves marks the end of the closure process for the loan.

Check your credit score after closing the loan:

It is not compulsory to check the credit score after the closure process ends. However, it is recommended that you check the score to make sure that it has not gone any lower. If it has, you must check as to why and try to revive it back to the initial score. 

Conclusion:

That marks the completion of any online personal loan that has been applied for. The interest on personal loans varies between 8.30% per annum and 49% per annum which highly depends on the loan amount availed by you. Repayment tenure, your credit score, and the interest rate charged on your loan. If you have maintained a decent credit score and share a good relationship with the lender, then the interest rate can be lowered. After the approval you must ensure that you collect your loan statement. And then pay off your scheduled EMIs or yearly repayments on time. So that your creditworthiness isn’t affected negatively and there are no extra charges upon the outstanding repayment bills. After the completion of the repayment tenure, don’t forget to take the NDC!

By kazim kabir

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