A personal loan is a loan which is availed by an individual for overcoming the personal financial needs, where some common usages for personal loans could be a medical emergency, wedding, higher education, buying a gadget or a much-needed vacation.
How to Apply?
An individual can apply for a personal loan with a traditional lender like Banks or reach out to NBFCs or the digital lenders. While the traditional lenders require the applicant to pay physical visits and submit a long list of documents, the applicants can easily apply online with the top digital loan enablers like LoansJagat which helps individuals to get the best personal loan based upon their requirements.
Quick and Simple Personal loan with LoansJagat
LoansJagat enables individuals with quick personal loans that could be simply applied online on loansjagat.com or even offline depending upon the individual’s comfort. LoansJagat offers a simple yet powerful platform which works on three basic fundamentals:
- Answer Basic Questions
- Check Loan Eligibility
- Apply Online or Offline
LoansJagat works on advanced machine learning algorithm which matches the financial needs of an individual for quick personal loans to that of the personal loans offered by the top banks, An individual gets the best and easy personal loans which are suitable for their requirements.
LoansJagat helps individuals to get instant personal loans which may be availed with simple documentation, the documentation process is simple and one needs to provide two basic documentations- KYC and Financial Documents. Here is a quick list of documents needed for instant personal loans.
- KYC Documents
- Passport Size Photograph
- Identity Proof - (Aadhar, PAN, Passport, DL or Voter ID)
- Residence Proof - (Electricity Bill, Mobile Bill, Water Bill)
- Financial Documents
- Latest 3 months bank statement of your salary account
- Last 3 months salary slips
LoansJagat offers complete flexibility to individuals to provide these simple documents either online or offline as per their convenience.
The LoansJagat Advantage
LoansJagat is India’s leading platform where individuals and businesses can get access to quick and easy funds for their personal or business needs respectively. LoansJagat has disbursed more than 10,000 loans and is the oldest loan advisor with 16 years of experience in helping individuals and businesses. Some key advantages offered by LoansJagat are:
LoansJagat offers 16 years of experience as a professional loan advisor and uses this experience to offer a mature product for Personal Loans as well as Business Loans.
Dedicated Relationship Management
Get access to a dedicated professional to help you get the best suited instant personal loan to help you with your financial needs.
Assured Data Security
LoansJagat works on an encrypted online platform and keeps all information secure with utmost care for your personal details.
LoansJagat provides the flexibility to customers to choose the best time to contact them, this helps them to manage their work and personal priorities better.
LoansJagat partners with over 40 banks and NBFCs to provide you with the best fit and quick personal loans to fulfil your financial needs.
LoansJagat has been acknowledged by several banks and NBFCs for its outstanding service with top awards. Some of our awards have come from the names like- Kotak Mahindra Bank, Tata Capital, HDFC Bank, and PNB Housing.
Are you an individual looking for a personal loan for salaried professionals or a self-employed professional looking for quick and easy personal loans. LoanJagat offers the easiest way to apply for personal loans, one just needs to answer quick questions about their personal and financial requirements and submit. LoansJagat then uses advanced machine learning to match your financial requirements with the best personal loan products offered by over 40 banks and NBFCs to present you the best fit offerings. The applicant can then choose the best fit loan provider based upon the criteria like interest rate, processing fee, and tenure.
The application formalities can be simply done online by submitting basic KYC and financial documents which may also be submitted offline if an applicant wants the same. LoansJagat offers the complete solution for the personal loan needs from identifying the need to finding the right solution and ensuring the documents are picked or processed online, it also helps the individuals by providing the live tracking of the personal loan with its simple and powerful online tracking module.
Thus, look no further and get the best solution for your personal loan requirements right here with LoansJagat.
Compare and Apply Personal Loans with Best Intereset Rates in India
Where can I use Personal Loan?
Borrowers can use funds to meet any of their personal needs like medical expenses, weddingexpenses, for higher education, to go on a vacation, or any other personal purpose which don’tneed any clarification.
How to avail a Personal Loan?
Easy personal loans are offered to the salaried individuals basis quick requirement gathering byLoansJagat, which then helps the borrowers to get the best suited personal loan from anassociated Bank or NBFC basis their eligibility criteria and the required documentation.
How is the loan eligibility for Personal Loan determined?
Every Bank and NBFC has its own specific criteria for sanctioning Personal Loans. However,some key factors include an ability to pay back the loan, borrowers profile and the place of work.
What is the Maximum tenure of a personal loan?
It’s a short term loan ranging anything between 1-5 years.
What is the maximum loan amount?
Amount to be lent depends on the ability of the borrower to repay it back and is upto 2-3 timesof your annual CTC. Usually, banks would like the instalment being paid does not exceed morethan 50% to 60% of borrowers net salary.
How long does the processing of personal loan take?
The loan approval process can take anywhere between 24 hours to 48 hours, depending on thedocumentation. The disbursement of the loan is done on completion of all paperwork whichincludes submission of ECS (Electronic Clearing System) and/or PDC (Post-Dated Cheques).
How can I compare personal loans provided by various lenders in the market?
LoansJagat makes it really easy. Complete the eligibility form on LoansJagat and access thecustomized quotes from various lenders. This way, you get to compare the key features like interest rates, EMIs, repayment charges and Processing fees, which helps a borrower to makean informed discussion.
How can I pay monthly EMIs against the personal loan?
Banks may request for an Electronic Clearing System (ECS) form to be signed by the borrowerlinking their salary or operational account. Besides ECS, banks may ask to submit post-datedcheques. Clarifying your ECS debit date with the bank helps to ensure a sufficient balance forthe payment clearance.
How do I receive the personal loan amount?
Amount sanctioned gets credited into the borrower's bank account after customer’sconsent
LoansJagat offers the best technology platform to understand requirements and get the best-suited loan products from over 40 Banks and NBFCs. Here are some other key benefits offeredby LoansJagat:
The best conversion rates
- Instant lending offers from top lenders
- Digital verification of income, employment, and residence
- Quick disbursement of loan
- Experienced Professionals with over 15 years experience in financial industry.
How much is the processing Fee against the personal loan?
For personal loans, it ranges from 1%-3% which is a one-time deduction taken from loanamount by the respective lenders.
What are the various kinds of charges other than the processing fee?
Apart from the interest rates charged against the personal loan and processing fee, theborrower also may pay pre-payment charges in the case of pre-closure of the loan which variesfrom 2%-5% depending upon the loan tenure left and the lender’s terms and conditions.
Is personal loan collateral free?
Yes, Personal loans enabled by LOANSJAGAT are collateral free.
Does my CIBIL rating impact the interest rates at which I get a personal loan?
Yes! Better Cibil ratings & repayment history leads to low-interest rates offered by Banks andNBFCs.
What are the advantages & disadvantages of taking a personal loan?
Personal Loan gives borrowers the flexibility to use funds for meeting various needs, However,they also come with some baggage.
- Collateral Free
- Easy Paperwork
- Quick Approvals
- Tough Qualification Criteria
- High-Interest Rates
- Prepayment Penalty
What happens if my personal loan application is rejected?
Close scrutiny of documentation is done to mitigate any chances of rejection. However, if anapplication still gets rejected, our experts communicate the same and also try and get you thebest offer through other Banks and NBFCs.
Is a guarantor required in the case of personal loans?
Mostly there is no need for a guarantor. However, some lenders may require the same for suchunsecured loans.
What happens in the case of a default in the EMI payment against Personal Loan?
It has two impacts. One, late payment charges are levied. Second, the default shall reflect onthe credit history of the borrower, which might create an issue in getting loans from otherinstitutions in the future.