Personal loans are preferred by most people as they help them overcome financial emergencies such as medical emergencies, weddings or travel. With the advent of technology, most banks now offer the option of applying for a personal loan online on their websites. This is a very fast and hassle-free process and saves people a lot of time. One does not need to visit a bank in person when they want a personal loan; instead, they can apply for it online from the comfort of their home.

How to apply for an online instant personal loan?

1 Visit the bank/lender’s website. You must first log into the website of the lender you wish to borrow the personal loan from.

2 Select the option of “personal loan” from all the various loan options that have been made available to the customers. 

3 Fill in a simple, easy-to-use online application form for the personal loan. The information will differ depending on whether you are salaried or self-employed.

4 Then you can check your eligibility with ease in a minute after turning in the application form.

5 After the application is approved, the loan amount then gets credited into your bank account in 2 to 3 days. 

6 In some cases, the bank executives will call once the application form is turned in to re-confirm the details, explain the eligibility and to pick up certain documents such as ID and address proof (or these can be turned in online).

Thus, applying for a personal loan has become a very simple and process and can be approved almost instantly from the comfort of your home.

If you are an existing customer of the bank you are borrowing from, then you may be eligible for a pre-approved loan as well, wherein the loan amount gets disbursed to your bank account in just a day.