Located in South India on the Malabar Coast, Kerala is known for its gorgeous backwaters, beautiful beaches, and a literacy rate of over 96%. Home to some of the best colleges, schools, temples, and hill stations, the state is rightly nicknamed ‘God’s Own Country’. However, people in Kerala have a high standard of living, due to which they require additional funds for various purposes. Those looking for a personal loan in Kerala can easily get one without straining their finances. Whether an individual needs funds for a wedding, medical emergency, home renovation, education, or vacation, many NBFCs offer multi-purpose instant personal loans in Kerala tailored to fit their requirements.
Considering the busy lives of Kerala people, most reputed financial institutions have straightforward application procedures that one may complete without leaving their house. Here is a stepwise process to get an instant personal loan and cover diverse economic costs.
The first and most crucial step is to choose the best lender offering an instant personal loan to Kerala people. One may come across several lenders, each claiming to be better than the others. However, there is no one-size-fits-all concept here.
Prospective borrowers must assess their requirements and find a lender that best suits their loan requirements. This includes comparing lenders based on loan amounts, repayment terms, interest rates, documentation requirements, eligibility conditions, customer service, additional charges, etc.
Check Eligibility Criteria
Each NBFC in Kerala might have different eligibility conditions. Aspiring borrowers must check their personal loan requirements and ensure they can fulfill each condition. Most lenders’ eligibility conditions include the borrowers’ age, income, financial obligations, credit rating, employment, work experience, etc. Checking and fulfilling eligibility conditions is crucial to avoid loan rejection and save the credit report from unnecessary hard enquiries.
Check the Credit Score
Lenders largely depend on an individual’s credit rating to determine their credibility. The higher the credit score, the easier will be the loan process. Applicants with a high credit score qualify for more enormous loan amounts at lower interest rates. So, check the lender’s minimum score requirement and ensure your score fulfills their demand.
Fill Out the Loan Application Form
Most lenders supporting online loan procedures have loan application forms on their websites. Borrowers looking for personal loans must log on to their selected lender’s website and visit their personal loan section to find the loan application form. While filling out the form, applicants must enter their personal, bank, employment, and income details accurately and honestly. They will need to prove the information with documents later on.
Submit the Necessary Documents
Although most financial institutions have minimal documentation requirements, they demand some essential documents to verify the details entered in the application form. Often, these include the borrower’s identity, income, and address proofs. Check which documents the lenders accept and submit their scanned copies through their website. Most reputed NBFCs have automated systems to verify the documents and KYC details and instantly approve loans.
Select a Suitable Repayment Term
Most lenders providing personal loans in Kerala have flexible repayment terms ranging from a few months to a few years. The primary purpose is to keep the repayment easily manageable for the borrowers. Those with a tight monthly budget may opt for a longer tenure to keep their EMI amount small. However, those who want to pay off their loan quickly may choose a shorter term with bigger EMIs. Selecting a smaller repayment term also reduces the total interest cost on loan.
A personal loan EMI calculator is an excellent tool that helps borrowers choose the right repayment term according to their monthly budget. They may calculate the EMI amount for different loan terms and select a tenure with EMIs they can easily afford to pay each month.
Accept the Loan Offer
The lender will offer a loan amount at a specific interest rate based on the application, credit rating, eligibility conditions, and documents uploaded. If the borrower is comfortable with the loan offer, they must accept it after reading the loan agreement carefully. Once they accept the offer, the lender starts processing the loan and disburses it into the applicant’s bank account within a few working hours.
These are the simple steps to applying for a personal loan in Kerala. However, once the borrower receives the loan amount, they must repay their EMIs on time to build their credit score and save money on penalties. Use the loan to cover any expenses and repay responsibly.