Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > How to Apply for a Personal Loan in 5 Simple Steps?

Personal Use Loan

How to Apply for a Personal Loan in 5 Simple Steps?

How to Apply for a Personal Loan in 5 Simple Steps?

We all want to live life to the fullest. Who doesn’t want to go on international trips, host a lavish wedding, and receive the best education? However, the sky-high prices often act as a hurdle, keeping us from realising our dreams. But today, you can finance anything easily with the use of a personal loan.

These loans are unsecured, meaning you don’t have to pledge any collateral while availing them. Add to it, lenders allow you to apply for a personal loan online, thus making the entire process incredibly convenient. Due to digitised methods, you can peruse over the loan facilities online, select the right option and upload documents without hassle.

Additional Read: Can a Personal Loan Help you Upgrade your Lifestyle?

If you are planning to avail personal finance, here is a 5-step guide to help you do so.

Check your eligibility and requirements

The first and foremost step when applying for personal finance is to determine your monetary requirement. The amount required as well as personal loan interest rates will differ for a wedding, travel, education or home renovation.  Therefore get a clear estimate of the money you require so that you don’t end up over or under-borrowing.

After this, check whether you are eligible for personal finance from your selected lender. The eligibility criteria for a personal loan generally include’s credit score, monthly income, age, etc.

Fill the application form

You will be given an application form by the lender which requires you to fill in personal details (like age, address), financial and employment details like your monthly income, place of work or details of the company for self-employed persons. This can be done both online and offline.

Select the loan amount and tenure

This is the most critical step while filling any loan application form, wherein the applicant selects and enters the desired amount details. Based on the applicant’s personal and financial info, credit score and outstanding debts (if any), the lender offers the appropriate repayment tenure and personal loan interest rate.

However, nowadays, applicants can precisely evaluate the rate of interest and EMI payable as per their income, using a personal loan EMI calculator online.

Submit documents

Certain documents like proof of identity, proof of residence, employment certificate and income documents are required to determine your personal loan eligibility. The documents needed may differ from one financial institution to another. You can submit these either online, offline or have a representative collect them from your residence.

Additional Read: How to Check if you are Eligible for a Personal Loan in 2020?

Approval of application

Whether applying for a personal loan for self-employed or salaried professional, the lender will approve your application only after proper verification of documents. After which, they will disburse the amount, if sanctioned, into your account within 3-5 working days.

Avail personal finance at Tata Capital

Tata Capital is one of the leading personal finance providers. Find customizable repayment tenures, low interest rates, and excellent after-sales service with us. To avail of a personal loan, apply on our website or give us a call today!

Apply Now

Get an Instant Personal Loan for all your needs !

Apply now
Popular Searches
loan without cibil personal loan for 15000 salary Loan for ring small cash loan on aadhar card pre approved personal loan What To Buy On Dhanteras Personal loan when self employed how to increase cibil score form 15g for pf withdrawal how to download aadhar card
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.