All about online Personal Loan

There is no person in this world who doesn’t seek financial freedom, but it’s not a dream that you achieve overnight. Financial freedom is the state where you can do things you wish without being bothered by debts or other financial limitations. Therefore, when youngsters begin their careers, they must have a fair idea about how to plan their finances so that it doesn’t become an obstacle that affects their social life.

Typically, expenses can be split into two categories – necessities & luxuries. In such cases, online personal loans can come to your rescue and help you manage unplanned expenses without jeopardising your financial freedom.  

Top lending institutions like Clix Capital offer a free online loan calculator where you can get different combinations of EMIs, interest rates, and tenure to choose from after entering how much you need and how much you can pay. This lets you settle for EMIs you can afford without overburdening yourself and losing your financial freedom. So, let’s have a comprehensive discussion on online personal loans so that there are no doubts in your mind when applying for them.

Features and Benefits of Online Personal Loan

The features and benefits that make online personal loans the best financing option for achieving financial freedom include: 

• No Restrictions on Purpose 

The best part about availing of online personal loans is that the lending institutions put no restrictions on purpose whatsoever. Therefore, you can utilise the funds from online personal loans to accomplish goals like buying a smartphone or laptop, pursuing post graduation, getting useful certifications to propel your career, and many more.

• No Collateral 

Another feature that separates online personal loans from other loan types is the no-collateral requirement. You can avail of them without pledging any security in the form of property, liquid assets, or a guarantor.

• High Loan Amount

Younger people have big dreams of financial freedom and usually take up different projects outside their regular 9-5 job. Generally, getting significant funds from traditional financial institutions may not be possible as they will ask for project reports and other related documents, which can be a daunting task to provide on short notice. However, with online personal loans availed from top NBFCs like Clix Capital, there are no hassles as they offer loan amounts of up to ₹ 10 lakh without restrictions and formalities.  

• Minimum Documentation 

When you approach a traditional financial institution for Personal Loan, they will ask for many documents at different stages of loan processing. This approach will take considerable time and effort at your end, which is not ideal as Personal Loans are opted for mostly during emergencies. But with online personal loans, there are no such issues as the documentation requested by the lending institutions is minimal. With KYC and income proof, you can apply online instantly.   

• Quick Approval and Disbursal 

When finalising the lending institution after using an online loan calculator, you can prefer Clix Capital, well-known for providing instant approval and quick disbursal. As the entire process of getting a personal loan, from loan application to disbursal, is online, the time taken for processing is very short. Once the online personal loan application is verified, the loan is approved instantly, and funds get credited to your account quickly.

Eligibility Requirement to avail of online personal loans

Young applicants looking for online personal loans to fulfil their financial goals must meet the eligibility criteria set by the lending institutions. Clix Capital offers online personal loans of up to ₹ 10 lakh.

• • Your Experian credit score must be 630 or above when you apply for an online Personal Loan. 
  • You must be a salaried professional of over 21 years at the time of application. 
  • Your monthly salary should be at least ₹ 20,000 and more.
• A 6-month duration of employment in the current firm and 12 months in total is needed to be eligible for an online personal loan.

Documents needed to get an Instant Personal Loan

• ID proofs include Aadhaar Card, Voter’s ID, PAN Card, etc. 
• Income proofs like three months’ salary slips or current year’s Form 16 
• Address proofs like Aadhaar Card, Passport, Rental Agreement, Driving Licence, etc.

How to apply for an Online Personal Loan? 

To get an online personal loan from lending institutions like Clix Capital, you must follow the below procedure. 

• Visit the Clix Capital website 
• Go to the Personal Loan section and click ‘Apply Now’
• Provide your mobile number to verify
• Fill in some personal and professional details
• Submit the form for instant verification
• Once verified, get the loan offer
• Accept the loan offer for instant disbursal

The best time to accomplish your dreams is when you are at the peak of your youth, as you are filled with unlimited energy and have sufficient time to execute and succeed in your endeavours. Online personal loans will act as fuel to convert your dreams into reality by providing you with substantial funds instantly. It’s time to live life on your terms.  

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