Instant Digital Personal Loan – An Introductory Guide

16 August, 2024

Synopsis

• You can apply for Personal Loans online through digital platforms like lender websites and mobile applications.

• You must fill the loan application form online and submit scanned copies of the requested documents.

• Digital loans are processed swiftly and you can receive loan disbursement within 4-48 hours.
  
  

That the global banking sector has been revolutionised in the 21st century is an understatement. Since the inception of internet banking services, banks have adopted digitisation, offering all their services – from account opening to loan facilities – online. Yes, that old process of filling various forms and waiting for the bank to approve your loan application is now behind us. Today, you can apply for instant Digital Personal Loans. Here’s all you need to know about it.

What is an Instant Digital Personal Loan?

An Instant Digital Personal Loan is one which you can apply online, typically through platforms like a lender’s website or a mobile application. This type of loan is also known as paperless loan, wherein you can complete the entire process – from application to documents submission online – simply by filling an online loan application form and submitting scanned copies of the requisite documents.

How To Apply For an Instant Digital Loan

No matter which lender you choose, you generally need to follow the same application process, which entails the following steps.

1. Assess Your Eligibility
   Lenders need to ensure that you have the capacity to repay the money you have borrowed. They can assess this by verifying your age, income, employment status and credit score. If you have a credit score of 750+ points, are gainfully employed (whether salaried or self-employed) and earn a monthly income exceeding ₹25,000, you may be deemed eligible by most lenders.
   
   

2. Shortlist Your Lender
   In today’s digital landscape, there is no dearth of lenders offering Digital Loans. If your income and credit score are excellent, you get the upper hand in choosing your preferred lender. While shortlisting your loan provider, you must consider aspects such as the maximum loan amount they offer, the interest rates they levy, their repayment terms, loan application charges and other vital details.
   
   

3. Fill out the Online Digital Loan Application Form
   Once you’ve chosen your preferred lender, you can fill out its online loan application form. You can typically find the form on the lender’s website under the loan section. The application form is usually straightforward, wherein you must mention your name, address, date of birth, age, employment type and status, net (in-hand) monthly income, general expenses, other existing loans and credit score.
   
   

4. Attach the Requested Documents
   With Instant Digital Loans, you don’t have to bother with taking photocopies of your documents and submitting them physically. You just need to scan and submit their soft copies along with your duly filled online application form. Note that the lender’s representative may schedule a video call with you to assess your documents and complete the video Know Your Consumer (KYC) process.
   
   

5. Await Loan Confirmation and Fund Disbursal
   Once you submit the application, the lender will verify it. Usually, lenders expedite the verification process since digital loans are meant to be swift loans, wherein funds are disbursed into your account within shorter timeframes. Moreover, if you apply for a Digital Personal Loan with a bank with which you already have a relationship, you can expect swift disbursal within 4-48 hours of application.

That’s it! With these steps, you can apply for Digital Personal Loans instantaneously.

Get Access To Instant Funds – Apply for Digital Xpress Personal Loans from HDFC Bank

At HDFC Bank, we have a long-standing reputation of providing quality banking services, including an array of loans and credit facilities. Our Instant Digital Xpress Personal Loans are incredibly easy to obtain and are disbursed quickly. Our paperless application process makes this loan your trusted ally during your hour of need.

Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Personal Loan at the sole discretion of HDFC Bank Limited. Loan disbursal is subject to documentation and verification as per Bank’s requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.