Getting a personal loan of Rs.2 lakh loan within 24 hours is something that can be difficult to achieve. It is not impossible, however, and getting the loan within the desired time frame is possible if you understand the process involved and the various options available.
Personal loan purpose
A personal loan is a loan taken for various purposes, such as medical bills, home repairs, travel expenses, educational expenses, and other personal needs. It can be taken from banks, NBFCs (Non-Banking Financial Companies), or peer-to-peer lending platforms. Such loans are unsecured, meaning that you do not need to provide any collateral to get the loan.
Personal loan procedure
The first step towards getting a personal loan of Rs.2 lakhs within 24 hours is to check your eligibility. Most lenders have their eligibility criteria and you need to check if you meet those criteria. Generally, lenders will require you to have a good credit score, a steady source of income, and a minimum age of 21 years.
Once you have checked your eligibility, you need to compare the various lenders available. You can compare the interest rates, processing fees, repayment tenure, and other features of the loan. This will help you determine the best loan option for your needs.
Once you have selected the lender, you will need to fill out an application form. This form will ask for information about your income, expenses, assets, liabilities, and other personal details. It is important to fill out the form accurately and honestly to ensure that the lender gets an accurate picture of your financial situation.
Once the application is submitted, the lender will conduct a credit check. This is to ensure that you are a suitable borrower and that you are capable of repaying the loan. It is important to note that if your credit score is low, you might not be approved for the loan.
If your application is approved, the lender will disburse the loan amount within 24 hours. The loan will be credited to your bank account and you will be required to start repaying the loan as per the agreed terms.
Personal loan without CIBIL check
It is important to note that some lenders may require you to have a CIBIL score to get a personal loan. If you do not have a CIBIL score, you can still apply for the loan. However, the approval process may be a bit more tedious and you may have to provide more documents to prove your creditworthiness.
Getting a personal loan of Rs.2 lakh loan within 24 hours is possible if you understand the process involved and the various options available. It is important to compare the various lenders to find the best deal and to fill out the application form accurately and honestly. Furthermore, you should be aware that if your credit score is low, you may not be approved for the loan. Lastly, if you do not have a CIBIL score, you can still apply for the loan, but the approval process may be a bit more tedious.
Read Also: How to get a personal loan on lower interest rates
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