Planning to spend big, purchase an expensive item, or pay off debts without exhausting your savings? A 10 lakhs Personal Loan can be an excellent funding option. You can use this loan for various purposes, including weddings, international trips, debt repayment, home renovations, medical emergencies, or higher education. A Personal Loan allows you to follow your ambitions without postponing them due to a lack of funds. These unsecured loans are available without putting up assets as security or collateral. Consequently, many NBFCs sanction them to people with a steady income and a good credit rating. Here is some crucial information to help individuals planning to apply for a Personal Loan online.
Steps to Apply for a Personal Loan Online
Follow these simple steps to quickly obtain a 10 lakhs Personal Loan and manage your monetary demands.
- Go to the Clix Capital website using your smartphone or laptop
- Select Personal Loan and click apply now
- Enter your phone number to verify it via OTP
- Fill in personal details including your Gender, Name, Email ID, Pin Code, Locality Name, and PAN Card Number, and press Continue
- The NBFC will verify your Personal information instantly and when verified would ask you for your Professional details
- Fill in professional details including your Employment Type, Company Name, Monthly Income, and Company Email ID
- Click on Continue and wait for online verification
- Once verified, you will get a loan offer if you meet the eligibility criteria and you can select the amount and EMI plan you need.
- Accept the loan offer and get quick disbursal.
Applying for a Personal Loan online takes just a few clicks. You can finalize the loan based on interest rates, repayment terms, and other conditions by using the Personal Loan Calculator available on the websites of NBFCs for free.
Who Qualifies for a 10 Lakhs Personal Loan?
Reputed NBFCs like Clix Capital offer instant personal Loan approvals to their customers through online applications. It is a straightforward way to get a Personal Loan within minutes. The standard eligibility conditions are:
Minimum and Maximum Age: Most NBFCs have minimum and maximum age requirements for people seeking Personal Loans. For example – Clix Capital considers the age bracket of 21-58 years.
Minimum Income: A high income indicates a significant capacity to repay the loan on time, implying less risk for the lenders. Most NBFCs require a minimum monthly income of 20,000 for salaried individuals to consider the loan application.
Employment: Applicants must have a stable job with at least one year of work experience (six months in current company) to qualify for a 10 lakhs Personal Loan.
Credit Rating: Applicants with an Experian credit score of 630 or above are eligible for a Personal Loan. Many NBFCs offer lower interest rates to applicants with high credit ratings. Therefore, monitoring and keeping credit scores high is crucial for the best loan deal possible.
Repayment Capacity: NBFCs often approve loans to applicants with a DTI ratio of less than 50%. However, it varies by lender. So, your total financial obligations should not be more than 50% of your monthly income.
A 10 lakhs Personal Loan from a reputed NBFC can help you cover several expenses. Competitive interest rates and instant approvals make Personal Loans the most sought-after solution for those looking for instant funds within minutes.