Kolkata is a major metropolitan city where living a middle class may not come as cheap as it was a decade ago. The rising inflation with lower rates of salary increment has made the life of the citizens of this cultural city a bit difficult. Although things can be managed with moderate expenses in this city. However, if you are opting for a better standard of living with all the miscellaneous expenses that go into making it one, then you might need some help. 

There might arise a situation where you will need a large amount ready in your hand. What with the expenses of living in Kolkata, this situation might fall hard on you. Whether it is for medical expenses, education or even for the marriage ceremony, you should have the option open for personal loans in Kolkata.

Personal loans are a form of unsecured loans where no assets will be needed to be used as collateral. Also, you can use it for a variety of purposes. Getting personal loans in Kolkata is much easier with the arrival of the online facility. 

However, for those who do not have experience or are unacquainted with the online process of getting personal loans in Kolkata, the following steps will give them a brief idea about the same. 

Step 1: Filling Online Application

The first step comprises logging into an online portal and filling the application form. You can visit the official website of the loan providers you have in mind or download their apps. Once you have successfully logged in, you will be required to fill an application form. 

The details you will have to put in the form will focus on your financial status. You will have to put in details of your employment: whether you are employed in an organisation or are self-employed, your monthly salary, your credit score etc.

Step 2: Setting The Loan Amount And Period

Once you have submitted the application form, you will be needing to opt for a loan amount and the tenure or the time period for the loan. The maximum loan amount to be dispensed depends on both the financial institution providing it as well as your own salary. 

A personal loan eligibility calculator can give you an idea about the loan limit you have. On the other hand, with the help of a personal loan EMI calculator, you can figure out how much EMI you will have to pay for a given tenure of the loan. 

The simple rule to follow here is that longer tenure shorter the EMI amount and vice versa. Although, the interest rates will also increase if the duration or tenure is longer. 

Step 3: KYC Verification

This step requires submission of your KYC documents. The documents to be needed for KYC verification will be your

  • Income  proof
  • Identity proof
  • Address proof

With at-home KYC verification, your application for a personal loan will be approved. 

The financial institution will send an agent at your house for the KYC verification. Once the documents you submitted are verified, it would only be a matter of time before your loan is approved. 

The online process of applying for personal loans in Kolkata has made it so simple. You will not have to visit any bank branch or other such institution to get a personal loan approved. Also, the online process of getting a personal loan issued is very fast and this adds to the overall advantage of this facility. Thus, you can instantly use personal loans in Kolkata to serve any financial purpose. In fact, personal loan interest rates are usually lower than that of credit cards so you can even pay your credit dues with the help of a personal loan.