How to apply for a personal loan from Livemint? A step-by-step guide

A personal loan provides a convenient method of funding unexpected travel, house repairs, weddings, or doctor's bills. Through the provision of an easy online portal that connects borrowers with top Indian lenders, Livemint makes the loan application process simpler. A step-by-step guide on how to apply for one through Livemint will be covered here.

What is a personal loan?

A personal loan is an unsecured loan without collateral that banks or other financial institutions provide. Borrowers can use the loan amount for any purpose without end-use restriction. Based on the lender's conditions, these loans have fixed interest rates and time intervals of repayment varying from a couple of months to a number of years.

Benefits of taking a personal loan from Livemint

• Lower interest rates: Through its partnership with the leading financing institutions, Livemint provides low interest rates from 14% on loans.
• Entirely digital process: All documentation hassles are reduced with the totally paperless loan application process.
• Flexibility of loan tenure: Customers can choose the EMI plan that fits their finances by selecting repayment durations of up to 60 months.
• Rapid loan comparison: Comparing loans from various lenders allows borrowers to confirm they have the best deal.
• Rapid approval and disbursal: The loans have rapid approval and disbursal timelines in most cases by allowing the digital verification process.

Factors affecting personal loan interest rates

1. Credit score: A lower score affects the amount you pay, and a good credit score (750 plus) acts as leverage to get lower interest rates.
2. Income level: People earning a salary who earn higher salaries show a heightened capacity to repay debt, which mitigates risk to the lender and equates to a lower interest rate.
3. Loan tenure: Loan tenures are inversely correlated with interest rates; while longer tenures tend to be associated with higher interest rates, opting for a shorter tenure means a higher EMI, but lower total interest paid.

How to apply for a personal loan from Livemint?

Applying for a personal loan from Livemint is an easy and hassle free process, follow the below steps to apply.

• Step 1: Visit the official website of Livemint, and go to the personal loan section.
• Step 2: Enter your 10 digit mobile number and then proceed by clicking on “get loan offer”
• Step 3: Enter the basic information such as- name, dob, email, pincode and PAN card details.
• Step 4: Provide details about your monthly income to assess your repayment capacity.
• Step 5: You can easily view the approved loan offers according to your financial condition within a span of seconds.
• Step 6: Select the most preferred option and complete the application procedure & document submission for the lender’s verification.
• Step 7: The amount will be disbursed in your account after verification.

In conclusion, the process for applying for a personal loan through Livemint is simple and assures that applicants will have few challenges getting the best borrowing offers. Before applying, it is important to assess your ability to repay the loan, compare options, and apply for the option that best meets your finance needs.

Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.