Go contactless: Your checklist for an online personal loan application

The loans are available from all leading banks, NBFCs and fintech platforms. Note that there is no compulsion for your or any customer to take the loan from the bank where you hold your salary or savings bank account. You are free to scout for digital personal loans from any lender of your choice and compare to arrive at the one offering you the best deal.

Online personal loans are not necessarily costlier or come with high rates of interest or processing fees. In fact, they may turn out cheaper than in-person, offline personal loans due to lower operating costs etc. which if offline, lenders may pass on to borrowers. Depending on a borrower's income, the company he/she works for, the loan amount needed and his/her credit score, the rate of interest may start from as low as 10.25% per annum (on a reducing balance basis) and go up to as much as 36%. Compare the various offerings in the market to pick out what's best for you and your pocket.

The key to availing the loan at an attractive rate in a fast and convenient manner however lies in having a correct and updated digital KYC footprint.

• Your mobile number must be updated in your Aadhaar and bank account.
• You must have an active net banking facility on your main savings bank account in which you receive your monthly salary gets credited and the mobile number updated with the bank must match the one you are applying for the loan with which is also the one associated with your Aadhaar.
  
• Your latest current address must be updated in your Aadhaar and savings bank account.
  
• You must be able to both receive and send emails from your official email address, in case you have one.
  
• You must have physical original copies of your main KYC documents, primarily your PAN card, Aadhaar card with correct current address, to be able to complete video KYC.