How to Apply for Personal Loan in Airtel Payment Bank?

Introduction

Definition of Personal Loan

A personal loan is an unsecured form of borrowing that individuals can obtain from financial institutions for a variety of purposes, including medical expenses, home renovations, travel, or consolidating debt. Unlike secured loans, personal loans do not require collateral, making them accessible to a wider range of borrowers.

Airtel Payment Bank Overview

Airtel Payment Bank is a digital banking platform launched by Bharti Airtel, designed to offer convenient and accessible banking solutions. It provides services such as savings accounts, digital payments, and personal loans, primarily targeting customers who favor online banking and prefer to avoid the complexities of traditional banking.

Section 1: Eligibility Criteria

Age Requirement

To qualify, applicants generally need to be between 21 and 60 years old. This age range ensures that borrowers are legally capable of entering into contracts and are likely to have stable financial circumstances.

Income Requirements

Typically, applicants must have a minimum monthly income of around ₹15,000. This requirement helps ensure that borrowers possess the financial means to repay the loan.

Employment Status

Both salaried employees and self-employed individuals are eligible to apply. Salaried applicants must provide proof of employment, while self-employed individuals are required to submit relevant business documentation.

Credit Score

A credit score of 650 or higher is generally recommended for a better chance of approval. A strong credit score reflects responsible credit usage, which is a significant factor in the lender’s decision-making process.

Section 2: Documentation Required

Identity Proof

Acceptable forms of identity verification include an Aadhaar card, PAN card, passport, or voter ID. These documents are essential for confirming the applicant’s identity.

Address Proof

Documents such as utility bills (electricity, water), rental agreements, or bank statements showing the applicant’s current address can serve as proof of residence.

Income Proof

Salaried applicants need to provide recent salary slips and bank statements from the last three months. Self-employed individuals must submit income tax returns and profit and loss statements.

Additional Documentation

Applicants may also need to provide a recent photograph and any other supporting documents for the loan application, such as previous loan statements or asset declarations.

Section 3: Application Process

Step 1: Accessing the Loan Application

Applicants can initiate the loan application process through the Airtel Payment Bank mobile app or the official website. The platform features an intuitive interface that simplifies the application process.

Step 2: Filling Out the Application Form

The application form requires personal details (such as name, age, and address), employment information (type of employment and income), and loan-specific details (requested amount and purpose of the loan).

Step 3: Uploading Documents

Users can upload the necessary documents directly via the app or website. It’s important to ensure that all files are clear and in the correct formats (JPEG, PDF).

Step 4: Submitting the Application

After completing the application form and uploading all required documents, applicants can submit their application. They will receive a confirmation notification, typically through email or SMS, regarding the status of their application.

Section 4: Approval and Disbursement

Review Process

The bank reviews submitted applications, assessing eligibility criteria, credit scores, and the completeness of the documentation.

Loan Approval Timeframe

The approval process can range from a few hours to several days, depending on the number of applications and the thoroughness of the submitted documents.

Loan Disbursement

Once approved, the loan amount is usually transferred directly into the applicant’s Airtel Payment Bank account. This swift transfer is one of the benefits of utilizing a digital banking service.

Section 5: Repayment Options

Repayment Tenure

Borrowers have the option to select repayment terms from 6 months to 5 years, providing flexibility based on their financial situations.

Interest Rates

Interest rates for personal loans from Airtel Payment Bank typically range from 10% to 24% per annum, influenced by the applicant’s credit profile and the loan amount.

EMI Calculation

Borrowers can compute their Equated Monthly Installment (EMI) using online calculators available on financial websites. The EMI formula is:EMI=P×r×(1+r)n(1+r)n−1EMI = \frac{P \times r \times (1 + r)^n}{(1 + r)^n – 1}EMI=(1+r)n−1P×r×(1+r)n​

Where:

• PPP = Principal loan amount
• rrr = Monthly interest rate (annual rate divided by 12)
• nnn = Loan tenure in months

Prepayment and Foreclosure

Airtel Payment Bank permits prepayment of loans after a specified period, typically with applicable fees. The terms for foreclosure may vary and should be reviewed in the loan agreement.typically with some fees. Foreclosure terms vary and should be checked in the loan agreement.

Features of Airtel Payment Bank Account

• Open a Savings Bank account at any of our 5 lakhs+ banking points
• Get free personal accident insurance cover of Rs 1 Lakh
• Earn up to a 6.0% rate of interest
• Get an online debit card
• Deposit cash at any Banking Point in your vicinity
• Withdraw cash through our banking points or select bank ATMs
• Buy third-party insurance products
• Transfer money to any bank account in India through IMPS or UPI
• Recharge prepaid mobiles/DTH and pay utility bills (electricity, water, gas, postpaid, etc.)
• Book bus and train tickets

Also read –

• How to Get an Instant Personal Loan for your family?

How to Apply for Personal Loan in Airtel Payment Bank

Here is the step-by-step process to apply for Airtel personal loan

1. Airtel Thanks App

Open the Airtel Thanks app on your mobile and enter the credential to log in.

2. Find Personal Loan Option

Now find the option of “apply” for a Personal Loan and click on it. Next, you will see about the loan and the option of a personal loan, just press enter.

3. Enter details

Now you will ask to enter details like Loan Amount, Loan Tenure and Pin code and press enter on View Loan.

4. Review and select

Next, you will see details of the loan amount and lending partners.
Review the details and click on “APPLY“

5. Authorize And Proceed

Now you will ask to authorize Airtel Payment Bank Limited to share your details with lending partners. After, this just press enters on Proceed.

6. Complete registration

In the next step, you will ask to complete registrations and upload some documents and for physical verification, their agent will pick up the document at your choice of place & time.

7. Get amount credited

If everything is ok, the applied amount will be credited to your Airtel Payment Bank Account.

Conclusion

Recap of the Application Process

To obtain a personal loan from Airtel Payment Bank, applicants should ensure they meet the eligibility requirements, gather the necessary documents, complete the application form, and submit it through the mobile app or website.

Encouragement to Apply

With its straightforward processes, rapid loan disbursement, and competitive interest rates, Airtel Payment Bank offers an excellent solution for individuals seeking financial support. Potential borrowers are encouraged to take advantage of this convenient option for their financial needs.

Official Airtel Payment Bank Website

Frequently Asked Questions –

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