Step by Step guide to taking Personal Loan in India
With so many marketing calls, television advertisements and countless emails, everyone above the age of twenty would have received at least a few offers for personal loans. However, in spite of such widespread awareness of quick personal loans, very few people are aware of the steps to avail one. Read on to know the step-by-step procedure to secure a short-term personal loan.
Now, coming to the big question, is it easy to avail a low rate personal loan? Well, the answer is both Yes and No.
While it’s true that personal loans are quicker when compared to other secured loans like home loans, there are however some stringent criteria to make you eligible for the loan. But, once you clear the bar, your personal loan gets approved within a matter of days. This is because there is no verification of assets as in the case of a home loan or a car loan.
Steps involved from the time you approach a lender to get the loan sanctioned.
#1: Finding the right lender
The first question that pops into one’s mind when applying for a loan is “Where to get personal loans?”. There are several public banks, private banks as well as other private Non-Banking Financial Corporations (NBFCs) who offer personal loans for individuals. Approach as many lenders as possible. Check out their rates and other offers.
Once, you have all the required info choose the best place for personal loans.
#2: Get the Required Documents in Place
Once you have decided on the lender, a representative from the lender’s office will visit you to collect the documents. You have to submit proof of identity, residence and income. Some documents you have to produce are salary slips, IT returns, bank statements. These materials vary from lender to lender. Ensure that you check with your bank for the list of required documents and have copies of them ready for verification.
#3: Field Investigation
After you submit the necessary documents, a representative will visit your office, business place or home to double check the facts you have provided. Make sure that you offer the correct details. Mismatch of records could lead to cancellation of your loan request.
#4: The Final Step, Getting your loan approved
This is the last step and a happy one. Once, the lender is satisfied with the details you have provided and verified your documents and your loan gets sanctioned. The loan amount after the deduction of the processing fees is disbursed to your account directly or given to you in the form of a cheque or demand draft.
Avail fast personal loan to meet your emergency cash requirements and breathe easy!
