Personal Loan Process
With the increasing competition in the market for offering Personal Loans, with the availability of online application for fast procedure, getting a personal loan has become far easier than earlier years. It is advisable for you to first look at the different stages required for obtaining a Personal Loan. The followings are the step by step procedure of getting Personal loan:
Check your eligibility for Personal Loan
When choosing to apply for a personal loan there are various factors which affect your personal loan eligibility. Your age, income, salary and your overall profile verified at Makemyloans.Com. Our experienced team give you all information about your loan eligibility. The Eligibility criteria vary from bank to bank but the basics are the same.
Compare loan options from different banks
It is good to compare the offers of various banks before you settle on one. Some key factors to consider when deciding on a loan provider include interest rates, loan tenure, processing fees . Each Bank personal loan comes with its own set of advantages and disadvantages, our experienced team will do preliminary research to help you to choose one that’s right for you.
Apply for the Personal Loan
Fill an easy online application form and give all the required information about your personal, professional, financial details and liabilities details. It takes less than 5 minutes to complete the form. Our Loan officers are able to assess your application in minutes.
Once you decide a lender, there are various documents you need to provide. Our executives will collect your self-attested KYC documents at your doorstep as per your convenience. We approach bankers to verify your documents to facilitate a hassle free processing of your Loan.
Credit and Default Check
Lender first checks the credit score and credit report of the applicant through CIBIL. The CIBIL Score plays a critical role in the loan application process. If the credit score is low, the lender may not even consider the application further and reject it at that point. The higher credit score application get approved.
Bank verification department will send a representatives to your house or workplace for field verification of the address given in the documents. Also, the bank will verify all other documents and other details mentioned in the application form. The bank takes 1 or 2 days for verification. If the verification result is positive, the bank processes the loan or else the personal loan application get reject during this stage.
Approve or deny the loan request
The approval is at the sole discretion of the loan sanctioning officer whose decision is based on the criteria specified by the bank/financial institution .The loan application may be approved or rejected in 24 hours or it might take up to 5 working days or more based on your documents, verification report and credit history. Once the lender is satisfied with your profile bank/financial institution sanctions the loan and decides final loan amount. Sometime bank issue a conditional sanction, all the stipulated conditions will have to be satisfied before loan disburse.
Signing of agreement and submitting post-dated cheques
Once the borrower agrees with the terms and conditions now it is time of signing the final agreement of the Personal loan. After the signing of the agreement a bunch of post dated cheques are to be submit as agreed on the agreement paper.
Actual amount of money that is disbursed depends on the loan applied for and approved, deductions of processing fees, service tax as agreed upon in the loan agreement. Your loan can be disburse as early as 48 hours once the loan agreements have been submitted to the Bank. You may either receive a Demand draft or get the money deposited automatically into your salary account.
Confirmation by Bank
After disbursing the loan the banks usually send a welcome kit to communication address. This kit contains various documents such as copies of the loan agreement, repayment schedule, amortization table, rate of interest, tenure and total disbursed amount.
It can be repay in the form of EMIs via post-dated cheques (PDC) drawn in favor of the bank or Electronic Clearing Services (ECS) system Or standing instruction as determined by the bank and the borrower
So Many steps? Is it actually this Much?
It is not this complicated. We will use our Experience and Knowledge to deliver the sweet result to Your Dream Personal Loan
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