123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

How To Apply For A Personal Loan – A Step By Step Guide:

Profile Picture
By Author: John Judge
Total Articles: 5
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

A personal loan is a quick and convenient way to get cash at your disposal for a variety of requirements. It may be related to medical issues, education, renovation work, travel, debt repayment, etc. Also, the process needs minimal documentation, and the approvals are rather quick if you are eligible. Let's know about how to apply for a personal loan.

The Application Process:

1.Contact Your Bank: You may contact your bank in online or offline mode. For the online mode, you can visit the bank’s website and provide your personal, employment, and other details. For the offline mode, you can visit your nearest branch and get the form to fill in the details

2.Apply for Loan with Amount and Tenure: Next, you need to apply with the amount of loan that you need and tenure to repay the amount. This can be done online or through a form in offline mode. Usually, the tenure ranges between 2-60 months for most banks.

3.Submit Necessary Documents: Along with the form, you need to attach the necessary documents:
● Application form and ...
... photograph
● PAN card and ID proof (Passport, Aadhaar, etc.)
● Valid address proof
● Income proof (salary slip, ITR copy) and Bank statement (last six months)
For online processing, some banks may even accept scanned documents.

4.Eligibility and Document Verification: Next, the bank verifies your eligibility and validity of the documents submitted. The eligibility criteria may vary from one bank to another, but in general, it is as follows:
● Age – Minimum 23 and maximum 58 at maturity
● Loan Tenure – 2 to 60 months
● Loan Amount – Every bank has an upper limit for the maximum personal loan that can be granted. So, check before applying.
If you meet the eligibility criteria and the documents submitted are valid, and as per requirement, then your loan will get approved quickly. You may check your eligibility for the loan using the online eligibility calculator available on the websites of most of the banks.

5.Loan Approval and Money Transfer: Upon verification of your eligibility, the loan is approved, and money is transferred in your account.
Features and Benefits of Personal loan:
● Can be availed for multiple requirements – Education, Medical emergency, Travel, Wedding, and any other similar personal expense.
● Minimum documentation is required.
● The cash is transferred almost instantly after approval and verification.
● No security or guarantor is required to apply for the loan.

Simple Process and Quick Approvals:
Applying for a personal loan is hassle-free, and the approvals are rather quick. You need to check your eligibility before applying. Also, make sure to submit only valid documents, and you can get the loan approved quickly.

Total Views: 380Word Count: 421See All articles From Author

Add Comment

Investing / Finance Articles

1. The Rise Of Investment Banking Companies In Hyderabad’s Financial Scene
Author: Verity knowladge solutions

2. Globe Civil Projects Ipo Gmp 2025 | Price Band ₹67–71, Dates & Gmp ₹0
Author: finowings

3. Investing Ira Gold, California: Gold Ira Investment
Author: Gold and Silver Investment News

4. Expert Accounting Services In South Auckland: Supporting Growth In Manukau And Beyond
Author: WhizBiz

5. A Short Guide To Turn Your Pension Into An Annuity In The Uk
Author: Finance Advisor

6. Globe Civil Projects Ipo: Key Dates, Price Band & Gmp
Author: finowings

7. Why Hyderabad Is The Best City For First-time Homebuyers In 2025
Author: anilsinhaanni

8. Top Crypto Security Trends In 2025: What Every Investor Must Know?
Author: Xiaou Princess

9. Term Loan Vs Line Of Credit: What Hyderabad Businesses Should Know
Author: anilsinhaanni

10. How A Certificate Course In Retail Can Open Doors To High-paying Jobs
Author: sandeep

11. Leveraging Technology: How Virtual Cfos Utilize Tools For Financial Analytics
Author: Dipanjan Das

12. Top Features To Look For In A Stock Trading Platform
Author: Aman Kumar

13. Top Trade Credit Finance Solution Providers: A Substantial Guide For Businesses
Author: Merchant

14. Top Benefits Of Investing In Property Through Your Super In Australia
Author: Rick Lopez

15. The Effect Of Fee Structures On Investment Returns Over The Years
Author: Amit

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: