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

By Author: John Judge
Total Articles: 7
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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.