So, want to apply for your own personal loan and don’t know where to start? Don’t worry, this article will explain you the step by step procedure to apply for a personal loan. And, in return avail it with whole ease and comfort.
To be honest, personal loans are the most convenient way to finance almost every other need. Be it your wedding or any higher education, personal loans can fulfill it all. But, not many know how to apply for their own personal loan.
Hence, let’s move ahead and discover the step by step guide to know how to apply for a personal loan.
Choose the Best-Ever Loan For You
At first, you may think that all of the personal loans are the same. But, in reality, things are a lot more different. Here, you must check with different banks and even from the non-financial companies before going for any loan.
Here also, some of the lenders will have low-interest rates while the others can charge a hefty amount. However, with some personal loan, there is no need to pay for the processing charges. And few lenders will have a lower prepayment charge than other lenders.
Keep Your Documents Ready
Now, once you have decided to choose a personal loan from the designated bank, next step is to keep your documents ready. Getting a personal loan is not that much hard if you are having a steady income.
Further, to apply for a personal loan, you will have to submit the following documents enlisted below:
- Age Proof ( PAN Card, Voter ID Card, Passport)
- Address Proof ( Lease Agreement or Passport)
- Salary Slip of the past Six Months
- Two passport Size Photographs
- Bank Statements of the Past Three Months
Fill the Application Form
Here, you will need to walk into the bank and ask for the personal loan application form. In plenty of the cases, banks have got websites where users can fill the online form to gain their personal loan. The process takes 5 minutes and within the submission, you are eligible for the loan. All this is done within the time span of 72 hours.
Corporate with your verification process:
Once you give your loan application, you will be called for the verification process. Here, the bank can tell to show your creditworthiness by checking your credit score. So, be ready for every other thing.
Approval of your Application
Once the verification process will be completed, the lender will inform you about the loan approval. In case, if the lender will need more documents, he/ she will inform you accordingly.
And once, the lender approves everything, they will issue a type of delivery order. After which, the loan will be credited to your bank account.
Just keep one thing in mind that there are a different type of personal loans for different situations. In case you come across the wrong one, do read this article for your reference. Hence, choose the one which fits perfectly in your criteria and goes on and applies for it, without any doubt.