Personal Loan Process

Personal loans can be more than the last option in times of urgent financial needs. If you want to have a lavish wedding and lack the extra expenses, you can depend on personal loans to make up for that amount. If you are keeping your long-awaited vacation still on your wishlist, worry not, apply for a personal loan and make all your wishes come true!

Applying for a personal loan is now the easiest. The personal loan process is simple, 100% digital, and quick. With minimal documentation and affordable interests, you can enjoy instant loan approvals. Here is a detailed personal loan procedure for you to dive into the details.

Step-by-Step Process to Apply for a Personal Loan

Follow each of the steps in the personal loan process mentioned below to avail of a personal loan quickly and easily.

1. Check Your Eligibility

Check whether you satisfy the eligibility criteria required for a personal loan. Some of the common criteria include:

• The applicant must be an Indian national.

• The applicant must be above the age of 21 and shall not exceed 65 years.

• The applicant should have a steady and regular source of income.

• The applicant should have a credit score of 700 or above.

2. Check Your Interest Rates and Tenures

The personal loan interest rate varies from bank to bank. It depends on several factors, including the creditworthiness of the borrower, the loan amount applied for, loan tenure, and several other factors. After checking the eligibility, check the interest rate at which the personal loan is offered to you. Also, check the loan tenure and if the repayment tenure is flexible for you.

3. Calculate the EMI

One of the wisest steps you can take through the personal loan process is to calculate the EMI you have to pay once you avail of a personal loan. There are several personal loan EMI calculators available online which are completely free and help you calculate the monthly EMI. All you have to do is enter your loan amount, desired tenure, and the interest rate offered. The calculator will provide the estimated EMI, the total amount paid toward interest, and the net loan amount.

4. Arrange the Required Documents

Check whether you have all the documents required for a personal loan. Here is a list of the common documents required.

5. Fill in the Form

You can apply for a personal loan online and offline. Both the methods are mentioned below.

1. Offline

• Locate the nearest bank branch.

• Fill out the relevant form handed over to you carefully.

• Carry relevant documents with you.

• Submit the hard copy of your application form and the rest of the documents to the bank staff.

• A representative from the bank will check the documents and verify it. They will help you to understand and complete the whole personal loan process.

2. Online

• Visit the official website of the financial institution.

• Go to the Personal Loan Section.

• Click on ‘APPLY NOW’.

• Choose whether you are a salaried or a self-employed individual.

• Enter your mobile number and other personal details requested.

• Tick off the box appearing along with ‘I have read and agreed to terms and conditions’.

• Click on ‘VERIFY’.

• Enter the OTP sent to your mobile number

• Click on ‘NEXT’.

• Enter your first name, last name, email address, and city.

• Click on ‘CONTINUE’.

• After this, a relationship manager will contact you through phone call or email and guide you in the next stages.

6. Submit the Form

• Upon request, enter further personal and professional details in the online personal loan application form.

• Upload the scanned copies of the relevant documents along with the form.

• Enter your bank details.

• Click on ‘Submit’.

• The loan approval will be informed to you after verification of the documents.

7. Wait for Loan Approval

After submission, you can wait for the loan approval. Once the verification is complete, a representative will inform you about the loan approval. Usually, the loan will be sanctioned within 72 hours after the final approval.