Personal Loan Verification Process

Personal Loan Verification Process

When you require financial assistance you think of applying for a personal loan. There are a lot of lending options available in the financial market. Many banks and NBFCs offer personal loans at attractive interest rates. You might consider applying for a credit card, but getting a personal loan is a better option. With a personal loan, you can get cash fairly quickly, you do not have to provide security on loans. There  are numerous benefits of availing a personal loan.

These loans can be used to finance a large purchase, cover an emergency expense and for debt consolidation. Personal loans are typically unsecured, which means you would not have to provide any of your personal assets as collateral and would pay back the amount in monthly installments with interest. It is always better to get a personal loan instead of borrowing from family and friends. Many banks and NBFCs offer personal loans to fulfill financial requirements. The personal loan verification process is quite smooth, with minimal documentation required you can avail a loan amount of up to Rs. 25 Lakhs within hours.

So, let’s get to know more about the process for personal loans that are generally followed by all banks and NBFCs:

Before applying for a loan anywhere you need to do good research and inquire about the loan terms and features. Also, make sure to check with the personal loan eligibility criteria and calculate your EMIs based on the principal amount and interest rates charged on the loan.

1. Personal Loan Application

Once you have decided where you want to apply for a loan. You can start with the loan application process, as soon as you submit the application, the lender will process the document and approve the disbursement of the loan. To apply for a personal loan you have the option to apply for it online from the comfort of your home or opt for a traditional offline process of the loan application. The application process is quite convenient, requires minimal documentation and the loan gets approved within minutes. 

2. Document Collection

When applying for a personal loan, the applicant is requested to submit a certain set of documents which may vary from lender to lender.  Make sure your documents are valid and error-free, this will help speed up the personal loan verification process. The following are the documents required for a personal loan:

• Photo Identity proof

• Proof of Address

• Employment Proof

• Income Proof

• Passport size photographs

3. Verification of Documents

An applicant has to provide all the necessary documents as per requirements. For a smooth verification process you need to make sure the documents are valid and error free. Once all the documents are submitted a verification process takes place where a representative from the field investigation team visits the applicants place of residence to verify the address mentioned in the documents. They might also visit the applicant’s workplace to verify the authenticity of the employment details. Verification of other documents like PAN Card, Aadhaar card, or Passport is done using online portals. If the personal loan verification process is successful, the lender then processes the loan for disbursement.

4. Personal Loan Disbursal

Once all the documents are verified, the lender approves the personal loan application and gets started with the disbursal of the loan amount. The borrower needs to sign a loan agreement that contains all the information about the loan. It is advisable to go through the agreement carefully and understand each and every clause and terms. This step is crucial as it is a final step in the loan process. Signing up for the loan means that you are agreeing to the terms and conditions mentioned in the document. You will be able to receive the loan amount that is credited within 24 hours to the applicant’s bank account. After the disbursal of personal loan, the applicant is free to use the loan amount wherever and however he/she wants to.

You can avail hassle-free personal loan at Bajaj Markets. The online loan application and documentation process for personal loans are pretty quick, along with flexible loan repayment tenure of up to 12 to 60 months, where you can enjoy the freedom of choosing your loan tenure. To calculate your EMIs you can take the help of a Bajaj Finserv personal loan EMI calculator that gives you the exact monthly outflow of the amount that is to be paid every month.

Apply for a Bajaj Finserv Personal loan online at attractive interest rates starting from 12.99% per annum. You also get personalized pre-approved offers and added services like a free Financial Health Check Report (FCHR) that will help improve your credit standing in order to get better offers from banks and lending institutions and customized insurance plans for your loans.