There are many situations when your savings are not able to meet your needs. Even if they are able to do this, it is not sensible to spend all their savings at once. Spending your entire savings in one go can cause financial problems for you in future, because you will not have any financial security left.
So what to do in a situation when you need money in addition to monthly expenses?
In this situation, borrowing is the only option left. Since we do not have enough funds and on the other hand we do not want to touch our savings either. But, even if you are struggling with financial problem, you should still wait for things to change.
Since borrowing is the only option. Therefore, you should choose a lender who gives the right type of loan and whose terms and conditions are easy. Personal loan in India is one such financial product, where you get the funds, without pledging anything. Their interest rates are also economical.
After the boom in technology in the finance sector, you can get a personal loan faster than before. You can apply for a personal loan by visiting the lender’s website. To apply for a loan, you just have to fill the online application form with the necessary information. Further processing is fast and you will get the loan through e-Approval within a few hours.
But there are 4 stages of processing personal loans in India, on which we will talk here today.
Personal loan application
To start personal loan processing, you have to fill the application form. By going to the online portal of lenders, you will get the application form easily. This form should be filled completely and with the correct information. In the first part of the form you will be asked for personal information like name, address, age and the company in which you work, mobile number and e-mail.
As soon as the lender gets your application, he will ask you to submit KYC documents in the further process. Usually the lender needs KYC documents so that he can see the name, address and income of the applicant.
Which documents will be required:
– Pan Card
– 2 passport size photos
– Aadhar Card
– Voter ID
Documents for address proof: –
– Registered Rent Agreement
Documents for income: –
– Latest Salary Slip
– 3 month bank statement
– ITR Returns with Form 16
Verification of documents for personal loan
The process of verification of personal loan starts when the lender gets all the documents. According to your submitted documents, the lender first checks your credit score. If the credit score is good then it will verify the documents. The primary points of verification are – your identity and address, which you have written in the application form.
On the other hand, the lender will verify about your income and job with the information of the company and the bank.
Verification of documents like PAN card, Aadhar card and passport is done online, which makes the whole process faster.
When the lender feels that the documents are genuine and you meet the eligibility criterion, it will send you an e-approval message or email.
This is the last stage of the process of personal loan verification. In this stage, the lender prepares your loan agreement. In this, interest and duration are written in addition to the terms and conditions of the loan. If you agree to these and want final delivery, then you have to e-sign the documents and send them to the lender. After the completion of this process, the loan amount will come to your account in a few minutes.
But still our advice is that before signing the agreement you should read all the terms and conditions. Do not forget to take it lightly, otherwise problems may occur in future. Processing of personal loan is quite easy and in a day or two the entire amount comes into the account.