Understanding the Loan Disbursement Process
Opting for a personal loan can sound easy, but there are a lot of things that you need to know before you actually go for one. This includes the approval, disbursal as well as repayment process.
Here is how we can help you!
The first thing that you should look for if you are thinking to go for a personal loan is to know the loan disbursal process. This is nothing but to have a fair idea to know if the loan amount can be received on time.
Here are a few more tips for you to understand the loan process better.
1. Applying for a Personal Loan
Do some research and look for a trustable lender. Once this is done your next step will be to apply for the loan. A loan application form along with some documents has to be submitted.
The documents include
- Address Proof
- ID Proof
- Bank Statement
- Two Passport Size Photos
- IT Returns (Income Tax)
2. Loan Approval
Once the loan application is submitted with all the required documents, the lender will then go ahead with the approval process. Depending on how everything works out, the approval can take 2-5 working days. The approval can turn out to be lengthy if the documents are not proper. So, double triple-check your documents before you submit them.
3. Loan Disbursal
Once all the work is completed and your loan is approved, a sanction letter will be sent to you by post or via email. The sanction letter will include your loan approval document along with other details like loan interest, EMI, loan amount, etc.
Getting a personal loan can be a lot less time taking if all your documents are in place and you have a lender who is equally interested in giving you the loan as much as you are in taking it.