Ways to Apply for a Personal Loan

When you require additional money for the family and personal situations such as a wedding or hospitalisation, you have the option of getting a personal loan. A personal loan is a quick and easy option to receive additional money. Speaking of personal loan documents, they are fewer, and the loan is processed faster than any other retail loan. Here are several ways by which you can apply for a personal loan. The blog mentions different ways to apply for a personal loan.

Online

If the personal loan applicant already has a relationship with the financial lender, he or she can apply for a personal loan through his or her net banking account and could be eligible for pre-approval. Customers can apply for a personal loan online by following the steps outlined below:


  • Go to the financial lender's website.

  • Select the personal loan option from the menu of loans.

  • Tap the ‘apply now' option.

  • Fill out the personal loan application form and send it to the bank.

  • The bank will analyse the applicant's eligibility and request the submission of the necessary KYC and income documentation.

  • If the applicant is proven to be eligible, the bank will transfer the loan amount to the applicant's bank account, as stated on the application form.


Offline


The following is the procedure for applying for a personal loan at a financial lender branch:


  • Visit the financial lender's branch.

  • Get the personal loan application form and fill out all of the necessary information.

  • Submit documentation that proves one's income, age, address, and identification.

  • The lender will then verify the documents and determine the applicant's eligibility for the personal loan.

  • If the applicant is confirmed to be eligible, the loan amount will be deposited into his or her bank account.


Email and phone banking requests


You can leave an application for a personal loan with the bank by email or at the bank's customer service centre. The bank will check your eligibility and notify you to proceed with the process.


Request via ATM machine

You can now apply for a personal loan using ATM kiosks. When you submit a request, a bank representative will contact you shortly.


So, these are some of the ways by which you can apply for a personal loan.

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