Whether it’s to fund your dream of a world tour, renovate your home, meet a medical emergency or consolidate all your debts and dues into a single loan, a personal loan is the best way to finance your personal needs and wants. Personal loans require simple documentation and have a quick disbursal process.
Lenders like Bajaj Finserv make it possible to apply for and manage your personal loan online. Loan providers don’t tend to ask too many questions about the purpose of the loan, and you can avail of it from the comfort of your home.
Pre-approved loan offers from Bajaj Finserv further extend the simplicity and ease of personal loans. All it takes is a few basic details and three seconds to check out your pre-approved offer.
Read the steps below to know what exactly happens after applying for a personal loan.
Bajaj Finserv Personal Loan disbursement process
The amount disbursed depends upon the loan agreement and includes deductions for the processing fee and any upfront instalment you’ve agreed to make.
You can avail of a new-age loan such as the Bajaj Finserv Flexi loan that enables you to borrow only the amount you want from the loan limit, charging interest only on the amount borrowed.
Mode of disbursal
Usually, the personal loan is disbursed within 24 hours of your application. The bank provides a cheque or a demand draft, which is either couriered to you or can be physically collected from the branch. The loan amount is disbursed to your account through NEFT in rare cases.
Additional read: Reasons to apply for a personal loan
Confirmation from bank
Once you’ve received your money, the bank will send you a confirmation e-mail along with an account of your documents, personal eligibility and a welcome kit. In addition to this, you will also receive details related to the loan agreement, the loan tenor, the personal loan interest rates and a timetable showing you when your EMIs are due. An amortisation table will also be included, which will help you track your principal to interest rate ratio for your EMIs.
Process of repayment
Once you’ve received the money, you can start repaying the loan in accordance with the agreement you’ve made with your bank. You can repay the loan either through post-dated cheques or Electronic Clearing Services (ECS).
If you’ve taken the loan from a bank you have an account with, then you can opt for periodic auto debt with standing instructions that will make the repayment process more convenient. However, if you’ve taken the loan from another bank, they will accept the repayment only through your salary account.
Additional read: Personal loan charges
It’s easy to switch from your current lending organisation to another by simply informing your bank. However, a penalty will be charged.
If you have insufficient funds and your cheque bounces, a penalty will be charged. You should be careful to avoid that situation.
Change of account
If you change your salary account, it’s essential to inform your bank to move the source of your EMI payments to your new account.
Now that you know how easy and quick the personal loan disbursal process is, get the funds you need to live your dream life.
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