Personal Loan of Rs. 3 lakh in Pune

Personal loans are among the most popular and widely used types of loans in India. Whether you are planning a holiday, a dream wedding, renovating your home, pursuing higher studies, or managing an unexpected expense, a personal loan can cover it all. These loans give you extra financial flexibility that goes beyond your monthly income. Both banks and non-banking financial companies (NBFCs) offer personal loans to help you meet your financial needs. With simple verification and minimal paperwork, you could borrow up to Rs. 55 lakh, sometimes in as little as 24 hours.

Here’s a look at the five-step process that banks and NBFCs usually follow for personal loan approval and disbursal:

Get in touch with a lender and get to know about the personal loans offered by them. Approach various lenders and compare the terms and features of the loan. You should also check your eligibility criteria and calculate loan EMIs based on the principal amount and the interest charged by the lender. Check your offer in just 2 steps and apply online to get our loan.

After clarifying the loan terms you need to choose a lender and apply for a personal loan. After receiving your application, the lender will process it to initiate the document collection and approve the loan disbursement. Check your eligibility for personal loan using just mobile number and OTP – 100% online process. You can apply for a personal loan online, or you can personally visit the lender with your loan application. 

Once the lender receives the loan application, they usually send a representative or an agent to collect the required documents for a personal loan. Generally, the documents required are:

• Photo identity proof
• Proof of address
• Employment proof
• Income proof
• Photographs

Additional Read: How to get a low interest personal loan

After receiving the documents, the lender initiates the process of verification. A representative from the field investigation team visits the borrower’s residence of residence to verify the address mentioned in the documents. They can also visit the applicant’s workplace to confirm if they works there. Verification of other documents like PAN card, Aadhaar card or passport is done using online portals.

After verifying the documents, the investigation team forwards its reports to the loan officer handling personal loan accounts. If the verification process is successful, the lender then processes the loan for disbursement.

Additional Read : Getting an Aadhaar card: a step-by-step guide

Once all the documents are verified, the lender approves the personal loan application and prepares for its disbursal. The applicant needs to sign a loan agreement that contains all the information about the loan. Once the applicant signs the agreement, the loan amount gets credited within 24 hours to the applicant’s bank account.