What is the Personal Loan Verification Process?
As personal loans are one of the most sought-after credits, there has been a significant increase in the number of individuals availing them to meet varied financing needs. With minimal documentation and eligibility requirements, these loans can be availed of without any hassle.
Bajaj Finserv provides immediate approval and disbursal of your loan application which makes it easier to avail this finance. NBFCs go through a personal loan verification process prior to loan approval and disbursal. Check out the steps involved in the general loan verification process below.
The Process of Personal Loan Verification in 4 Easy Steps
- Application for the loan
The first step to verification and consequent approval of your loan begins with your personal loan application. Once received, an application request is processed along with the collected documents. This is followed by verification and approval.
- Collection of documents
Next is the collection of personal loan documents. An agent will contact you for document collection, which may include the following:
- Proof of address.
- Proof of identity.
- Proof of employment and income.
- Document verification
The personal loan verification process includes validating all the details about an applicant including eligibility criteria, documents provided, repayment capacity, CIBIL score and more.
A representative may visit your residence and your place of work to verify your details.
- Disbursal of loan
Once the verification process for a personal loan is over, you receive a loan approval. Its confirmation is intimated through a loan agreement and you receive your personal loan sanction letter shortly.
The loan is then subsequently prepared for disbursal. With the application verified and credit sanctioned, you can now use the amount to meet your funding requirements. Repay the same in easy EMIs at attractive personal loan interest rates from Bajaj Finserv.