Personal loans are unsecured loans which help an individual to meet general and personal expenses. They are useful when you do not have a sufficient amount of funds in your hands.
After availing a personal loan, you have to pay back your availed loan along with some rate of interest and fees applicable over a set period of time.
The funds availed through a personal loan can be used almost for any purpose like funding your trip or small vacation, managing your higher education expenses, wedding expenses, or meeting emergency medical treatment over a period of time. But before you apply for a personal loan, you need to know how you can apply for the same and how much time does it take to finally approve after making a successful approval.
To get the best deal and to enjoy a lower rate of interest, there are a few steps you might want to follow before you sit back and to fill out the application form.
How To Apply For A Personal Loan?
Nowadays, it has become easier to apply for personal loans due to the less amount of paperwork involved and minimal documentation criteria while making a loan application. One might apply for a personal loan whether online or offline at his convenience. However, there are several ways in which we can apply for a personal loan like
There are several ways in which a loan seeker might apply for a personal loan
Easy online application
A loan applicant might easily apply for a personal loan online if he/she has an account with the bank with which you intend to take a loan. But need not to worry if you do not have a net banking account with the bank, you can still apply for the personal loan online by visiting the official website of the lender.
On visiting their website, they will prompt to fill a form asking your basic and personal details like your name, age, minimum salary, the company you work for etc. You can also check your loan eligibility before proceeding to fill up an application form online. Besides this, you also need to upload some scanned copies of the documents required for the processing to begin.
Through online loan aggregators
Nowadays, there are many online loan service providers are available in the market which offers an individual to apply for a personal loan in a hassle-free manner without the need of any documents or any requirement to visit a branch with who you intend to apply for a loan.
Email and phone banking requests
You can also place your request for a personal loan with the bank through an email or taking the help of the customer service centre of the bank. Upon making a request, the lender reviews your loan eligibility and contact to proceed with the loan application process further.
Request through ATM machine or Kiosk
Nowadays, a borrower might also apply for a personal loan via ATM kiosks as well. Once you raise a request the bank personnel will contact you to have a further discussion.
Making an offline request at a bank branch
One might also apply for a personal loan by walking into the nearest branch of the bank of your choice after having a discussion with the relationship manager regarding the loan terms and condition.