It is easy and convenient to get personal loan from banks. Banks have simplified the application process for an applicant. But the income criteria laid down by banks provides a stringent barrier in getting personal loans.
Can I get personal loan easily?
Well, the question is yes and no. It is easy because you are not supposed to provide any security to the bank and fewer formalities are required. It is not easy because your income records and employment status must match with the eligibility criteria provided by banks. But if you have passed the income and employment tests, then you can get personal loan within a period of two to three working days. Let us understand the process of getting personal loans from banks.
Visiting the bank for an inquiry
You must try to approach banks to understand their terms and conditions about personal loans. These days, banks have provided eligibility criteria calculators on their websites so that you can determine eligibility within few minutes. Moreover, you can send an e-mail, call banking executive or drop a message to get personal loan. The bank executives immediately get in touch with you to know your requirements. But you must always approach maximum banks for knowing special offers and interest rates. It is up to you for selecting a particular bank.
Documentation
This is the crucial step in the personal loan application process. After selection of the bank, you must submit all the required documents such as income proofs, identity proofs, residential proofs, bank and income statements, passport and relevant documents. You must always go through the checklist of the bank as it may vary from bank to bank.
This step depends on you and the way you present your documents in correct and valid form.
Verification
This step is carried out by bank. The bank may conduct verification of your residential address, or of your workplace. If the bank officer visits the workplace randomly, you must be present there. It will show that you are actually working at that office and the proofs provided by you are accurate. The bank is very strict with regard to the income statements. Hence, please note that any discrepancy in the income or your credit details can reject your loan application immediately. So, you are always advised to check your income records whether they are relevant to the requirements or not. If these are not standard with the bank requirements, then do not apply and try to work on the loopholes.
Approval
At this stage, the bank has completed with the verification task of your documents. The bank is satisfied and your loan is approved without any difficulty. Your loan amount is given by the bank within two to three working days. Henceforth, you are required to pay a fixed EMI comprising of loan principal amount and the interest calculated thereon for the prescribed period.
Now, you can accomplish your task successfully with the approved loan amount. You just need to pay the EMIs regularly to the bank without fail.
