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Personal Loans Process: A Comprehensive Step-by-Step Guide
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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A personal loan has emerged as a popular financial product in the country. It makes for a good resort when you need quick financial help to serve any purpose. From serving medical emergencies to fulfilling house renovation finances, this loan can be used for several purposes. If you are planning on applying for a personal loan, you may be concerned about the several steps involved in getting one. However, fret not as the process is very simple. All you have to do is follow the right steps.
Here is a step by step guide that helps you in the personal loan process:
Compare the available options
You do not take the first loan that you are offered. Compare the different offerings using several parameters such as the available loan amount, term or duration, processing, and other related fees, rate of interest, the total amount for repayment and terms and conditions.
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Note the eligibility criteria
It is important to know whether you qualify for a loan. The lender will need you to meet the personal loan eligibility criteria that include employment status, credit score, income, residential status, age and more. Ensuring your eligibility before the application will prevent you from wasting time on a loan process that you do not qualify for.
Begin Your Personal Loan Application
The application for a personal loan can be either done online or through the bank branch. You have to generate informative documents such as a personal identity, proof of income, tax identification number and history and address proof. Having the needed documents in place with your information readily available will help in smoothly making it through the application process.
Await Personal Loan Approval
A loan is approved only after you have submitted all the sufficient information with the lender. You will then have to sign a contract that contains all the important details of your agreement such as the amount to be paid back, rate of interest and more.
Receive the loan funds
With a personal loan, the funds are handed over to you through a bank account that you provide to the lender. Many lenders also offer quick loan disbursal to pre-approved customers. You must then work on your plan to make repayments within the loan tenure period.
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