August 13, 2020

Procedure to apply for a personal loan

A personal loan is a boon to the middle-class families, and with its help, they can fulfill their basic requirements and run their households. It is known to be one of the most straightforward availed loans in terms of formalities, documentation, and interest rates. Several banks, as well as registered financial institutions (governmental, semi-governmental, and non-governmental), have the authority to provide credit to the general public. Individuals with a fixed and stable monthly income can quickly get the approval of personal loans in minimum time. These loans are provided relatively faster than other investments and need fewer documentation procedures. The candidate interested in availing loans will be allotted a financial representative by the i2lending company who2 will guide him through the method of getting credit.

Steps to get your loan approved:

  1. Fill the application form: It is the first step towards the financial ease that will require you to fill up all the asked questions regarding the employment and economic status, along with the personal details. It will help the lender to verify your business profile. You will also be asked some other questions such as past loans or defaults, etc.
  2. Select the desired scheme: Every financial institution offer an infinite number of policies that the client has to choose from. He can choose as per his preference for interest rates and tenure of the repayment of the principal amount. Interest imposed on the amount of loan will be contingent upon the type of scheme you are choosing. Hence it becomes necessary to compute the pros and cons of each offer that they are providing to you.
  3. Submit all documents: After filling the loan application form and selecting a suitable offer and policy, it is mandatory to submit all the demanded certificates with your respected loan representative or with the broker (if any).
  4. Wait for the approval: After all the paperwork, the duty of the borrower ends here. Now, the financial representative will verify all the documents on behalf of the financial institutions. They will approve the loan based on the credit score of the candidate. The money will be credited to his bank account within 24 hours of the approval, but it might be late due to certain inconveniences.

Professional advice: It is recommended to verify financial lenders’ background before Mortgaging anything with them because of the increasing number of malpractices in the finance market.