Whenever anyone is in need of extra funds to support family and personal emergencies, they apply for personal loans. Personal loans are most easy and convenient way to meet the urgent requirements as they require lesser documents when compared to other unsecured loans and therefore get processed faster. Before applying for a personal loan, the borrower should take into consideration his repayment capacity and the amount that he will be able to pay as monthly EMIs. for this he can use a personal loan calculator.
How to apply for a personal loan?
These are the following ways through which an individual can apply for a personal loan:
1. Applying Online: If the loan applicant is already having a personal relationship with the financial lender or if he/she is an account holder in that particular bank from which he/she wishes to take loan, then he can apply for the loan online. Also, that individual might already be eligible for the loan as his details are already with the bank. For other customers, they can apply for a personal loan by firstly visiting the website or by downloading the mobile application of the bank. Bank of Baroda personal loan has made it easier for its customers to apply online.
2. Applying Offline: To apply for the personal loan through offline mode, one has to follow the below-mentioned steps:
- Visiting the branch of the lender or the bank/NBFC.
- Ask for the personal loan application form and fill out all the required details.
- Submit all the KYC documents.
- Then the lender will have to verify the documents and check his eligibility.
- If everything is as per the required eligibility criteria then the loan amount is transferred directly to the bank account of the applicant.
3. Request via mail and phone banking: One can request for a personal loan to the bank/NBFC either via email or phone banking or at the customer service center of the bank. Every bank has employees sitting at the back office who take care of the incoming emails and phone calls for those customers who do not visit the branch personally. After knowing the request of the loan they then perform the eligibility review and further contact the applicant.
4. Request via ATM Machine: Technology has moved ahead so fast. These days we have ATM Machines which allow you to apply for a personal loan. The request is sent directly to the bank of which the ATM machine was and then the bank itself contacts you to talk on further details.
How Personal Loan applications are processed?
The process through which personal loans get sanctioned is comparatively easier than those of property loan like home loan or car loan. The reason behind this is that the lender does not have to go in details of the financial information of the assets of the loan applicant. Only the background check on the applicant is required.
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