General Process Of Personal Loan, Steps Involved
Check your eligibility for Personal Loan
Banks offer the loan amount once you fit in the various eligibility criteria like age, income and salary and your overall profile is verified. At Loan Street, our superb back-end algorithms and experienced team strives to give you adequate information about eligibility and consequently takes you to the right fit.
Choose the best deal post evaluation
Fundamental parameters like interest rates, application fees, processing fees charges of different banks must be compared first before making the best choice. You can refer to the comparison chart of personal loan interest rates at Loan Street to give you a crisp and clear look at different interest rates of top notch banks.
Apply for the Personal Loan
Once the lender has been selected you have to fill the application form and give all the required information about your financial assets and liabilities; and other personal and professional details. Our team at Loan Street helps in fulfilling such responsibilities.
Documentation and Verification Process
There are various documents required to be submitted which will be synced with the details in the application. We approach bankers to verify your documents to facilitate a hassle free processing of your Loan.
Credit and Default Check
Bank checks the Personal loan eligibility of the borrower and also the credit history is checked through CIBIL score. This score is highly influential in the approval of Personal loan amount. A customer holding low credit score leads to straightaway rejection of the application, as it implies earlier credit defaults. Whereas a high credit score is favourable for the approval of application of Personal loan. We update you well in advance weather your CIBIL score is enough for you to apply for loans. CIBIL score also helps in getting the best rate of interest.
Bank sanctions loan and issues a sanction letter to the borrower
Once the credit appraisal of the borrower is done, the bank decides final amount and sanctions the required Personal loan. Also an offer letter is sent to borrower which has details like loan tenure, repayment options and rate of interest.
Acceptance Copy to the Bank
Once the borrower agrees with the terms and conditions mentioned in the offer letter he needs to send an acceptance copy to the bank.
Signing of agreement and the loan disbursal
Finally, we have reached the final step. Congratulations, if all is in order in the first 7 steps; as mentioned above Bank disburses the loan amount once the borrower signs the Disbursal Documentation and submits the same to the Lender.
So Many steps? Is it actually this Much? NO Relax
Itâ€™s not this complicated, itâ€™s actually ten more times. That is why we at Loan Street are working hard to use Technology to enable a smooth ride for you on this Roller Coaster, and we will use our Experience and Knowledge to deliver the sweet end result â€“ Your Dream Personal Loan
Just click here, and enjoy the ride...