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Apr 04, 2020

A Step By Step Procedure For Personal Loan

In the world full of uncertainties, you never know when you might need emergency funds. Thankfully, there are various options available in the market, thanks to personal loans. This is an unsecured loan wherein the borrower can get funds without having to give any collateral. Moreover, the application process is hassle-free if you have all your documents in place and meet the personal loan eligibility criteria. So, if you are looking for instant funds, here are the step by step procedure for a personal loan.

Identify your needs: Know what your requirement is and how much money you will need, and apply accordingly. There’s always the temptation of applying for a loan that is greater than your need. Avoid this by evaluating your requirement. Also, don’t apply for a loan amount that will not meet your financial requirements. In such cases, you will be compelled to apply for a new loan and this can prove to be cumbersome.

Identify your eligibility: Based on your monthly income, various banks will let you know the maximum amount of loan they can offer you and at what interest rate. It is not important that banks will offer you the amount of loan that you need because they check your repayment credibility before they make the offer. Check your eligibility before you apply to avoid rejection.

Documentation: Proper documentation is a very basic step in the personal loan process. Incorrect information provided in documents can result in an outright rejection of your loan application. Make sure that all documents you share contain correct information. This ensures a smooth application process.

Select the Institution of your choice: Depending on many offers you have received, you should make the right choice about where you want to avail the personal loan from. You must also read the fine print like foreclosure charges and processing fees. After you have evaluated all your offers, go ahead with the one that’s most reliable and gives the best offer.

Disbursal and Repayment: Once you receive the disbursement of the personal loan amount in your bank, the process is automated. Now, monthly EMIs will automatically get debited from your account on a particular date. Make sure that the EMIs don’t bounce, as it may negatively impact your credit score. Many banks also provide online details of the status of your loan.

These are the process that you can follow to get a personal loan. Now that you know the procedure for personal loan head over to LoanMoney and avail a personal loan with various benefits such as quick approval process, flexible repayment options, Low-interest rates and a loan amount of up to 30 lakhs.

Step-By-Step Process to Apply for Personal Loan

Step 1: Check Eligibility

Use LoanMoney EMI Loan Calculator to select how much you would like to borrow and for a long tenure. Fill an easy online application form giving us your basic details (Name, Mobile Number, E-mail Id, Location, Net Monthly Income).

Step 2: Offer to you

Basis your details, we will offer the best deal available for you with the complete details of the loan amount, interest rate and tenure.

Step 3: Complete Application Form

Fill an application form giving us your personal and professional details. It takes 5 minutes to complete the form with the copy of important documents.

Step 4: Doorstep Services

Avail Personal Loan with simple documentation and Enjoy the accessibility of doorstep service.

Step 5: Quick Disbursal

Once the documents are submitted, you receive the money in your bank account within 7 working days of the loan application to the bank.

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