You have a big, fat Indian wedding coming up! With all the home renovation and shopping, are you now worried about your credit card bills? Or, maybe you need to pay off other debts. You are concerned about your finances and think, ‘I need a personal loan. In fact, I need a loan immediately’. Imagine a situation in which money is at your disposal in no time! Here is how you can make that happen.

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Getting a personal loan: The steps involved

Step 1: Get in touch with a lender.

This sounds easy. But you may need to negotiate with several lenders to get the best interest rates. It helps to look for zero-processing fees and zero penalty on prepayment.

One way to speed up the process is to shop online, from the comfort of your home. As online lenders have low operating costs, they offer low interest rates. Just make sure to do your research. View the lender’s profile and see their ratings. You would do well to consider only reputable online lenders, such as Bajaj Finserv.

Step 2: Submit the required documentation.

You have to furnish certain documents. These must support your proof of income, residence, and identity. Lenders usually ask for the following documents:

  • Passport
  • Aadhar card
  • Copies of your IT returns
  • Salary slips
  • Bank statements
  • Driving licence

One benefit is that you do not need any collateral or security to apply for a personal loan. That is why, compared to secured loans, personal loans need much less documentation. This makes the loan application procedure quicker.

Step 3: Be ready for verification.

A bank representative will visit your home for verification. The purpose of this visit is to crosscheck the information you provided in the application.

Do coordinate with the bank and ensure that you are present during this visit. Otherwise, there may be a delay in processing your application.

Besides, if the verification officer misses you once too often, they may assume that your information does not add up. This may lead to a rejection of your loan application.

Step 4: Get your loan approval.

Following the application and verification stage, the lender may approve or reject your loan. If the lender approves the loan, you get the loaned amount through cheques or demand drafts or it is directly credited to your bank account.

Many banks have now introduced the e-application process. This is both fast and convenient. It is particularly useful for people who need a personal loan urgently. For instance, with Bajaj Finserv, you can get approval for a personal loan in five minutes!

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Getting a personal loan: How to speed up the process

Optimise your credit score: Before sanctioning a loan, lenders conduct a credit check on the borrower. This is where your CIBIL score becomes important. If you have a good CIBIL score of more than 700, loan approval is quick. So, it is important to optimise your credit report.

Establish a stable source of income: If your employment history or income flow is stable, it increases your chances of getting a loan at a low rate of interest.

Show a good repayment track record: Lenders appreciate borrowers who repay their loans and credit card debt on time. So, try not to default on payments. A good track record can help you get a personal loan quickly as well as at low interest rates.

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