Step By Step Process Of Applying For A Personal Loan - Personal Loan Blog - Tata Capital

Step By Step Process Of Applying For A Personal Loan

Feb 28, 2017

With the availability of online application for fast procedure, getting a personal loan has become far easier than earlier years. The actual process of obtaining a personal loan is very easy and hassle free, whether you apply online or at a branch. However, if you want to expedite the personal loan procedure and wish to make the process go smoothly without a glitch, there are several things you can do on your end. These include doing your research and getting the required documents in order to make it easy to apply for a personal loan. The step by step personal loan process is as follows:

Repaying your personal loan

Tata Capital offers convenient personal loan repayment options to its customers with two options:

  • Gather all the relevant information about personal loan eligibility process, interest rates, loan amount and tenure, monthly EMI, processing fee, disbursal time and prepayment charges from the offices or websites of different lenders. Make sure to ask about any other fee involved in the procedure.
  • From the gathered information about personal loan procedure, compare the lenders and choose the one that fits your requirements in terms of loan repayment. If you have a pressing need for money, consider the disbursal time of the loan by lenders and compare them to choose a lender and obtain money fast.
  • Once you decide on the lender, enquire about the documentation required for personal loan application. Usually lenders require ID proof, residence proof and bank statements. However, some lenders may also ask for current salary slip, Form 16, a guarantor in case of a large amount.
  • Apply for the personal loan manually at the lender's office or even online by submitting scanned copy of your documents.

Note: Prior to sanctioning a loan, lenders perform a credit check on the borrower through the CIBIL score, which is calculated from your information reported to the Credit Information Bureau of India. If you have a good CIBIL score, your loan can be approved instantly.