What is the step by step process of personal loan disbursal?

Increasing number of people are applying for a personal loan every year. It is because personal loans are easily available in the market and can be used for all kinds of expenses like wedding expenses, medical bill payments, big-ticket purchase, credit card bill payments and home renovation. Multiple lenders including banks and NBFCs (Non-Banking Financial Companies) offer a personal loan for financing several unplanned and urgent expenses. Some steps are taken to disburse a personal loan.

Personal loan disbursal procedure

Personal loan application

Sanctioning

Personal loan disbursement

Confirmation from the lender

Individuals who have a banking relationship with the lender can get pre-approved instant personal loan offers without document submission and verification. Suppose, if you have a salary account with Canara Bank, you can get pre-approved Canara Bank personal loan offers.

Personal loan repayment process

Now personal loans are disbursed in a matter of minutes or hours, or within 2–3 working days. You must compare personal loans offered by multiple lenders like Canara Bank personal loan, HDFC Bank personal loan and other personal loans. Loan terms vary from lender to lender like Canara Bank personal loan interest rates are different from interest rates offered by other banks. Use a personal loan EMI calculator to figure out your monthly instalment beforehand.

If you pay your EMIs on time, it will help you improve your credit score.

Originally published at https://topsitenet.com.

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