Step by step process to get instant personal loan easily?
Are you looking for a personal loan to solve a financial crunch? If yes, then you are in the right place. If you need money urgently and do not have the time for lengthy approval procedures, then Piramal Finance has something to offer you. Understanding your immediate need, we disburse personal loans with quick approvals. Below, we have listed down the step-by-step process to easily get an instant personal loan. Continue reading to learn more about obtaining a personal loan as soon as possible.
A personal loan is a type of unsecured loan that is easily processed without many formalities. Unlike a car or home loan, where the process is lengthy, a personal loan is simple, and the bank or lending institution asks for only a few details. They also do not ask for collateral because the applicant is the collateral. They ask for only a few basic details, like that the applicant has a job and will repay the amount on time. They also check their credit history to be assured that the applicant will pay off the amount. As personal loans can now also be obtained online, the process has become quite simple for the customer.
1. Request a Loan
The first step to applying for an instant personal loan is filling out an application form with your official details. You can head to the Piramal Finance personal loan page to fill out the form in the comfort of your home and save time. Head to PiramalFinance.com and click on the Personal Loan tab. Click on ‘How to Apply’ and from there, ‘Click on here to get a call from our relationship manager’. On opening this tab, click on ‘Apply now’. Now, fill in your details in the application form and click ’Submit’. You must fill out the online form with basic information like your name, contact number, email address, address, and loan amount. For the initial stage, you only need to give these details; the bank will ask for the rest of the details in the further documentation procedure.
2. Eligibility
Once the bank receives your loan application, they will verify if you can get a personal loan. You should meet the eligibility criteria, including age, monthly income, and time left for retirement as of the present date, among other requirements. The loan applicant must be a salaried employee or a self-employed individual in the age range of 21 to 60 years. If you are an existing customer of the bank, then your details, like bank statements and the earlier loan taken, will be immediately verified by the bank.
3. Verification
After you fill out the application form, the lending institution will verify your Know Your Customer (KYC) documents. You need to submit all the official documents that the bank asks for prior to the verification process. The document includes signed copies of the PAN card and Aadhar card, along with the latest bank statements and salary slips as proof of income and credit score. A bank executive will visit your home or office for this procedure at your convenience.
4. Address Confirmation
To confirm your address, the bank’s executive may visit your home. If you are self-employed, the bank’s executive will visit you at your office address. You can inform the executive of your convenient time, and they will visit you accordingly.
5. Credit Score
Once you have completed the verification process, the bank will check your credit score, previous repayments, salary slips, and IT returns. You also have to provide your CIBIL score, which should ideally be at least 600 points. You can check your CIBIL score on the online Personal Loan Eligibility Calculator.
6. Loan approval
Once your documents are verified and you meet the eligibility criteria, the personal loan will be approved at the earliest possible date. It can be disbursed within a few days or sometimes take up to 3–5 days, depending on the time taken internally by the bank to approve documents. If your CIBIL score is above 750 points, it will act as a brownie point.
7. Loan Terms and Conditions
The bank will inform you of the interest and tenure once the above steps have been completed.
It will offer you a repayment tenure based on your ability to pay it off within the tenure provided by the bank. The interest rate will depend on your age, employer, credit score, number of years left in service, etc.
8. Processing Fee
Once all the criteria are met, you will need to pay a processing fee for the loan disbursal. Once this procedure is complete, the loan amount will be disbursed within a few hours, it may sometimes take up to 3 to 5 working days.
Conclusion
We hope this article has helped you understand the process of getting a personal loan instantly. Also, there is no limit on the amount you are allowed to borrow. You can apply for a personal loan for medical expenses, home renovation, wedding expenses, school fees, travel purposes, any leisure activity, or other reasons. Once the loan amount is approved and disbursed, it will reflect in your savings account. Also, personal loans are one of the best ways to build your credit faster when compared to other credit types. One of the best things about getting a personal loan from Piramal Finance is the ease of the process, which requires minimal documentation. With the online streamlining of processes, obtaining an instant personal loan has become even easier. Also, you can pay off the loan early if you don’t wish to pay every month till the end of your tenure. For more details, head to the personal loan section on PiramalFinance.com.