Everyone who has taken a personal loan understands that you can use the loan amount for any and every need. Whether you are in Mumbai, Delhi, Goa or any other place in India, you can apply for a quick personal loan and get it disbursed with minimum documentation. This is an unsecured loan and hence you can expect higher rates of interest when applying for a quick personal loan.
So why do people favor choosing a personal loan?
In general, personal loan is more favored because the process of getting the loan amount sanctioned is faster. There is lesser documentation involved and more opportunities to get loan approved quickly.
Do you know how does the personal loan disbursal process work?
The personal loan disbursal process is only complete when the lender sanctions and sends the loan amount to the borrower. This amount can be transferred in different ways right from online to offline banking. Mostly, the banks will use NEFT, Cheques and Demand drafts in order to transfer the loan money to the borrower.
Do you know what loan amount will you receive during disbursal?
You can get the whole loan amount you applied for. But this can reduce depending on few more factors. If your credit history is low, the bank can revaluate and provide you with a lower amount than what you requested. Secondly before you get the loan amount, there are certain fees and charges that get deducted. These charges are processing fees, taxes and any other fees as mentioned in the loan application.
What will be provided to you along with the loan amount?
Along with the loan amount, the bank provides the borrower with a welcome kit. This will usually include all your loan papers which have all the necessary information. You will get a list of all the fees you have agreed to, the EMI showing how much you will pay each month until the loan is repaid. A copy of all this shall also be sent on your registered email ID.
How long does it take for my loan amount to be disbursed?
You can get your loan disbursed within a week’s time. But this is subject to all your paperwork being correct and the bank completing the process from their end quickly. If you opt for an online personal loan, you can expect a quicker response and solution. The paperwork is lesser and the loan amount can be disbursed within 5 days*.
Hence the instant personal loan has become an easy to use process which anyone can use when they need urgent funds. With the addition of online methods, any individual can get a personal loan disbursed quickly. In case you want to apply for an instant personal loan and calculate your personal loan eligibility, compare personal loan interest rates and choose which bank is best for you to apply for a quick personal loan from.