A personal loan can be applied for with any private or public bank and even with Non-Banking Financial Companies (NBFCs) either online or through offline processes, such as visiting the branch directly, through call, email or SMS. With the advent of technology, the process of applying for a loan has become very fast and simplified. It can be done from the comfort of your own home.
1. Online
The customer can directly log onto the lender’s website, click on the loan section, select personal loans from all the various loans available and click “apply” for the personal loan. The customer can then fill out his/her personal and contact details to complete the application process. The representative from the bank will then call the customer for verification. The documents required such as ID proof, address proof and income proof can be submitted online. If you are an existing customer with the bank, you can get instant approvals on your loan and the funds are disbursed in minutes.
2. Offline
If the customer prefers offline processes over the online, then he/she can visit the nearest branch of the lender and fill out the personal loan application form and apply for a personal loan. The needed documents can be submitted to the representative in person.
3. Call customer care
Another option would be for the customer to find their lender’s customer care number, dial it and ask their staff to help them apply for a personal loan. The staff will then help them apply either online or offline with proper guidance.
4. Email or SMS
One can even drop an email to the bank’s email ID requesting them for a personal loan and they will then be contacted by their executives to help them with the procedure to apply for the personal loan. An SMS can also be dropped to the bank and the executives will call back to assist with the personal loan.
5. Finance portals
If one is confused as to which lender to approach, then one can approach a finance portal such as CreditMantri where they match the customer’s credit profile to the best loans he/she can avail in the market. The chances for loan rejections become minimal and this is beneficial for the customer as they get the handpicked loans with low interest rates.