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A Step-by-Step Guide on Filling a Personal Loan Application
Posted on Friday, June 28th, 2024 | By IndusInd Bank
Personal loans are versatile financial tools that can help you cover various expenses. These can range from medical bills to home renovations. To apply for a personal loan, you must fill out a loan application form and submit it to the bank.
This guide will walk you through the steps to fill out a personal loan application.
Steps on Filling a Personal Loan Application
To have a seamless loan application process, follow the below steps:
1. Choose How You Want to Apply
Nowadays, one can apply for a personal loan online apart from the conventional offline method. Opting for an online personal loan application helps save time and energy. It is possible to complete the entire application process within a few minutes.
2. Check Your Eligibility
Before you fill out the application form, check if you are eligible.
Most banks have specific requirements for personal loans, such as a minimum income level and a good credit score. To check whether or not you qualify, visit the bank’s website or contact their customer service.
3. Ensure You Have the Required Documents
Next, make sure you have all the necessary documents. You will usually need:
- Proof of identity (such as a PAN card or passport)
- Proof of address (like utility bills or rental agreements)
- Proof of income (salary slips or bank statements).
If you opt for an online personal loan application, you must keep the soft copies of these documents handy.
4. Complete the Application Form and Submit
The application form will ask for the following:
- Personal details (name, contact details, address, marital status, etc.)
- Financial information (income, monthly expenses, existing debts, etc.)
- Employment details (job title, employer’s name, contact details, and length of employment)
- Loan details (the loan amount, purpose of the loan, loan tenure, and so on).
Make sure to double-check all information before applying.
5. Complete Virtual KYC
Now, the bank will review your application. If everything is in order, you can complete the KYC (Know Your Customer) process. For online applications, a virtual KYC process is available.
6. Review and Sign
After the KYC process is complete, the bank provides a loan agreement. This agreement enlists all the terms and conditions of the loan. Review these terms focusing on the interest rate, repayment schedule, and any fees. If you agree with the terms, sign the agreement and return it to the bank.
After approval, the bank will disburse the loan amount to your bank account.
Also Read: What is the Minimum Income Requirement for Applying for a Personal Loan?
Points to Consider Before Applying for a Loan
Now that you have a clear idea of how to fill out a personal loan application, let’s look at the pointers to keep in mind before applying.
- Evaluate your current financial situation to ensure you can afford the loan repayments. A loan EMI calculator can help in this regard.
- Familiarise yourself with processing fees, prepayment penalties, or late payment charges beyond the interest rate of the loan.
- Consider the impact on your credit score. Manage your credit with the responsibility to maintain a good credit score.
Conclusion
Understand each step and consider your financial health and other loan costs when applying for a loan. It can increase the chances of approval and secure a loan that meets your needs.
IndusInd Bank allows you to apply for a loan online and get instant approval. All you need to do is fill out the online personal loan application, choose the right loan offer, complete the virtual KYC and auto repayment setup, and sign the contract digitally. After a quick approval, the money will be disbursed into your bank account.
Fill out a Personal Loan application form with IndusInd Bank now and take the first step towards financial flexibility. Apply now!
Disclaimer:
The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
