Start with filing an application
This form is available on the online portals of financing institutions. You must fill all the personal details very carefully. Fill your name, age, working organization, address, and contact details without an error. Application is the first step in the processing of the loan. The authorities must pass this application for further processing.
Next step is document verification
Once you are done with the duly filling of your application, you came to documentation. This is a very important and integral step. All your documents play a major role in sanctioning the loan. These documents are important to prove your credibility. Your age proof, residential proof, salary slip, and KYC documents are crucial. They prove that the application’s information is true. PAN card or AADHAR card suffices your identity proof. The latest salary slip, 3 months bank statement, and ITR returns act as income proofs.
Document Verification of the submitted documents
This step decides whether your loan passes or not. These documents’ details are used to find your credit score. If your credit score is sufficient, lenders start to verify the documents. They start by verifying your address and identity proof. Then your employment details are cross-checked with your employer. Your bank details are verified with the respective banks. PAN cards and AADHAR cards get verified online. If you are truly eligible, you get a notification for loan sanctioning.
The last stage is loan disbursal
This stage is reached only if the previous three stages go smoothly. Your loan agreement is drafted in this stage. This agreement includes all the details like terms and conditions, loan tenure, and personal loan interest rates. You must very carefully go through all the details before signing it. If you agree with all the mentioned details, you loan sanctioned gets disbursed. The loan amount reaches your account in a short duration of few hours.
Personal loans are important for emergency and personal issues. Self-employed women come forth to apply for a personal loan for women. These loans prove to be changing for the society.