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Myths about Personal Loan Verification Process Which You Should Ignore

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The personal loan is one of the handy financial solutions that can help you cover many of your urgent and other needs without restrictions. 

The personal loan verification process is also hassle-free and fast. If you have eligibility, then lenders may not have issues in sanctioning the loan request. 

Many people still don’t apply for it as they believe that some myths are true! On that note, let’s check out some myths that are far from the truth! Read on!

 

Personal loan interest rates are always higher 

There is a common misconception that personal interest rates are always on the higher side. It means that your income will be affected and you have to pay the higher loan EMIs. However, the truth is that if your credit score and repayment history are strong, then you can negotiate for lower personal interest rates.

 

  • You need to visit the bank to apply for the loan

The next thing that many borrowers think to be true is that they need to visit the bank to apply for personal. But it is not true! Nowadays, everything is available over the web, and so is the personal. The application procedure is available online. If you are the right candidate, then you can get the approval in no time. 

 

  • A personal loan takes a long time to process 

It is not true at all! These days, you can always apply for a loan online and get the approval online. Yes, the personal loan verification process has become less cumbersome owing to technical innovations. Once you have the loan approval, then you can get the sanctioned amount into your bank account within 24 hours.*

 

  • Only Salaried applicants can apply for a personal loan

The common misconception is that only Salaried individuals can apply for a personal loan. But, even business and self-employed individuals can also get personal loan approval if they are eligible for it. 

The standard personal loan verification process at a glance  

The verification process has become easier and faster. Let’s take a look at the standard personal loan verification process: 

  • The application for the loan 

The first step of the verification process is applying for a loan. It is processed by your lender, and the next step is the collection of documents. 

 

  • Collection of documents 

The next step is the collection of documents. You may be asked to submit documents related to your identity, profession, and income. 

 

  • The verification of the documents 

Along with your documents, the lender will also check your CIBIL score, repayment capacity, meeting the eligibility criteria, and earning a fixed income in a city. The lender’s representative may make a visit to your residence and the place of work for verification. 

 

  • The personal loan disbursal 

Once your application and the document verification have been checking, then the lender may disburse the sanctioning loan amount to your bank account. 

You are now aware of the standard verification process, along with some common myths that concern many prospective borrowers. 

Being aware of these aspects may help you approach your personal loan application with confidence. 

If you are ready, then you can stay home during COVID-19 and apply for it online and save your time. 

Bajaj Finserv is one of the top lenders in India that provides you with pre-approved deals on home loans, EMI networks,s and more. It can help you save your time on loan processing. 

You can discover your pre-approved loan offers now after sharing some basic details like the name and mobile number.

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