How does the personal loan process work?
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The personal loan process in India follows these steps: (1) Check eligibility online using loan calculators; (2) Compare offers from multiple lenders; (3) Submit online/offline application with required documents (identity, address, income proof); (4) Lender verifies documents and checks CIBIL score; (5) Credit assessment and approval decision (1 hour to 7 days); (6) Loan sanction letter issued with terms; (7) Agreement signing and documentation; (8) Loan disbursement to your bank account (same day to 3 days); (9) EMI repayment begins from next month. Digital lenders can complete this in 24 hours for pre-approved customers.
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First, you apply for a loan online or at a branch with your documents. The lender checks your credit score and income, then approves or rejects your application. If approved, you sign the agreement and the money is transferred to your account, usually within a few days. You then repay in monthly installments.
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