A Short Essay on How to Apply for a Personal Loan

A personal loan is a credit instrument offered by bank to help you meet your financial needs,

without pledging an asset to guarantee repayment. Personal loan without collateral’s are disbursed

in wide numbers today. All the loans we apply for are different types of personal loan. Buddy Loan

is the best loan aggregator for a personal loan with instant processing, minimal

documentation & better repayment options.

 

Generally, personal loan applications are processed faster, and in most cases, it takes less than a

week to get it sanctioned. The interest rates on personal loans varies for different banks.

However, Buddy Loan disburses loans at a lower interest rate starting at 11.99% p.a.

 

Personal Loans are the widely used financial product in India, this is in great demand as

compared to other types of loans. A buddy loan can be used for any needs unlike home loan or

vehicle loan, which are very limited in terms of the purposes that they can be availed for.

 

People make use of personal loan for travel, for festival celebrations, for buying gadgets and also

for households, for wedding preparations and so on. Though most of take personal loan to prepay

it way before the tenure, many are still doubtful of whether they should make use of this option

or not.

 

While taking buddy loan many will opt for long term loans with low rate of interest, this way the

monthly EMI payment will be lower but the rate of interest over the tenure of the loan will be

high. In case if you have any surplus fund in your hand, make use of this cash or savings to

prepay the outstanding personal loan.

 

Though there are lots of benefits of prepaying the personal, the benefit will be calculated based

on the outstanding sum.

 

How to Apply for a Personal Loan

There are several ways to apply for a personal loan:

 

Personal Loan Application Process Online

Though there are no prepayment and preapproval charges, for more details it is better to get in

touch with the Buddy Loan lenders. However, personal loans are specific and time bound with

the following steps.

  • Visit the website of the financial lender.
  • Under the loan section, choose personal loans.
  • Click on the ‘apply now’ option.
  • Enter the details in the personal loan application form and submit it to the bank.
  • The bank will assess the eligibility of the applicant and request for the submission of the

required KYC documents and income documents.

  • If the applicant is found eligible, the bank will disburse the loan amount to the bank

account of the applicant, as mentioned in the application form.

 

Personal loan application offline

  • Listed below is the process of applying for a personal loan at the branch of the financial

lender:

  • Visit the branch of the financial lender.
  • Procure the personal loan application form and enter all the required details.
  • Submit relevant documents that prove one’s income, age, address and identity.
  • The lender will then verify the documents and check the eligibility of the applicant.
  • The loan amount will be transferred to the bank account of the applicant if he/she is

found eligible.

Email and phone banking requests:

You can leave a request for personal loan with the bank through an emailGet Personal Loan Online or at the customer

service center of the bank. The bank will review your eligibility and contact you to take the

process further.

 

Request through ATM:

Now-a-days you can apply for personal loan via ATM kiosks as well. Once you raise a request

the bank personnel will contact you.

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Mohammed Ali

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