Steps involved in personal loan

A personal loan is an unsecured loan that you upraise from the bank for your personal use. There is no limitation on the proceeds of the loan amount you can use it to pay off your debt, construct a house, set up your business or even for your wedding etc.

Purpose of personal loan:

• Debt consolidation.

• Alternative to a payday loan.

• Home remodelling.

• Moving costs.

• Emergency expenses.

• Large purchases.

Steps to get a personal loan: The steps to apply for a personal loan are as follows:

• Online/offline application: If you have made up your mind to avail a personal loan, the first step is to fill an application with all your professional details. The form can either be filled online or offline mode by visiting the nearest branch of the bank.

• Bank verification: As soon as the bank will receive your application, they will verify all the information provided by you. If you are already a customer of the bank, your financial details like bank statements, previous loans (if any), etc. are immediately verified by the bank.

• KYC process: After all your details are verified, they will start verifying your Know Your Customer (KYC) documents that you have uploaded online along or you have submitted to the branch.

• Address confirmation: The bank’s members may make a visit to your home to confirm the address mentioned in the application. If you are a self- employed individual, there are chances of the bank’s members may visit our office address for more confirmation.

• Credit score check: After completing all the verifications and checking your eligibility, the bank will go through your credit score and will have look towards your past repayments, salary slips or IT returns.

• Loan approval: If you outstand with your personal loan eligibility criteria, your documents are verified and if your credit score is 750 or above, the personal loan would be granted to you without any further delay

• Loan amount, tenure and interest rate: The loan amount and interest rate that the bank will offer to you by the bank is based on your credit score, age, employer, number of years left in service, etc. The banks will also offer you the opportunity to choose the repayment tenure on your own as per the repayment ability

• Processing fee:Now after deciding and verifying everything you will have to pay a fee to process loan your loan. After you have paid the fee, the personal loan amount will be granted to your account with 3-5 working days

Documents required:

• Proof of age and identity

• Proof of residence

• PAN Card

• Proof of Income

• Passport-size photographs.

• Duly-filled and self-attested personal loan application form.

Conclusion: Syndicate Bank personal loan provides quality service and instant personal loan instantly in the top commercial and metropolitan cities of India and meets your financial requirements without any bottlenecks. Syndicate Bank is well connected across major metropolitan cities and is happy to help you whenever and wherever required!