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| Four easy steps to avail personal loans (rediff.com) Posted: 15 Sep 2009 08:05 AM PDT
On the one hand, there is less paperwork, since the bank does not have to verify any asset as in the case of home loans. On the other hand, there are stringent income criteria to qualify for personal loans. But once you make the grade it takes only about three days for you to get a personal loan -- a lot less time than getting a home or car loan. So, here goes a step-by-step break-up of the personal loan application process: Step 1: Enquiry with a financier The first step is to get in touch with a lender. How do you know whom you should approach? You need to get in touch with as many lenders as possible and get them to make loan offers to you. Then negotiate with them to get the best interest rate. Check if there are any special offers. After you have got all the banks to make their offers to you, select your lender based on the information you have in front of you. Step 2: Documents collection After you finalise your lender, the lender's direct selling agent will visit you and collect documents supporting your proof of income, residence proof, and identity. You may be required to produce copies of IT returns, salary slips, bank statements, ration card, passport, driving licence, and other relevant documents. These requirements vary from lender to lender. Step 3: Field investigation agency representative's visit After submitting the documents, a field investigator will visit your home to double check the facts provided in the documents, such as your place of residence, tenure at work place and so on. It is essential that you are present during this visit; otherwise the investigator could report that the facts you provided do not actually add up, thus forcing the lender to reject your loan application. Step 4: Loan approved Once the lender is satisfied with the veracity of your documents, the loan is approved. The lender then disburses the amount through cheques or demand drafts.  This posting includes an audio/video/photo media file: Download Now |
Is it easy to get a personal loan? Well, yes and no. | You are subscribed to email updates from Add Images to any RSS Feed To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
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