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 Steps Involved In Applying For Personal Loan In Bangalore

Steps Involved In Applying For Personal Loan In Bangalore

They say, “Money won’t create success, the freedom to make it will.” Indeed, everyone wants to make great money in order to fulfil every dream and desire they have. It is this spirit of freedom that everyone nourishes. However, it is not always easy to have ready cash at disposal to meet each and every requirement. This is especially true if you are in a city like Bangalore, where the cost of living is comparatively high. This is where personal loans step in to save the day. Regardless of what your need is a personal loan can take care of it.

As the name suggests, personal loans cater to every personal requirement of yours. However, it is wise to thoroughly check every aspect of the loan before applying for it in your chosen bank. Here are some of the steps that can help you in applying for personal loan in Bangalore and complete the loan application procedure:

Finding Out Details of Personal Loans Offered by Various Banks

You may have a savings account with a particular bank, but it is better to enquire about every other bank and their deal on personal loans. Each bank will have something different to offer, say a reduced rate of interest or an extended period of repayment or etc. The more you enquire about different banks, the more chances you have of finding out the most suitable deal to serve your purpose.

Checking and Organising Proper Documentation

After you have selected the bank from which you are going to take the loan, also check the kind of documentation they require to close the deal. Find out the documents required for HDFC, Axis Bank, ICICI Bank and Citi Bank. Once, you come to know about the requisite documents, you can prepare a file with those documents including copies of address, salary slips, id proof, bank statements, IT returns, ration card and so on. This will not only help you keep things organised at your end, but also help you to create a positive impact on the DSA or Direct Selling Agent visiting your home about the personal loan.

Awaiting Visit of a FIA (Field Investigation Agency) Representative

The documents you provide will go through cross-checking by a one Field Investigation Agency representative, who will verify the authenticity of your documents. Any mismatch in this case can lead to rejection of your personal loan, so it is best to provide authentic documents. When the verification process of your documents are complete and your application emerges clean of any troubles or bad history of non-repayment of loans, you can get the loan disbursed by the bank in form of a cheque or a Demand Draft.

Personal loans are the easiest to acquire as these doesn’t require any guarantor or collateral security. However, make sure you have thought through the decision and done sufficient research on the loans offered by various banks before going forward with the personal loan in Bangalore.

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Priya Rai is a loan consultant.