Banks and financial institutions offer a diverse range of loans to cater to varying needs. With technology's evolution, the loan application process has become swifter and more sophisticated, granting people easier access to loans.

The Personal Loan stands out as the most sought-after loan option in India's debt market. Over 78% of credit inquiries fall into this category due to the unsecured nature of personal loans, attracting many potential borrowers.

A personal loan involves borrowing funds from local banks, online lenders, or credit unions. Upon receiving the money, you start repaying according to a schedule until the loan is entirely settled.

If you're curious about obtaining a personal loan from a bank, this guide is tailored for you! It provides a comprehensive step-by-step overview of applying for a personal loan both online and offline.

How to Get a Loan from the Bank - Steps for Online Personal Loan Application: A personal loan is unsecured, lacking the need for any collateral.

A personal loan funds various personal expenses with a flexible end-use. Unlike car loans or mortgages, personal loans have a streamlined application process as banks don't verify collateral details.

The online application procedure, coupled with minimal paperwork, makes obtaining a personal loan accessible and straightforward. Here’s how to apply online.

Step 1:

Log into your trusted mobile or online banking app to start the personal loan application.

Step 2:

To fill the online application form, click "Apply Online" and provide the necessary OTP sent to your phone.

Step 3:

Complete the loan verification by uploading supporting documents.

Step 4:

Enter KYC and income information, and select your desired loan amount.

Step 5:

Submit your completed loan application.

Step 6:

Once you pass the eligibility criteria, your loan will be approved. A bank representative will then contact you to update you on loan approval and disbursement processes.

Curious about the Best Personal Loans in India? If considering offline application methods, explore these options:

Option 1:

In-person: Visit the bank branch to apply for a personal loan, submitting a completed application with necessary documents.

Option 2:

Through an Agent: Agents facilitate personal loan sales and offer guidance. Note, they earn commissions, which might slightly influence interest rates.

Factors To Consider Before Choosing a Personal Loan:

Consider the following before applying for a loan:

• Documentation: Personal loans require submission of various documents like income statements and bank statements.
• Interest Rates: Typically high ranging from 10-22%, based on the applicant’s profile.

Conclusion:

Personal loans, whether applied online or offline, are increasingly accessible in India with flexible end-use options. This article highlighted the application ease and significant factors like documentation and interest rates to consider when choosing a personal loan.