Emergencies can come your way anytime & then your savings may not be enough to combat money matters. Also, using up your savings completely will not be that nice. The savings step can even backfire when your future financial backup will deplete. What will you do when you will need better assistance later in life?
So, what’s the probable workaround in such a situation where money is equally important for daily expenses needed immediately apart from your monthly expenses?
So what do we do then? Under such compelling circumstances, taking a personal loan is the only solution. Ofcourse, we stay empty-handed when we run short on savings & then bank upon an alternative.
Since, we’ve already discussed that borrowing is the only way out so atleast the borrower should be choose a qualified lender. A lender which offers a convenient process of leading cash money. In India, Personal loans offer financial help without compromising on collateral security/ guarantee.
Home Credit Personal loans
With the power of AI & Machine learning, Home Credit offers instant personal loan with 100% online approval process. The online application & approval can get you money at a faster rate than ever. Simply download our Mobile App & apply for a loan. Fill up a few important details & you’re sorted. As the processing time is less, your loan will be approved within 5 mins.
Here are the 4 stages of personal loan processing in India which we need to highlight:
- Personal Loan Application
To start a personal loan processing, you need to fill up personal details. The application form will be found once you have request for application. The form must be filled with accurate information otherwise your request may get cancelled/rejected. A major part of form requires information like name, address, age, contact details etc.
- Documents Upload
Once you’ve filled up the application form, next is to upload scanned copies of your documents for KYC performed at POS locations or online when they are closed.
The required documents are important to cross-check correctness of borrower’s identity, age, address.
Only 2 documents needed for Home Credit Loan
- One Identity proof like PAN Card
- Address Proof documents like Aadhaar
- Documents Verification for Personal Loan:
After the documents are successfully uploaded, the personal loan verification process starts. The documents are also checked for your credit score & history.
The lender primarily checks identity & address provided on the application form.
It’s an online process to verify documents such as PAN Card, Aadhaar card to expedite the process.
Once the lenders satisfied with your documents, it will quickly send an approval intimation.
- Loan Disbursal & Signing:
This is the 4th & last stage of your loan verification process.
The terms & conditions are broadly outlined to do with the personal loan, interest rate and tenure period. After ticking the “agree” box, you go ahead to sign the loan contract. After this step, your loan amount is immediately disbursed into your savings account in 24 hours.
The processing of an Instant Personal Loan is simple and takes a day for conclusive disbursement. Digitization has further simplified the entire process of loan approval & disbursal.