personal loan document

Personal Loan Disbursement: A Brief Guide

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The onset of the digital era of banking along with increased usage of debt financing for personal purposes has led to an increase in usage of personal loans. Personal loans are being obtained for a wide variety of reasons from weddings and vacations to business and down payment for a house. Since personal loans do not require any collateral and need bare minimum documentation, such loans have become very popular.  (Checkout personal loan documents checklist)

Getting a Personal Loan

Personal loans in India can be obtained either offline or online but the online segment is gaining traction lately. Such loans have seen a processing time of less than a few hours later once the application is made. On verification of the application, KYC process, and checking the CIBIL score, a personal loan can be obtained instantly.

Loan Disbursement

The amount of disbursal may differ based on the type of loan as well as any fees being charged by the bank. While this does not change the loan amount, the total payment received by you may differ. Loan disbursements are also made through cheque or demand draft mode however that is slowly becoming obsolete.

Loan Repayment

Once the loan is disbursed, repayment for the same will be either through ECS or a standing instruction. EMI and interest payment for the same can be determined using a personal loan EMI calculator. Such a calculator can prepare the applicant for the total monthly repayments to be made. Any default on such repayment can affect the CIBIL score and the user must be extra careful regarding repayment of such loans.

Must Read: How to choose the best personal loan to match your needs?

Make Diwali the Festival of Home Decor With a Personal Loan

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Diwali is the best time to purchase gold, invest in new garments, buy gifts for your relatives, or acquire a new property.

Let’s make this Diwali a little different.

Give your home the makeover it deserves. Surprise your family, neighbours, friends, and relatives by renovating your home. After all, what is Diwali without a sparkle?

However, the cost of home renovation can often be higher than purchasing gold or buying gifts. Not to worry, as an instant personal loan can provide you with funds you require to give a dazzling new look to your house exteriors or interiors. An instant personal loan is a type of unsecured loan which does not need any collateral. Instant personal loan eligibility is the simplest among all loans. You can upload the require documents for personal loan online and get the funds in your account within a few hours.

The extended repayment tenure of an instant personal loan ensures that the EMIs never seem a burden. Additionally, by repaying the loan EMIs before the due date, you can increase your credit score, which will make you eligible to receive additional discounts in future loans or cards.

You can use the personal loan funds to paint your house or modernise your kitchen by installing a kitchen chimney or buying a dishwasher. You may also buy a washing machine, a room heater, an air-conditioner, or design your home with fancy lights. Alternatively, you can be a little creative and redesign your garden.

Before applying for an instant personal loan, you must compare the rates offered by various lenders. The best way to find out who is offering the best rates is by checking their personal loan eligibility and using a personal loan calculator.

Getting the best rates and redesigning your home can be easy. Make this Diwali the festival of home renovation by sprucing up the interiors and exteriors.

Must Read: A Checklist to Check before Paint your walls in this festive season