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How Long Will It Take for Me to Receive My Personal Loan? Personal Loan

How Long Will It Take for Me to Receive My Personal Loan?

Sponsored post | @indiablooms | 30 Nov 2022, 04:06 pm

Nowadays, a Personal Loan is in huge demand as there is no end-use restriction on its usage. Right from renovating a home and planning a wedding to higher education and medical emergencies, a Personal Loan can be used to meet all your financial requirements. A lot of lenders offer easy and affordable Personal Loan solutions to customers. However, there remains confusion when it comes to approval and disbursement timeline.

Loan approval depends on the lender. With digitalization of the process, it has become extremely easy to apply for a Personal Loan. Within just a few minutes, you can find out whether you’re eligible or not and the entire loan process gets completed within an hour.

Once your loan application is submitted along with the required documents, it can take anywhere between a few hours to a few days for your loan to get approved and credited into your account. However, the timeline may vary depending on the lender you choose and their lending policies. Online direct lenders can process the loan faster, whereas offline lenders can take anywhere between a few days to a few weeks to process the loan. In addition to this, your diligence with respect to abiding by the loan application eligibility criteria also matters.

Tips to Get Fast Loan Approval

You may not have any control over how long it takes for a lending institution to disburse a loan amount, but there are certainly a few things you can do to speed up the overall loan application process. Because the faster you can get loan approval, the sooner you will receive the funds in your account. So, have a look at the below-mentioned useful tips to get faster loan approval:

  • Maintain a Healthy Credit Score

Lenders check your credit score before offering you a loan to know your creditworthiness. Based on your credit score, they determine how well you have managed your credit in the past.  So, if you want to speed up the loan process, make sure you maintain a good credit score by paying your bills in full and on time. Because if you will maintain a good credit score, the lender does not need to closely examine every aspect of your finances to determine your creditworthiness and repayment behavior. In addition to this, a good credit score opens the doors to lower interest rates and better lending terms.

  • Be Sure Your Credit Is Accessible

Having a credit lock or credit freeze on your bureau report in place when you apply for a loan prevents a lender from checking your credit. This can slow down your approval process. So, make sure your credit is accessible.

  • Apply Online for a Personal Loan

Many online Personal Loan lenders specialize in faster loan approval and speedy disbursals. Some of the leading NBFCs sanction a loan amount within 24 hours, provided you meet their eligibility conditions. So, make sure you compare top online lenders based on their features and benefits and choose the one that suits you the best.

  • Always Ensure that Your Application Is Free from Any Errors

Ensure that your loan application is correct and up to date. Things can get delayed if the lender finds errors in your loan application as they might send it back to you for corrections.

  • Gather All Necessary Documents

Before you apply for a Personal Loan, make sure you check the documents required for Personal Loan. You will need to submit your income details, address proofs, KYC documents, employment proof, and bank statements as a part of the documentation and if any of these documents do not live up to the lender’s approval criteria, there are chances your loan might get delayed as well. That is why you need to know the documents required for Personal Loan before you apply.

To Conclude

Most NBFCs have simplistic terms & conditions to sanction a Personal Loan. Therefore, their loan disbursal time is shorter. The loan amount gets credited to your account within 24 hours, provided you meet the lender’s eligibility criteria.