How Does an Online Personal Loan Verification Process Work?




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Personal Loans are a great option when you are thinking of arranging funds instantly for some needs like weddings, home renovation, clearing current debts or meeting festive expenses. Instant personal loans don’t require any collateral and are unsecured debts. 

If you have a good credit score with secured employment and a repayment record, getting your guaranteed personal loan approved at affordable rates becomes even more accessible via personal loan apps. In this article, you will learn about the easy steps involved in the personal loan verification process.

Steps Involved In Personal Loan Verification Process:

Following are the steps that are involved in the personal loan verification process:

Step 1. Application For A Personal Loan

The first step to get a personal loan is to apply for it. You can apply for a personal loan with the lender of your interest or through an online loan app, like the Fullerton App. 

Step 2: Submission Of Documents

The next step is to submit all the required documents. These documents may include proof of identity, address and employment & income.

Step 3: Verification Of Documents

After submitting the documents, the lender or the instant loan app verifies the authenticity of your documents and checks with the eligibility criteria, credit score, repayment record and more.

Step 4: The Disbursal Of Loan

Once all your documents are verified, your application for a personal loan is approved. The loan confirmation is done with an agreement letter, and then your loan is sanctioned shortly. 

You can get your loans approved within a day or two through online loan apps by following the steps mentioned above correctly.

What Are The Benefits Of A Personal Loan With Instant Loan Apps?

Fullerton App is the best instant loan app that provides loans of amounts ranging between Rs 50,000 to Rs 25 Lakhs. This app issues a loan instantly, and the amount is disbursed into the account within 24 hours.

The documents required to get the loan approved are PAN card, employment proof, salary slips of the last three months, address proof, and bank statements of the previous six months. The entire process of documentation is hassle-free.

The complete process of applying and processing the loan takes place online, which is one of the best advantages of the online loan app. Therefore, you don’t have to rush to the lenders every time.

The interest rates begin with 11.99% with a processing fee ranging between 0-6% and tenure of loan between 12 and 60 months.

What Is The Procedure To Apply For A Loan With Fullerton App?

The process of applying for a loan with the Fullerton loan app is straightforward.

  1. Install the Fullerton app on your device
  2. Register on the app through Google or Facebook or create an account
  3. Fill down your basic details- name, address, date of birth, gender, etc
  4. Enter your employment and income details along with the name of the company you are working in, salary details, etc.
  5. Enter your bank details
  6. Scan and upload the required documents
  7. Press the submit button

These were the easy steps to apply for a personal loan with the Fullerton loan app

After submitting your application, the lender will inform you whether you are eligible for the loan or not and the amount of loan that you qualify for. If you want to proceed further, you will be given a loan application number to track your loan application status. 

If your application clears all the checks, your loan amount will be transferred directly into your bank account within 24 hours of approval of the loan.

Conclusion

When applying for a loan in a bank, the document verification process may usually take up to 1 to 2 days. Therefore, applying for a personal loan on instant loan apps is more beneficial as you don’t have to wait that long to get the funds into your account. 

However, if you have pre-approved loan applications, then the loan verification process becomes quicker. 

Therefore, if you are already an existing customer of the lender, the approval of your application and disbursal of the loan amount becomes faster. This is because the lender has already approved and has your bank details, KYC documents, credit score and the other documents required to approve a loan. 

Therefore, this becomes a primary factor when applying for an instant loan.