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Personal Loan Process

Unsecured loans provided by the banks without taking any collateral security are known as personal loans, albeit some PSU banks may insist on a guarantor. Personal loans are taken for various purposes ranging from marriage to holidaying or to buy a luxury product of your choice or any sort of medical emergencies. Bottom line, the banks don’t consider the reason important as long as it doesn’t involve speculative trading.

For getting the best low interest personal loan, you need to undergo the following process

  1. Apply for Personal Loan
    • To apply for personal loan on FinZkart.com - Fill up the form given to the left side.
    • Our specialists will search for best financial bank/NBFC depending upon your details.
    • Submit the documents required to process your loan.
    • Once you've completed documents have been submitted to the Bank/NBFC which is referred to as "File Login", you can login to your FinZkart account and check the status of your application
  2. Documentation

    Make sure to have all the necessary documents in order. The types of documents required are given in the section below. There are other certain document specifications required, depending upon the bank you apply to.

  3. File Login

    Your loan application along with your documents will be submitted to the bank for approval.

  4. File Verification

    Upon receiving your loan application, the bank initiates a verification process by appointing a third party agency. Customers are expected to cooperate during the entire process; any sign of non-cooperation (i.e. locked house, wrong information submitted, etc.) may result in the rejection of your loan application. Based on the information gathered, a positive or a negative report will be sent to the concerned bank.

  5. Approval

    Upon receiving a positive report, the bank will review your application after due consideration of the documents you have submitted. In case of any additional documents required, it will be communicated to you prior to approval.

  6. Disbursement

    The bank will perform a final checking of approved files, agreements, cheques etc. if everything is proper, a delivery order will be issued. In case of any mismatch in signature or address proof, the delivery may be delayed until further modification. Loan approval is to the sole discretion of the bank, which is why one needs to avoid the following in order to ensure greater chances of loan approval. Although these aren't the only reasons, the major contributing reasons for rejection are:

    • Incomplete documents
    • Negative profile
    • Verification of outstation address
    • Unhealthy previous loan/ credit records
    • Request for approval in change of tenure after signing agreement
    • Request for approval for higher loan amount after signing agreement
    • Mismatch of signatures in documents and bank cheques
    • Verification of the co-applicant's address and status of staying out of station
    • In the case of a difference between information presented in the application and in documents

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Documents Required for a Best Personal Loan

  • Proof of Identity:- Passport / Driving License / Salary slips for last 3 months / Voters ID / PAN Card (any one)
  • Proof of Residence: - Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  • Latest 3 months Bank Statement (where salary/income is credited).
  • Salary slips for last 3 months
  • Latest Form 16
  • 2 Passport Size photographs
  • Income proof audited financials for the last two years (for Self-Employed)
  • Office address proof (for Self-Employed)
  • Proof of residence or office ownership (for Self-Employed)