Personal loan is a popular product in our financial industry. Everyone likes personal loans for extraordinary benefits like instant approval, quick fund transfers, minimal documents, and more. Eligibility for a personal loan is eligible for those who hold a salary account with a minimum monthly in-hand salary of Rs. 12,000.
Compare Personal Loan Disburse Time from Lenders
| Lenders | Interest Rate (p.a.) | Loan Amount | Disburse Time | Salary | |
| WeRize | 16% to 21% p.a. | Rs. 30,000 to Rs. 5 lakhs | Up to 3 days | Rs. 12,000 | Apply Now |
| MoneyView | 1.33% per month | Rs. 5,000 to Rs. 5 lakhs | Up to 1 days | Rs. 13,500 | Apply Now |
| InCred | 11.49% to 18% p.a. | Rs. 50,000 to Rs.7. 5 lakhs | Up to 2 days | Rs. 15,000 | Apply Now |
| IDFC | 12.50% to 18% p.a. | Up To 10 lakhs | Up to 72 hours | Rs. 15,000 | Apply Now |
| PaySense | 1.4% to 2.3% per month | Rs. 50,000 to Rs. 5 lakhs | Up to 3 days | Rs. 18,000 | Apply Now |
| Upward | 9% to 32% p.a. | Up To 5 lakhs | Up to 48 hours | Rs. 20,000 | Apply Now |
| Axis Bank | 10.49% to 22% | Up To 40 lakhs | Up to 48 hours | Rs. 25,000 | Apply Now |
| Bandhan Bank | 10.50% to 18% p.a. | Up To 25 lakhs | Up to 5 days | Rs. 20,000 | Apply Now |
Personal Loan Application Procedure
1. Apply for Personal Loan
Before credit money to your account, you should take the first step which is to apply for a personal loan. Available online and offline features from lenders. Also, 24hr loan gives you an online application facility for instant approval. You should fill in all details such as monthly salary, current address, qualifications, phone number, etc.
2. Documents and Creditworthiness Verify
The lender will verify your uploaded documents. So, you should provide the right documents. Given documents should be original and clear photocopies and bank statements should be in pdf format. Documents such as PAN card, Aadhaar Card, Pay Slip, and salary account bank statement are required.
The lender will check the borrower’s creditworthiness such as credit score before loan approval. A good credit score holder will be the runner for a personal loan.
Also Read: Personal Loan in 2 hours
Personal Loan Disbursement Process
1. Loan Approval
You should pass lender eligibility for loan approval. Lender eligibility must differ from bank to bank. Depending on your monthly income you should choose a lender. After meeting the borrower eligibility criteria, the loan will approved.
2. Sign Loan Agreement
Every lender signs a loan agreement before the loan is disbursed. This is a details agreement regarding loan amount, interest rate, repayment tenure, etc. You should read all terms & conditions and sign for loan agreement. Now e-sign is available through OTP verification. This will save borrowers time and the process will more faster.
3. Loan Disburse
Whenever the borrower completes the loan agreement, the loan will go for disbursement. Most lenders prefer NEFT fund transfers to borrower accounts. It may take 4 to 5 hours for fund transfer.
Also Read: Top 11 Personal Loan Companies in India
Bank Confirmation
When the fund is fully transferred to the borrower’s account, you will get a confirmation message from the bank. The lender will provide all loan information via email and paper copy. Also, you may collect a hard copy from the branch.
- Use funds for medical expenses, house repairs, EMI, education expenses, etc. Utilize your loan amount as you wish.
- You should know tenure, interest rate, and EMI details. You should make a monthly schedule to pay the EMI.
FAQs on The Personal Loan Disbursement Process
What is the maximum time takes to disburse a personal loan?
Banks may take a maximum of 4 days to disburse your loan. Within 4 days, your fund will transfer to your account.
Which Banks offer an instant personal loan disbarment process?
Banks like HDFC, AXIS, WeRize, Faircent, InCred, and Finnable offer instant personal loan disbursement within 3 days.
Can I get an instant personal loan within 24 hours?
The borrower may get an instant personal loan within 24 hours if he/ she has a pre-approved loan offer. Banks like Bajaj Finserv, L&T Finance, IDFC, and HDFC provide pre-approved personal loans within 1 day.
Is it possible to cancel a personal loan after the loan is disbursed?
The answer is no. You cannot cancel a personal loan after the loan is disbursed. Whenever complete e-nach and loan agreement process, the bank will initiate the fund transfer process. It cannot be canceled.