5 Steps of Personal Loan Verification Process

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5 STEPS OF PERSONAL LOAN VERIFICATION PROCESS
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• Loan Application
• Online Decisioning
• Document Collection
• Document Verification
• Loan Disbursal

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Loan Application
Once you have decided where you want to apply for
a personal loan. The first step is you can start
with the loan application process, as soon as you
submit the application.
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Online Decisioning
After receiving your loan application, many NBFC
gives you an instant loan decisioning based on
factors like your, income, age, location, CIBIL
score, Etc.
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Document Collection
Next steps is the personal loan documents
collection. An agent will contact you for
document collection, The following are the
documents required for a loan 1. Proof of
address Identity. 2. Proof of employment and
income.
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Document Verification
An applicant has to provide all the necessary
documents as per lender requirements. If you want
to easy and smooth verification process then you
need to make sure the all documents are valid and
error free.
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Loan Disbursal
Once your all the documents are verified, the
lender approves the personal loan application and
gets started with the disbursal of the loan
amount sanction shortly in your accounts.
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Reference URL
https//en.wikipedia.org/wiki/Loan
https//www.fullertonindia.com/knowledge-center/pe
rsonal-loan-verification-process.aspx
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