Several people opt for personal loans for various aspects in which one has to meet a variety of financial requirements. The reasons can vary between vacation expenses, payments for higher education, medical bills or any other unforeseen expense that may weigh on the pockets of the individual. Since all other people live hectic lives, it is essential to make the process of approval and disbursement of a personal loan quick and hassle-free. Several banks and NBFC offer the possibility of personal loans with a varied range of advantages, in particular the reduction of the duration necessary to obtain its sanctioned loan.
Banks
Banks like HDFC Bank promise to provide their customers with a fast and less problematic procedure to obtain a personal loan, with a minimum of documentation. HDFC Bank allows one to verify their eligibility for a sanctioned loan within 60 seconds, after which the applicant then applies for the personal loan online. Once the approval process is complete, the applicant will receive the funds transferred to their account within 4 hours. Existing HDFC Bank customers enjoy a loan approval time of just 10 seconds as well as special rates on their loans.
Meanwhile, ICICI Bank customers can check their eligibility for a personal loan in four steps, after which they can apply for the loan from ICICI Bank. Here too, an ICICI Bank customer has the additional advantages of having a much faster procedure. If the ICICI client is eligible for a pre-approved loan, the applicant will have the funds available in just 3 seconds.
NBFC
When it comes to NBFCs, they too have gone a step ahead in making it easy to get a personal loan. Bajaj Finserv has a four-step procedure to verify its eligibility for said loan. After 3-minute approval and submission of required documents, the applicant will receive the funds transferred to their savings account within 24 hours.
Aditya Birla Finance Limited offers a comfortable procedure through which one can apply for a personal loan. NBFC has 30 minutes to approve its loan application. Moreover, Aditya Birla Finance Limited has no documentation process and has all the procedures through an online format. The applicant applying for a loan from this NBFC is sure to get the loan amount in a fraction of time after approval.
