Basic guide for getting loans from Banks and NBFCs in India:
1. Determine your loan requirement: The first step is to determine the amount of money you need to borrow. This will help you narrow down your options and choose the best loan for your needs.
2. Check your eligibility: Before applying for a loan, make sure you are eligible for it. Each bank and NBFC has its own eligibility criteria, which usually includes factors such as your age, income, credit score, employment history, and other financial obligations. You can also take assistance from financial advisors who can help you by finding out right Bank and NBFC from where your loans can be sanctioned basis there criteria’s.
3. Compare loan options: Once you know your loan requirement and eligibility, compare the loan options available to you. This includes the interest rates, fees, repayment terms, and other features of each loan.
4. Prepare your documents: To apply for a loan, you will need to provide certain documents such as your identity proof, address proof, income proof, and bank statements. Make sure you have these documents ready before applying for a loan.
5. Apply for the loan: Once you have chosen a loan and prepared your documents, you can apply for the loan either online or in-person at the bank or NBFC. Make sure you fill out the application form accurately and completely. For better chances you can find assistance with the financial advisors.
6. Wait for approval: After submitting your loan application, the bank or NBFC will review it and make a decision. This can take anywhere from a few days to a few weeks depending on the lender.