Personal Loan: Approval in just 3 seconds? What borrowers should know

It is essential to make the process of approving and disbursing a personal loan quick and hassle-free as well.

Several banks and NBFCs provide with the facility of personal loans with a varying range of benefits Photo: Reuters

Several individuals opt for personal loans for various aspects wherein one needs to meet a variety of financial requirements. The reasons can vary between vacation expenditure, payments for higher education, medical bills or any other unexpected expense that can take a toll on the individual's pockets. Since every other individual is living a fast-paced life, it is essential to make the process of approving and disbursing a personal loan quick and hassle-free as well. Several banks and NBFCs provide with the facility of personal loans with a varying range of benefits, which includes minimizing the time duration that is required to get one's loan sanctioned.

Banks

Banks like HDFC Bank promises to provide their customers with a quick and less problematic procedure to get a personal loan, with a minimal amount of documentation. HDFC Bank allows one to check their eligibility to get a loan sanctioned to them in the span of 60 seconds, post which the applicant then apply for the personal loan online. After the procedure of approval is done, the applicant will get the funds transferred to their account in the span of 4 hours. Existing HDFC Bank customers get the bonus of loan approval time of just 10 seconds as well as special rates on their loans.

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Meanwhile, ICICI Bank customers can check their eligibility for a personal loan in a four-step procedure, post which they can apply for the loan with ICICI Bank. Here too, an ICICI Bank customer has additional benefits of having a much faster procedure. If the ICICI customer is eligible for a pre-approved loan, then the applicant will have the funds in a span of 3 seconds only.

NBFCs

When it comes to NBFCs, they too have taken a step ahead to make attaining a personal loan easier. Bajaj Finserv has a four-step procedure of checking ones eligibility for the said loan. Post approval in a span of 3 minutes and submission of the required documents, the applicant will get the funds transferred in their savings account in a matter of 24 hours.

Aditya Birla Finance Limited provides with a comfortable procedure through which one can apply for a personal loan. The NBFC has a 30 minuted time span for approval of one's loan application. Additionally, Aditya Birla Finance Limited does not have a documentation process and has all the procedures via an online format. The applicant who applies for a loan with this NBFC is sure to get the loan amount in a fraction of time post-approval.

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