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Personal Loans Application Process
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24*7Simple100%With today's advanced technology, getting a personal loan is now much easier than ever with a seamless digital process. Be it you need funds for an emergency, education or travel, getting access to cash is just a few clicks away.
The personal loan process makes sure fast approvals and hassle-free disbursal, making it convenient for borrowers. It usually involves the below steps:
Filling out an application for personal loan is super simple. You just need to keep a few documents handy while doing the process:
Application for personal loan is super smooth if you meet the necessary criteria. If you’re considering a personal loans online application, understanding the key factors can help improve your approval chances.
Lenders check your credit score to gauge repayment ability. A score above 750 boosts approval chances and may fetch lower interest rates, while a low score can lead to rejection or higher rates.
Lenders prefer borrowers with steady income to ensure timely repayment.
A high debt-to-income ratio means most of your income goes toward existing loans. Keeping it below 40% improves your chances of approval during an online application for a loan.
Before submitting your application for a personal loan, ensure you meet the lender's basic requirements:
Yes, a minimal processing fee is charged when your loan is approved. With Fibe, you need to pay a processing fee starting from 2% of your loan amount plus GST.
Yes, you can cancel your loan before the disbursal and if your loan has not been started. But once the money is transferred to your bank account, the cancellation is not possible. You may need to repay the amount along with applicable charges.
No, Fibe offers personal loans to individual applicants only. However, you can apply separately through an application for a loan online based on your income and credit eligibility.
At Fibe, the personal loan process is instant. Once you submit your application and documents, approval takes just a few minutes and the loan amount is transferred to your bank account directly.
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