How long does it take to get a Personal Loan approved?

Financial emergencies might stem from different reasons but they have one thing in common – they always come unannounced and at a scale that debilitates your capacity to manage only with your savings. In such a situation, you need to rely on a Personal Loan to sail through. Read on to have a clear idea about how long it takes to get the loan.

Applying for an online Personal Loan:

The first step is to apply for a loan. The good news is that you no longer need to wait patiently in a queue to apply for a loan anymore but can do it from the comfort of your home. Keep your Aadhaar Card and PAN Card ready and click on ‘Apply online for a Personal Loan’. The next step is to get the bank’s approval.

Getting the Personal Loan approved:

The approval procedure is initiated by the lender once you submit the loan application with the necessary documents. Based on the lender you choose, it can take two to three working days to get the approval and may take longer if you fail to submit the right documents. Thus, make sure you check the necessary documents thoroughly before you submit the application.

It is worth mentioning that a Personal Loan online applicationand approval is faster when you are an existing customer of the lender. For instance, you can choose the same bank for the Personal Loan where you have your Salary or Savings Account. If you have a Savings Account with ICICI Bank, you will find it much easier to get the loan from them.

Disbursal of the loan by the lender:

After the loan gets approved, your lender will send you the Sanction Letter to your e-mail ID. This Sanction Letter will clearly state that the loan application has been approved, along with a couple of other details such as Personal Loan amount, Interest Rate, Equated Monthly Instalments (EMI) and so on.

The disbursement time for the approval of a Personal Loan can range from <one> to <two> working days. Post which, you can collect the loan amount cheque by either visiting a branch or have it credited into your Bank Account.

The remaining procedure after loan disbursal:

Loan disbursal is not where the process halts for the borrower or the lender. There are two more steps after disbursal:

1) Loan confirmation:

After the lender disburses the loan, you will receive a letter of confirmation in your mail. The letter contains a proper Welcome Kit with detailed information about the Personal Loan, EMI Payments, Amortisation Table, Customer Support and so on.

2) Loan repayments:

Repay the loan according to the loan agreement and pay the EMIs through ECS (Electronic Clearing Service).

In case you are taking the loan from your existing bank, simply give Standing Instructions to get the EMI automatically debited on a particular date each month. However, make sure that the required amount is present in your Account on that particular date every month.

With ICICI Bank’s Online Loan Application facility, you can get the money credited into your Account within two to three days and this way you won’t have to face a cash crunch for too long.