How to apply for loan from NBFC?
2022-08-18
18 min read
Generally, NBFCs have a mobile application from where you can sign up and apply for loans. However, many have both web platform and mobile application from where you can apply for loan online.
You can follow the following steps to apply and get a loan from NBFC:
First, get onto the platform that you want for applying the loan either by downloading the application or browsing the website.
You have to use your email and phone number and authenticate OTP to sign up for the first time before setting up your passcode for future logins. After you have signed up, they will ask you to provide some information about yourself like your PAN number, location, occupation, date of birth. This data will be used to check your eligibility for the loan generally known as pre-qualification.
After you get pre-qualified, you will have options to select the loan products that you have pre-qualified for. You will have to complete your eKYC by providing information required, provide your bank details and get your Credit score obtained which will all be done through the system with your minimum involvement. If you have met all the eligibility criteria, you will be approved for the loan and asked to eSign the loan agreement and complete eNACH procedure. As all these procedures are completed, loan will be disbursed in your bank details.
These process takes very few times and can be done instantly in a few minutes.
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