The step-by-step process of acquiring a personal loan for higher
education can be different for every financing organization. Therefore, to get
more information on the same, you would have to visit the official website of
the firm. However, there are certain stages which are always evident when you
apply for higher education loan.
If you want to know about the different stages that you might
come across during the application process of a personal loan
for higher education, then here is an article.
Knowing about the stages in advance will allow you to narrow down
the personal
loan eligibility terms and make sure that you are
ready with everything.
1.
Employment Category
A personal
loan for higher education is available to a large
group of people. Therefore, one of the stages that you might come across is
the employment. In other words, you will see options like a salaried
individual, self-employed, Government jobs, and more. You will have to select
an option that best defines your job type. It will allow the financing firm to
understand the kind of work background you have.
2.
Loan Amount and Tenor
While applying for a personal loan for higher education, you would also need to select the loan amount and tenor
that you prefer. Without doing so, the process can never go further. Moreover,
the personal loan
interest rate is based on the amount and tenor that is
selected by the borrower. Typically, the loan tenor is up to 60 months
maximum, while the amount that can be borrowed is up to Rs.25 lakh.
3.
Filling Application
One of the stages in the personal loan process step, whether online or offline, is of filling the actual
form. In case of online submission, you will be able to fill a virtual form
with basic information like your name, address, and employment, or company
name. It might also require certain other details like your age, date of
birth, and more. In the case of a physical form, you can obtain the same from
the financing firms’ local branch.
4.
Gathering Documents
Similarly like the application form, the documents can also be
submitted either online, or offline. However, in both cases, the documents
required are the same. When it comes to online submission of documents, you can scan the copies and attach
it with the application. Some online lenders’ agent can also collect documents
from you. On the other hand, in physical submission, you will have to take
hard copies of the documents and submit them along with your form.
5.
Verification and Disbursal
The last stage, which is available under each Bajaj Finance personal loan
process step, is of verification and amount disbursal. Once
the application has been submitted, the financing firm will then conduct their
verification and decide whether you are approved or denied. Once done, you
will be able to get the amount in your account within 24 hours.
Bajaj Finserv can give you pre-approved offers for financing
services of different kinds. Whether it is a personal loan, business loan,
home loan, or more, you can find offers for each of these financing
alternatives.
By utilizing the pre-approved deals, you can reduce the loan
processing time and make it hassle-free as well.
For unlocking your special pre-approved loan offers, you can simply submit using your name and contact
information.
