The loan application process has several stages that you, as an applicant must be aware of. Each of these stages plays an important role in your loan applicant, thus leading to your loan approval and disbursal. While the traditional way to apply for a loan would be to approach the bank of your choice, and its closest bank branch, the new method is to download the bank loan app on your phone and apply for the loan of your choice.
More and more loan applicants are now opting for the new age method to apply for a loan, as it is not only convenient but also time and resource saving. But how can this loan support you in your loan application?
Once you download the app and register for it, there are various features you can check out. One option there is to apply for the loan. Through this app, here are the stages of a loan application and how the loan app will assist you:
Stage 1: Confirm basic identity: This plays an important role in your loan eligibility. The first you would need to take is to confirm your identity. This would mean, you would need to provide details of your age and your gender. You would also be required details of your residency.
Stage 2: Income and employment details: As the next step, you will need to provide details of your employment and income details. In this stage, you would need to provide details of the type of employment you are working in, the name of your company, the income you earn, and whether you have any current EMI’s to pay. All these factors contribute to your loan eligibility to ensure that you will be able to afford the loan you are applying for.
Stage 3: Calculation of your eligibility: Once you have provided the relevant details, the app will automatically calculate your eligibility. This is one way to check loan eligibility without having to take the time and the effort manually to do it. Furthermore, it will help you understand how much of a loan amount you can opt for, and whether you can increase or decrease to match your financial requirements. This way, it will also help you manage your other current debts or any other debts that you will take upon in the future.
Stage 4: Verification of identity details: Once you have proceeded and satisfied the loan eligibility criteria, you can move ahead with the verification of your identity details. You would be asked to provide your PAN and Aadhar card details, wherein which, your identity details will be accessed online from a secured server. Once the details have been verified and confirmed, you can then proceed ahead with your application.
Stage 5: Loan tracking: Once your loan application has been submitted, you can check online for the status of your application. You only need to log into the app and prove your application reference number in order to gain access to the tracking status of your loan application.
More and more loan applicants are now opting for the new age method to apply for a loan, as it is not only convenient but also time and resource saving. But how can this loan support you in your loan application?
Once you download the app and register for it, there are various features you can check out. One option there is to apply for the loan. Through this app, here are the stages of a loan application and how the loan app will assist you:
Stage 1: Confirm basic identity: This plays an important role in your loan eligibility. The first you would need to take is to confirm your identity. This would mean, you would need to provide details of your age and your gender. You would also be required details of your residency.
Stage 2: Income and employment details: As the next step, you will need to provide details of your employment and income details. In this stage, you would need to provide details of the type of employment you are working in, the name of your company, the income you earn, and whether you have any current EMI’s to pay. All these factors contribute to your loan eligibility to ensure that you will be able to afford the loan you are applying for.
Stage 3: Calculation of your eligibility: Once you have provided the relevant details, the app will automatically calculate your eligibility. This is one way to check loan eligibility without having to take the time and the effort manually to do it. Furthermore, it will help you understand how much of a loan amount you can opt for, and whether you can increase or decrease to match your financial requirements. This way, it will also help you manage your other current debts or any other debts that you will take upon in the future.
Stage 4: Verification of identity details: Once you have proceeded and satisfied the loan eligibility criteria, you can move ahead with the verification of your identity details. You would be asked to provide your PAN and Aadhar card details, wherein which, your identity details will be accessed online from a secured server. Once the details have been verified and confirmed, you can then proceed ahead with your application.
Stage 5: Loan tracking: Once your loan application has been submitted, you can check online for the status of your application. You only need to log into the app and prove your application reference number in order to gain access to the tracking status of your loan application.
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