If you get a chance to do something in life that your heart truly desires, do it right away. There is a high possibility that you may not get this same chance ever again. For instance, it is your mother’s 60th birthday. It is a special milestone, and you want to take her on an international trip. Such milestones will never come back, so start planning a surprise international holiday for her without wasting time.
If you are worried about finances, consider applying for a Personal Loan to finance your travel plans. A Personal Loan is an Unsecured Loan facility that lets you borrow a significant amount at a competitive interest rate for a tenure. The Loan’s repayment is structured in Equated Monthly instalments, ensuring you do not feel burdened and can fully enjoy the celebration of your loved one’s milestone.
You can apply for a Personal Loan with any bank. To apply, fill out the Loan application form and submit a set of documents. Upon submission, the bank takes a reasonable time to verify your details and documents and establish your eligibility. Upon successful verification, the bank approves the Loan request and makes an offer. You can either accept or reject the bank’s Loan offer. If you accept the bank’s Personal Loan offer, the disbursement process starts.
How does the Personal Loan disbursement take place?
Disbursement is the process whereby the bank provides a sanctioned Personal Loan amount, helping you meet your financial requirements. The disbursement process is completed within 24 to 72 hours of Loan approval. The bank typically provides a cheque for the sanctioned Loan amount or directly credits the amount to your linked Bank Account. Most applicants prefer the second option, as it facilitates instant access to the funds.
Note that a few banks charge a basic fee to process the Loan disbursement. Approach your bank’s customer representative or check their website to find out if your bank charges such a fee. If they do, you need to pay it upfront.
What happens after the Personal Loan is disbursed?
The following things happen once the bank disburses the Personal Loan amount:
- Disbursement confirmation: The bank’s customer representative contacts you to confirm if the Personal Loan amount was successfully disbursed. Make sure you check for any discrepancies in the disbursed Loan amount and the documents.
- Repayment begins: Soon after the Personal Loan amount is disbursed. Its repayment starts. As mentioned, you need to pay the applicable Personal Loan interest rate during the repayment. You can repay through a range of offline and online modes. You also have the option to automate the Loan repayments.
- Repayment tracking: The bank will track Loan repayment and notify you in case of irregularities or defaults.