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Procedure: How to Get Loan Online
February 06 , 2013
  1. The features offered by different lenders will vary on different loans like home loans, auto loans, educational loans, personal loans and so on. Don't settle with the first bank you visit or the one your friend borrowed from. Shop around and find out who will provide the best deal for you.
  2. Things that matter- apart from the interest rate- are repayment terms, penalty for foreclosure (if any), amount they're willing to sanction, speed of approval and disbursement, customer friendliness (you can figure that out from your interactions or ask somebody who has).
  1. On the website of the bank of your choice click on the link for applying online in the loans section. Verify that the site is secure by locating the lock symbol or https:// in the beginning of the URL.  
  2. Some sites may ask for your cell phone number and provide a unique serial number. Some even offer a quote on the loan when you provide relevant details such as city of residence, delivery city, manufacturer and model in case of an auto loan.
  3. Some banks may just ask for contact details like telephone number, mobile number, address and send a representative over with the application form. Other banks may let you fill the entire application form online. In such a case provide correct details as asked for in the site. Make sure you have understood all terms and conditions before applying for the loan.
  4. For any loans documents verifying identity and address will be asked for. In addition you will be asked for income verifying documents like latest salary slip or bank statement. Documents will have to be produced at the branch which approves your loan.
  1. Once the loan is sanctioned the bank will mail a letter with details of amount sanctioned, tenure, EMI, interest rate and so on.
  2. There will be a processing fee payable to the bank which some banks deduct from the loan amount sanctioned to you.
  3. Make sure EMIs are not missed.

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