Waiting for your personal loan to be sanctioned could be killing. Your financial calculations could misfire if the sanctioning of personal loan is delayed. Hence, it would do best to know how to get quick approval for your personal loan so that you could make full use of the loan amount as you planned.
Error-Free Application Form Gets Things Rolling
Never miss out on the basics. Most of the delays in the sanctioning of loans are assigned to inadequate or incorrect information in the loan application form. Your application form is your key to having the loan sanctioned at the earliest. If you want to avoid delays, take time to check the application form after filling it. Ensure that you have not missed any information that you need to provide. You could always use banks hotline in case you have any doubts with regard to filling the loan application form.
Be An Open Book – Declare Your Liabilities
It is essential to have the application form filled with genuine information. You need to provide details of all liabilities you have, be it to the bank or any other financial institution. The loan could be in any form such as a home loan, personal loan or a car loan. Once you hand in your application, the bank will verify your credit information to ensure that the credit declaration made by you is correct. If, on verification, the bank finds that you have missed any liability, the application will promptly be rejected. This would eventually lead to your explaining to the bank about the error resulting in further delay.
Support Your Application With Appropriate Documents
This is one of the most important factors that helps to speed up the process of sanctioning of personal loan. Even if you apply for personal loan with the bank where you hold an account, you need to support your personal loan applications with proper documents that the bank would demand. You need to enclose your income documents as well as a photocopy of NRIC. The income document will enable them to assess your loan eligibility and NRIC will be required for verification. Though the bank might be having copies of the same, the loan processing department needs copies of these documents to evaluate your loan eligibility.
Outdated Information Delays Loan Approval
When you apply for a personal loan, you need to ensure that you provide all current information to the bank, which would help to expedite the process. Some borrowers overlook the fact and present documents that are not current. Banks need to have details of your current financial status to evaluate your ability to repay the loan amount on time. Hence, they will need details of your current income and all documents supporting your claims in the application forms. Hence, make no mistake while attaching documents. Ensure that you provide the bank with updated documents that reflect your current financial status.