The personal loans might help you during financial challenges or when you need to make urgent payments. So, before you apply for it, you must know the personal loan verification process. To ensure your creditworthy and ability to repay the loan, it entails confirming your eligibility and loan application information. I have shared the detailed process for you below.
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What is the Bank Loan Verification Process?
Here is the entire process.
The process typically begins once a borrower submits a loan application along with the required documents, which include identity proof (Aadhaar card, PAN card), address proof, income proof (salary slips or bank statements), and employment details.
Once received, the lender initiates a preliminary check to verify the completeness of the application.
Next, the lender conducts a credit appraisal. This includes reviewing the applicant's CIBIL score, past repayment history, and overall credit profile.
Following this, the lender may perform telephonic or physical verification. A representative might call the applicant to confirm personal, professional, and financial details.
In some cases, especially for first-time borrowers or high loan amounts, a field officer may visit the applicant’s home or workplace to validate the submitted information.
Employers and banks may also be contacted to cross-verify employment and salary details.
After successful verification, the lender finalises the loan terms and disburses the amount, typically within a few days. I hope you found this helpful.
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What is Personal Loan Verification Process?
ruchi
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34 days
2025-05-17T15:47:47+00:00 2025-05-17T15:47:49+00:00Comment
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