Process your Loan Application Form

Applying for a loan can be confusing, especially with so many platforms available—banks, NBFCs, digital apps, and government portals. Each has a different loan application process, documentation, and approval time.

This guide explains step-by-step how to process a loan application form on various platforms, helping you choose the fastest and most convenient option.

1. Processing a Loan Application via Banks (HDFC, SBI, ICICI, etc.)

Step 1: Online Application

• Visit the bank’s official website (e.g., HDFC Loan Portal)
• Click “Apply for Loan” → Select loan type (Personal, Home, Car, etc.)
• Fill in basic details (Name, PAN, Income, Loan Amount)

Step 2: Upload Documents

• PAN & Aadhaar (Mandatory)
• Salary slips/Bank statements (3–6 months)
• Property papers (For home loans)

Step 3: Verification & Approval

• Bank representative may call for confirmation
• CIBIL check (Score must be 650+)
• Disbursal: 3–7 working days

✔ Best for: Low-interest loans (8–15% p.a.)
❌ Drawback: Slow processing

---

2. Processing a Loan via NBFCs (Bajaj Finserv, Tata Capital, etc.)

Step 1: Apply Online/App

• Download the NBFC app (e.g., Bajaj Finserv)
• Enter loan amount & tenure
• Provide employment & income details

Step 2: E-KYC & Document Upload

• PAN & Aadhaar OTP verification
• Bank statement (3 months)
• Selfie verification (Some apps)

Step 3: Instant Approval

• Soft CIBIL check (Works even with 600+ score)
• Money credited in 1–24 hours

✔ Best for: Fast approval (1–24 hrs)
❌ Drawback: Higher interest (12–30% p.a.)

---

3. Processing a Loan via Digital Apps (KreditBee, MoneyTap, LazyPay)

Step 1: Download the App

• Install loan app (e.g., KreditBee)
• Sign up with mobile number

Step 2: Complete KYC

• PAN & Aadhaar upload
• Bank account linking (Auto-fetch statements)

Step 3: Select Loan Amount

• Choose ₹1,000 – ₹5 lakhs
• Select repayment tenure (3–36 months)

Step 4: Instant Disbursal

• Approval in 10 mins
• Money sent to bank account

✔ Best for: Emergency loans (₹1K–₹5L)
❌ Drawback: Very high interest (18–42% p.a.)

---

4. Processing a Loan via Government Schemes (Mudra, PM SVANidhi, etc.)

Step 1: Visit Official Portal

• Go to StandUp India or PSU bank website

Step 2: Fill Application Form

• Provide business/employment details
• Upload ID proof, address proof, business proof

Step 3: Verification & Disbursal

• Field officer may visit for verification
• Approval in 7–15 days
• Low-interest loan (7–12% p.a.)

✔ Best for: Small businesses, vendors, students
❌ Drawback: Long processing time

---

Comparison of Loan Processing Across Platforms

Platform	Processing Time	CIBIL Needed	Interest Rate	Best For
Banks	3–7 days	650+	8–15% p.a.	Home/Car Loans
NBFCs	1–24 hrs	600+	12–30% p.a.	Quick Personal Loans
Digital Apps	10 mins–24 hrs	Sometimes not needed	18–42% p.a.	Emergency Cash
Govt Schemes	7–15 days	Varies	7–12% p.a.	Business/Education Loans

---

5 Tips for Faster Loan Approval

1️⃣ Check Eligibility First – Use free tools on lender websites.
2️⃣ Keep Documents Ready – PAN, Aadhaar, Bank Statements.
3️⃣ Apply on Weekdays – Faster verification than weekends.
4️⃣ Maintain Good CIBIL (750+) – Increases approval chances.
5️⃣ Avoid Multiple Applications – Hurts credit score.

Frequently Asked Questions