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How to Apply for a Personal Loan

 Applying for a personal loan is a quick and straightforward process if you meet the eligibility criteria. Here's a step-by-step guide to help you apply, whether you're in India or another country:

https://raivikfinance.com/personal-loan

✅ Step-by-Step: How to Apply for a Personal Loan

1. Check Your Eligibility

Most lenders require:

  • Age: 21–60 years

  • Income: Minimum ₹5,000–₹25,000/month (varies by bank)

  • Employment: Salaried or self-employed with stable income

  • Credit Score: 0, -1,  650+ 

2. Compare Lenders

Look at:

  • Interest rates (e.g., 10%–24% in India)

  • Loan tenure (12 to 60 months)

  • Processing fees

  • Prepayment or foreclosure charges

Banks, NBFCs, and fintech apps offer personal loans. Popular lenders:

  • India: RAIVIK FINANCE, HDFC, ICICI, SBI, Bajaj Finserv, PaySense, Navi

  • USA: SoFi, Upstart, LendingClub, Marcus

  • Philippines: Home Credit, Tonik, CIMB Bank

3. Prepare Required Documents

Document TypeExamples
ID ProofAadhaar, Passport, PAN


4. Apply Online or Offline

💻 Online Application (Fastest)

  1. Go to the lender’s official website or app

  2. Fill out personal and employment details

  3. Upload documents

  4. Get instant approval or pre-approval (within minutes to hours)

🏦 Offline Application

  1. Visit the bank branch

  2. Fill out the application form

  3. Submit photocopies of your documents

  4. Wait for loan processing (1–5 working days)

5. Loan Approval & Disbursal

  • Once approved, the lender will send a loan offer.

  • After accepting, the money is disbursed to your bank account, sometimes within hours if all is clear.

📝 Example: Personal Loan from HDFC (India)

  • Interest Rate: Starts from 10.50% p.a.

  • Tenure: Up to 60 months

  • Loan Amount: ₹50,000 to ₹40 lakhs

  • Documents: Aadhaar + PAN + salary slip + bank statement

  • Apply: Raivik Finance

⚠️ Tips to Get Approved Easily

  • Maintain a good credit score and no credit score 

  • Make sure income and bank statements are clean

  • Choose EMI that fits your monthly budget

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