How to get Personal Loan in 2024? - Ev Vehicals

How to get Personal Loan in 2024?

What is a Personal Loan?

In present days of banking industry, the short term loans in India have become an increasingly popular financial solution from scheduled banks and non-banking financial companies.

as well as from the various application based fintech companies registered under Reserve Bank of India for many individuals particularly the salaried persons to meet the expenses like medical emergencies, personal wedding or wedding of the relative or siblings, home renovation, education for children or even to pay off high-interest credit card debt or for debt consolidation from private parties are known as personal loans.

But the million bucks question is how to get personal loan in 2024, what are its interest rates and for how many years one can avail a personal loan?

The personal loan in 2024 are provided by scheduled banks and NBFCs as well as app based fintech companies based on the financial eligibility of the applicant.

Personal loans are considered to be very flexible and convenient option for individuals especially the salaried persons and self-employed professionals.

who are looking for a quick source of funds to avail at a very short period of time to meet the expenses related to medical emergencies, wedding ceremonies, home renovation holiday trips etc.

However, with so many options available in the market in form of scheduled banks, non-banking finance companies and application based fintech companies.

it can be a very challenging for the applicant to determine the best possible way of getting personal loans in 2024 for a resident individual of India. For the information non-resident Indians or NRI are not eligible to get personal loans.

How much Rate of Interest is charged by the Banks and NBFC for Personal Loan in 2024?

The interest rates of banks and NBFCs for personal loan in 2024 are very competitive starting from as low as 10% per annum and can rise up to 25% subject to the creditworthiness and job profile   of the customer.

The repayment tenures are also long which varies from 3 to 5 years and in some PSU banks it can get stretched up to 7 years as well. But in case of the application based fintech companies where both the interest rates are very high and loan tenure is excessively short if compared with scheduled banks and NBFCs.

These drawbacks make the whole transaction very much unfavourable for the borrower if the personal loans are availed from such app based fintech companies.

How to get Personal Loan in 2024 from scheduled Banks and NBFC?

To get personal loan in 2024 particularly from scheduled banks and NBFCs the applicant has to go by a series of procedural formalities which gets completed within 4 working days from the date of login if no further queries are raised in form of pendencies by the respective departments during the process:

Application process and login:

The process of application of personal loan in 2024 in most of the banks and NBFCs are done by filling up the online application form based on OTP verification process which is sent to registered mobile number for verification of the KYC documents like Pan Card and Aadhaar Card as photo id proof and address proof.

With the mobile number authentication and verification the applicant are asked to upload the KYC documents and income proofs in forms of salary slips for last three month and salary account bank statement as per the requirement along with other documents.

like ownership proof of the residential address like latest property tax receipt, other latest utility bills like electricity bill, gas bill, BSNL telephone bill or post-paid mobile bill etc.

In case some additional documents like office ID card and form 16 are also asked to be submitted.

In case of offline personal loan in 2024the application process is done with the physical signing and submission of the self-attested photocopies of the KYC documents and ownership proof of the residential address.

Along with all the details of income like payslips and bank statement of the salary account particularly in case of salaried persons. Once the application process is done the file gets successfully logged in the system.

Credit worthiness check and verification processes:

With the completion of the login process or personal loan in 2024 the credit report is generated and the process of verifications are initiated through field inspection.

The credit report are generated to analyse the past and present track records of the payments of the loans previously availed and the loans presently going on respectively.

Once the credit report matches as per the parameter of the lending bank or NBFC where the application been done the process for verification in form of field inspection gets started where the bank representatives.

from various empaneled agencies are sent to the residential address and office address to verify the authentication of such data provided by the applicant.

Documents verification process:

The documents verification process for personal loan in 2024 goes through a major department of the bank or NBFC from where the loan been applied. These departments are popularly known as fraud control unit and risk control unit.

The former verifies the authenticity all the documents that are submitted by the applicant for the personal loan. The fraud control unit is team of experts who scrutinises every documents from KYC to bank statement only to get it clear that no fraudulent activities been done during the submission of the documents.

Based on their report the risk control unit assess the risk of lending by analysing the data available in different banking databases and ultimately approves or holds the case.

Telephonic verification process and personal discussion:

In case of personal loan in 2024 for salaried persons the process of telephonic verification and personal discussion are also done by the verification teams and credit managers before going for the process of eligibility calculation.

In case of the salaried persons telephonic verification team call the applicant to verify the details provided in form of the KYC documents, employment details and addresses. Apart from these the end use of the fund for which the personal loan in applied for stands very much crucial particularly for the salaried person.

A salaried person is only provided personal loan in 2024 only to meet the urgencies like medical emergencies, home renovation, personal wedding or wedding of the siblings, debt consolidation etc.

Personal loans are not provided if it is found that the applicant are regularly into speculative business like investing in the share market or purchasing lottery tickets or into gambling.

Calculation of eligibility based of fixed obligation to income ratio (FOIR):

The process of eligibility calculation for the personal loan in 2024 based on the fixed obligation to income ratio is also carried simultaneously. In general the FOIR rate varies as per the profile of the borrower.

The profile of the borrower mostly depends upon the job stability, designation and salary amount drawn by the borrower.

A person who is a government employee or employee in one of the top public limited companies of the country is considered to be having a better profile compare to one who is working in not so reputed private limited company.

Based on these parameters the bank FOIR rate for personal loan in 2024 varies from 40% to 70% of the net salary received. In some cases where the borrower are found to be drawing salary above one lakh rupees and found to be a government employee in a high designation or employed in a top and reputed public limited company in a very high designation then FOIR rate can be as much as 75% of the net salary.

Process of sanction and completion of disbursement:

Once the process of eligibility for the personal loan in 2024 is completed and the loan amount gets sanctioned by the credit team after going through all the reports starting from credit report, field inspection report, telephonic verification and personal discussion report supported by the reports from fraud control and risk control units and the process of disbursement is initiated.

The disbursement process of the personal loan in 2024 gets completed with the signing of the loan agreement which now are mostly done digitally.

But the banks who still follows the process of physical login gets their loan agreement physically signed by the borrower.


Naskar Financial Service has always been an entity of utmost faith and trustworthiness who are in the process of constant evolution in the world of financial expertise and guidance.

The advantages of opting for personal loan in 2024 needed to be very much clear for the applicant before they opt for the same.

Naskar Financial Services offer rapid approval, minimal documentation, flexible options, and digital convenience with experience and knowledge on this vast subject of personal loan.

As one explore the unique features of each and every lender, it is very much important to match them with the specific requirements.

Applying for personal loan in 2024 with the guidance and expertise of   Naskar Financial Services will make it a simple process, ensuring faster approvals and timely disbursals.

With a variety of options available, one can choose a digital and collateral-free process, low-interest rates, or flexible repayment tenures that suits the best.

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