What happens after your Personal Loan is approved?

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Personal loan, compared to other loan options  enable quick funds but a typical bank’s processing of personal loans is lengthy and full of hassles. Borrowers need to compare different banks or lending solutions to see which one suits their requirements the best.

Almost all lending institutions have standard post loan approval procedures. Let us look at them.


Personal Loan Amount Disbursement

Usually the loan amount sanctioned is transferred to the borrower’s account via an NEFT payment. In rare circumstances a Demand Draft or Banker’s cheque is sent via courier to the borrower’s address.

The actual amount disbursed depends on the loan amount applied and approved. It is inclusive of any deductions done due to processing fees, service tax and any upfront installment as agreed in the loan agreement.


Information about the personal loan

After the disbursement is done, banks provide the borrower with a welcome kit along with a confirmation email. The kit usually contains various documents such as copies of the loan agreement, schedule of repayment stating the EMIs and amortization table with rate of interest, tenure and total amount disbursed.

Online lending portals keep it simple, sending a welcome email with a link to an online dashboard.



Loan repayment can be done through postdated cheques or by NEFT (as determined by the bank).

In case the borrower has an account in the same bank, standing instructions for periodic auto debit makes for ease of payments.

Only salary accounts of borrowers in another bank is accepted for EMI deduction. In case the loan is disbursed on the 20th of a month, then the EMI repayment commences from the next month and in case the disbursement was done after 20th, the EMI repayment starts from the alternate month.


Insufficient funds and Transfer

In case the borrower issues a bounced cheque or does not have sufficient funds to make the EMI repayments, a penalty is levied.


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