![]() If documents are in place, the bank says you will get the money within 3-5 working days. When we applied for the personal loan, the approval happened within minutes and we got a call within two hours. Once details are filled, the bank representative is supposed to collect documents within two working days. The applicant has to also provide address and PAN. The loan amount, interest rate, tenor and charges are determined on the basis of job description, age, city, monthly income and outstanding EMI. ![]() ![]() The applicant has to provide certain details first to check eligibility. For instance, we approached ICICI Bank for an instant e-approval. There are also banks that give instant approval for personal loans to non-customers as well. We followed the process online and received the loan amount in the indicated bank account. If the bank finds the information to be accurate, the money-after deduction of processing fees and other charges-gets credited into the customer’s account. ![]() If the personal loan from HDFC Bank is of 1 lakh, the processing fee is 3,420 and stamp duty is 400.Īs the process is entirely online, if there is even a small mismatch in information that a user enters, the money will not be disbursed. A click on the message will take the customer to another page that provides details of equated monthly instalments (EMI), charges, costs and the form. The message on the Net banking page may say that the user has a pre-approved loan for 7.50 lakh at 15.5% interest rate. To avail the loan, one has to log into the Net banking or mobile banking option. If she has a pre-approved loan available, the lender will notify her through the Net banking page. For instance, if one wants to opt for the 10-second loan by HDFC Bank, she needs to be a customer of the bank and have a pre-approved loan. In some banks, the instant personal loan facility works only for existing customers. We tried some of the online options available. Remember, even though the process to open a bank account has changed and become faster, costs and charges attached, say, such as minimum balance requirement, remain the same.Īfter bank account, the next product that many banks promise to provide “instantly" is a personal loan. Some banks give the cheque book not “instantly" but in about seven working days and only at select branches. One can use Net banking for transactions, avail ATM facilities and make cash transactions at a branch. Some banks, such as SBI, give the account number and the debit card in the initial 30 minutes, while others, such as HDFC Bank, also give the cheque book, the debit card and the passwords for the debit card and Net banking. Since digital signatures have not come into effect, to complete the bank account opening process, documents have to be submitted even if they were uploaded earlier. The bank executive hands over the kit (which has a debit card and a cheque book) and takes the documents. Soon after (we got a call within five minutes), an executive will call regarding when and where to meet and which documents will be needed. With HDFC Bank and Axis Bank, one can fill all details online and even upload documents (optional with HDFC Bank). The account will be activated in 24 hours but money has to be deposited before further transactions can be made. The next step in the process involves taking pictures of the applicant, her photo ID and address proof, and handing over the starting kit. We were asked to show an original photo identity (say, Permanent Account Number card) and an address proof (say, a passport). When we applied online, the executive called back the same day to confirm time and location to meet and collect documents. When a potential customer applies online to open an account, she will receive a message saying the bank will send an executive shortly. ICICI Bank refers to this mode of banking as Tab Banking. We tried both the options and found that visiting an inTouch branch is a faster way to open an SBI bank account. But this “instant" process is available only at around seven SBI inTouch branches. Once the KYC is done, you get to pick a branch and a debit card is given. In the other option, she has to visit an inTouch branch, SBI’s digital branch, and go through the online process there. In one, the user has to download the form from its website, fill it, and visit a branch to submit the form along with know-your-customer (KYC) documents and the minimum account balance required to open an account. SBI, India’s largest bank by assets, gave two options. We tried out the online account opening process of State Bank of India (SBI), ICICI Bank Ltd, HDFC Bank Ltd and Axis Bank Ltd. Banks promise to open bank accounts instantly, both online and offline.
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