How long does it take to get approval for a personal loan?

Personal loan approval generally takes two to three working days, depending on the financial institution's policies and the applicant's financial profile.

Delays may happen if documents are inaccurate or incomplete. To speed up approval and ensure a smooth experience, consider the following suggestions:

• Maintain a healthy credit score: Ensure you have a good credit score before applying for the loan. Fix discrepancies in your credit reports, if any and work towards improving your credit score if it is not up to the market standards. This can help increase your chances of loan approval.
• Confirm required documents before submission: Double-check that all information is accurate and up to date to avoid unnecessary delays. This attention to detail can prevent unnecessary delays and streamline the application process.
• Review the sanction letter: Once approved, you will get a sanction letter via email, outlining loan details. This document outlines essential loan details, such as the interest rate, loan amount, and repayment terms. Carefully review the contents of the sanction letter to ensure it aligns with your expectations and financial needs.
• Await loan disbursement: After approving the sanction letter, the loan disbursement process will commence. Generally, this takes one to two working days for the funds to become accessible. Depending on the lending institution, the funds may be directly deposited into your bank account or made available for in-person collection at a branch.

By following these steps, you can optimise the personal loan approval timeline and secure the funds you need in a timely manner.