Decide the need & amount

• Decide why you need the loan and how much you need to borrow.

Check eligibility & compare lenders

• Check eligibility criteria (age, income, employment, credit score).

• Compare interest rates (annual rate), processing fees, prepayment terms, and customer reviews.

Get a quote / pre-approval

• Enter details on lender’s site or branch to get an indicative offer (loan amount, rate, EMI, tenure).

Apply

• Submit application online or at branch with documents (ID, address proof, income proof, bank statements, passport-size photos).

Lender verification & sanction

• Lender verifies documents, credit history, employment/income. If approved, you receive a sanction letter showing amount, rate, tenure, fees.

Sign documents & disbursal

• Sign agreement. Lender deducts processing fee (sometimes upfront) and disburses the loan amount to your bank account.

Repay EMIs monthly

• Pay fixed EMIs each month until loan is fully repaid. EMIs include interest + principal portion (interest portion is higher initially).

Prepayment/foreclosure (optional)

• You may prepay part or all the loan — check if lender charges a prepayment/foreclosure fee. Prepaying reduces total interest.

Loan closure & NOC

• After final EMI, lender issues a closure letter / NOC and updates credit bureaus that loan is paid.