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The Way to A Smooth Personal Loan Verification Process 

Small personal loans are one of the most sought-after financial offers available for you in India. Such loans help you arrange real quick cash to meet pending expenses like credit card bills, financing a small travel, paying car repair bills, settling the utility bill, and things like that. 

Specifically, small personal loans available on the Tradofina app have simplified the way to arrange fast funds digitally and in a hassle-free manner. The best parts are no collateral involved and a fast verification process.  

So, here in this blog, our key focus is on applying for a fast verification process equipped small loan from the Tradofina app. Here, you will get to know the steps involved in applying for this loan, the eligibility criteria, and the commonly asked doubts from borrowers. 

With no further ado, let’s get started on the same.  

What is the Small Personal Loan Verification Process? 

In general, lenders follow a predefined verification process to ensure whether a borrower is eligible to get the loan approval or not. When we talk about traditional lending options, then lenders take into consideration the CIBIL score, assets, valid income, valid documents, and so on. With the provision of such considerations, borrowers find it difficult to undergo a verification process which is certainly time-consuming and cumbersome.  

But that’s not the case with Tradofina’s small loans. Here, lenders follow fast and user-friendly loan process verification. And, it’s solely based on verifying the basic personal details of borrowers with the digital picture of their Aadhar Card.  

Look at the 4-Step Small Personal Loan Verification Process  

The verification process for Tradofina’s small personal loan is fast, simple, and hassle-free. Just go through the steps below: 

Step 1: Process The Digital Loan Application 

It is the initial step when applying for a Tradofina loan. All you have to do is fill in your personal information on the loan application form. An outstanding point is that you can do it online by simply accessing the Tradofina app and that too without visiting the lender’s office.  

All you have to do is fill in a digital application using your personal information, followed by your PAN number, and employment information to ensure a hassle-free KYC process. Post this process, lenders will provide the approval based on your correct and complete information. Also, remember the fact that it only takes 5-min of time from start to end.  

Step 2: Submission of a Single Document for Verification 

Along with the loan application that you process on the Tradofina app, lenders will ask you to submit a single document only i.e., a digital picture of your Aadhar card. Make sure you add a clear picture of your Aadhar Card from both sides with your name, Aadhar number, address, and photo of yours clearly visible to the eyes of lenders.  

For lenders at the Tradofina app, your basic personal information and Aadhar Card details are more than enough to know your loan eligibility.  

Step 3: Fast Verification Process  

In step 3, once all the information and a single document have been uploaded from your side, then lenders will start verifying the same. So, this is where the Tradofina app stands out from the rest in terms of performing quick verification based on the correct and complete information shared by you. The verification team notifies you about the loan and processes further for the dispersal stage.  

Step 4: Loan Disbursal 

Tradofina, an app driven small lending platform follows a user-friendly process to provide quick dispersal to borrowers. 

  • Once borrowers provide PAN details and other basic information, our app starts verifying the data in background on real time basis.  
  • Post that Aadhaar check is done, and this is the KYC process as mandated by RBI.  
  • Then lenders show loan offers to the user in case they are eligible for the same.  
  • Post that borrowers needs to enter his bank details and the amount will be transferred to the account. 

Prerequisites for Small Personal Loans  

Only the applicants who satisfy all the eligibility criteria will be granted a personal Loan.  

Thus, you can check below if you meet the eligibility criteria to get a personal loan: 

Age: A minimum of 21 years of age is required to apply and the maximum age limit being 51 will mean you get a personal loan. 

Citizenship: To hold such a position, you must be an Indian citizen. 

Employment: You might be a salaried individual or running a micro business in India with a fixed income to repay the loan with ease and on time. 

Income: At least you have substantial funds to make timely repayments and showcase no signs of doing a payment default. 

How to Apply for a Small Loan? 

One of the main attractions of the Personal Loan application process is that it is very simple. All you need to do is follow the steps below: 

Step 1: Search the ‘Apply Now’ button in the top right part of the page screen and press it. 

Step 2: Upon opening your account, enter your data about yourself in terms of  name, PAN details, DOB, address, and employment details. 

Step 3: After submitting the online loan application, you will be asked to submit the digital picture of your Aadhar card for KYC process. 

Step 4: Once verified, you have to provide your bank account details in which loan amount will be credited in a matter of short time.  

Concluding Thoughts 

Usually, traditional financial institutions follow a time-consuming and cumbersome personal loan verification process, which is set based on stringent rules and regulations. However, the Tradofina app offers a speedy online loan verification process along with quick disbursal of funds 

Apply for a small loan on the Tradofina app by keeping a few important things in mind. Make sure your application is flawless and entails accurate details. Once processed, you will get fast approval and funds deposited into your bank account within a few minutes.  

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