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After the loan application is submitted along with the supporting documents and the cheque for the processing fee, they check your credit profile. During the credit evaluation process, verification is conducted at the place of work and residence. The lender crosschecks your credit history from his database, in case you have had a previous relationship with him. If you are a credit card holder, the process is made very quick and the loan application is processed very quickly. When the loan is sanctioned you are then required to make arrangements for the monthly installment to be paid to the lender. |
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