This is the basic criteria for the
loan to be sanctioned. Once the other
qualifications such as having an account in any bank are met, teachers can
avail loan amount to the maximum as offered by the lender.
The amount of the loan is calculated
after considering your income and cash needs. These are short term loans
usually for up to one month duration. Similarly repayment duration is decided
mutually, considering your convenience.
As soon as you submit the online
loan request form available on the lender’s website, it is immediately
processed by the lender. Once approved, the amount will be transferred into the
account within a few days or some lenders deposit the funds within 24 hours
too.
There are certain documents required
to apply for the loan. These documents may be required by lenders to establish
your identity and income.