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Once your application is approved, you will be contacted by an experienced consultant by phone or email to confirm the installment loan details. Once this confirmation process is complete, the loan amount will be electronically deposited into your checking account. Documentation charges: These are the charges for verifying the borrower's documents to processing the loan application. Most banks employ a third party vendor to do the same. Charges are anywhere between Rs 500 and Rs 1,000. How Long Term Installment Loans Functions
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