Every once in a while people get stuck with certain issues where they would require money immediately to get out of that situation. Then you would definitely want to depend on your savings, family, friends or loans to get money. Not many people would prefer taking help from a friend or a relative so, for them a bank loan would only be the last resort. There are certain eligibility criteria that you need to meet in order to avail a bank loan.
The duration and the amount of money play a major role for a bank to offer you a loan. You would have to provide a lot of documents to prove your identity, address, income and other relevant documents also. If you are an existing account holder of a particular bank the process of getting a loan would be much easier. Apart from having a bank account if you own a credit card the loan approval would be done in a short period of time and sometimes it could also be only a few hours.
Once the loan is approved the cash would be deposited towards the account, in certain cases upon request they would give you cash in person. You owe the bank the money you received and additionally you would also be paying interest every month. So you need to spend the amount responsibly and also save some amount if possible. Before you even take the loan you need to come up with a plan in order to repay the money within the agreed tenure.
Since you owe the money to the bank you need to be extra cautious about paying back the money with interest on time. The bank has done you a favor of giving you the money on time when you required it the most. So it is your duty and responsibility to maintain the trust and relationship with the bank.