TAT Full Form in Banking is turnaround time. When asking a banker or teller for a loan, this is a frequent phrase to use. TAT for any loan, they say, will be the shortest of any competing financial institutions.
So, what exactly does this imply? They imply that the entire loan process, from the first application and supporting documents submission to the final loan disbursement, would be completed in the least amount of time possible in comparison to other banks.
TAT for personal loans
Banks’ states that TAT for the personal loans ranges from several hours to overnight. Financial services go beyond what banks offer. Personal Loans supposedly take only a few minutes to process. You can get a personal loan in a matter of minutes if you apply for it online. They guarantee this will happen.
Given the relative simplicity of verifying the small number of papers required for a personal loan, a time estimate can still be made. However, it will be more complicated for a secured loan, such as a mortgage, because things like legal review and assessment must be completed on schedule.
If you would like the credit to be given in the quickest TAT possible, you should fill out the loan application entirely, without leaving any blanks, and submit papers that are both correct and in order.