Personal Loans - For People Who Want Them Instantly

 

Personal Loans - For People Who Want Them Instantly

You need to fulfill so many responsibilities, but what if the resources and income are limited. There could be planned, unexpected, or emergency financial needs, for which you may have to apply for an instant personal loan.

The best feature of getting an approved Personal loan is that it is an unsecured form of credit which means that you are not required to pledge any security against your loan. Therefore, the best way to get a quick and hassle-free instant personal loan in this digital era is to apply for it online. There are many options available – banks, NBFCs, and other private lenders who will approve your loans instantly after quick verification and meet our needs.

Another brilliant feature is that you can use your instant personal loan to build your credit history, as it carries considerable risk.

Benefits and Features of an Instant Personal Loan

1. Minimal Documentation

When applying online, all you need to do is check your eligibility and apply for a personal loan. The process of verification and documentation is quick and convenient, which results in a much faster disbursal.

2. Easy Comparison

Gone are the days when only a few options were available for a layperson to apply for loans. Opportunities are abundant online, and if you have the right credit score along with the appropriate eligibility, you can compare loans, charges, EMIs interest rates, and tenure within minutes and get your loan amount in your account within 24 hours – 48 hours.

3. No collateral required

You don’t have to pledge any asset to retrieve the loan. All you need to do is to submit some documents, check the eligibility requirements, and apply for an insta loan online at the lowest rate of interest available.

4. Quick and Convenient Verification, Approval, and Disbursal

No wonder digital personal loans are the safest bet in times of an emergency, wherein the verification and approval process is reduced, and the disbursal is quick.

5. Multipurpose

A personal loan can offset your immediate requirements and can be used multi-purposely – for example; you can avail a personal loan for:

  • Home Improvement
  • A wedding
  • Travel
  • Meeting working capital requirements
  • Top Up Personal Loan
  • Emergency Medical Expenditure
  • Balance Transfer and so much more

Personal Loan Eligibility

It would be best if you met the below-mentioned eligibility criteria to get an insta loan online whether you are salaried or self-employed:

  • Age - 18/21 years - 60/65 years
  • Employment Type – Salaried or Self-Employed professionals
  • Credit score - 750 or above with a good credit history
  • Minimum Net Income (Monthly) – Rs. 15,000 - Rs 20,000 (depending on the area you live)
  • Loan Amount - Up to Rs. 50 lakhs
  • Work Experience – For Salaried – should be employed at the current organization for at least 6/12 months and For Self-Employed – should have a business tenure of at least 3 years and he should be able to submit an ITR of last 3 years

Documents Required for Personal Loan

The typical documents required for instant personal loan approval are:

  1. Identity, Address, and Age Proof
  2. Correctly filled unique loan application with photographs
  3. PAN Card
  4. Bank statements generated for the last 3 months
  5. Salary Slips of last 3 months (Salaried) and Form 16 or Income Tax Returns of last 3 years
  6. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account (Self-Employed)

Factors to consider before applying for an Instant Personal Loan

  1. Interest Rates – Normally vary between 10.75%- 25%
  2. Processing Fee – That generally ranges between 1-4% of the loan amount
  3. Loan Tenure - 12 months to 60 months
  4. Loan Amount – Rs 5000 – Rs.50 lakhs
  5. Lock-in period - Varies from lender to lender
  6. Pre-closure Charges – Varies but is generally between 2%-5% of the outstanding loan.
  7. Fast assistance with Real-time customer support

How to Apply for A Personal Loan?

You can apply for an insta loan online in 3 easy steps:

Step 1 - Fill the online eligibility and application form

Step-2: Select the loan after checking the interest rate, loan amount, tenure, and EMI and submit necessary documents

Step-3: Apply for the loan and wait for a representative to contact you to cross-verify the details. After quick verification and approval, the loan amount will be disbursed within 24-48 hours.

Conclusion

Finally, we are blessed to be in an era where everything is readily available online, just like your instant personal loan. Therefore, you can effectively meet your financial emergencies by applying for an insta loan online and get maximum benefits out of it.


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