How to Get an Instant Personal Loan?

The Internet has transformed the way India does business. You can now buy anything from groceries to a thread and needle from the comfort of your home. If you require a quick and easy instant personal loan in India, the situation is no different. When you are in desperate requirement of a quick cash loan, you have very few choices. One option is to apply for a personal loan from a traditional bank, which can be a time-taking procedure demanding a lot of documentation and multiple document submissions.

The other alternative is to take a credit card loan, but the interest rates are incredibly high. Or, you may ask your friends or family for money which can be embarrassing. But there is one way you can skip all these troubles—a loan through an instant loan app in India

What is the Variety of Personal Loans Available?

  1. Education Loan

If you or your child wants to study abroad, you may have to rely on an education loan to meet the fund requirement. Today, it is easy to get an education loan at low-interest rates so that you do not have to give up your dreams of studying abroad. 

  1. Medical Loan

A medical loan can help you meet funds requirements during a health crisis. Opt for an instant medical loan and don’t put off your family’s healthcare needs for a later time.

  1. Home Renovation Loan

Leading a quality life matters a lot. Because of other pressing expenses, home improvement and beautification are frequently overlooked. That’s where home renovation loans help by giving you the freedom to renovate necessary spaces in your home and enjoy quality living.

The Multiple Facets and Advantages of an Instant Personal Loan

  1. Direct Approval

Personal loans are approved in minutes. You just have to download the best instant loan app in India to your phone and enter the required information. Following the real-time evaluation, the loan amount is instantly transferred to your bank account.

  1. Documentation Without Paper

The best part is that you don’t have to go through the hassle of uploading or submitting physical documents. Just keep your Aadhaar Card, Aadhaar-linked mobile number, Pan Card, and bank account information handy.

  1. Low Interest Rates

The initial interest rate you have to pay will be quite low. The percentage of interest charged is low in comparison, making the personal loan accessible for those in need. Furthermore, interest is only charged on the loan amount that has been used and not on the entire agreed limit.

  1. Flexibility in Repayment

Choose a repayment period ranging from 6-24 months. As a result, you can pay EMIs whenever it suits you. 

  1. Collateral-free System

The best advantage of an instant personal loan is that it does not require any security or collateral for endorsement, making it simple for loan providers to approve personal loans quickly.

A Glance at the Eligibility Criteria for an Immediate Personal Loan

  1. Salaried Employees

If you are a full-time employee or professional, you must between 21 years and 58 years of age to be eligible to apply for an instant personal loan. Also, the minimum monthly income of applicants in metro and non-metro cities should be ₹15,000 per month.

  1. Self-employed Individuals 

If you wish to avail of an instant personal loan as a self-employed individual or a freelancer, you must be aged between 21 years and 58 years. Furthermore, you have to produce and submit a complete six-month bank statement of your most active bank account.

Documents Required to Get Your Personal Loan Approved

When you opt for the best instant loan app in India, it will provide you with hassle-free loan approval within 24 hours. However, obtaining a personal loan necessitates a few crucial details. There exist high chances that you might have to keep the following documents handy:

  • KYC documents, Aadhaar Card, the mobile number which is linked to your Aadhaar card, a Smart Card Driving Licence, Pan Card, and your bank account information.
  • The account holder’s bank statement for the past six months. 
  • Details about the employee or the company you are working for including your job experience in the same profession/firm.
  • In the end, a good credit score reflects the ability to repay loans on time.

Step-by-step Guide for Personal Loan Application

  • Analyse the eligibility requirements – Consider the eligibility requirements as aforementioned.
  • Examine interest rates and other fees – Make sure to go through the interest rates offered, the amount borrowed, and the tenure of your loan.
  • Determine your EMI – EMI calculators assist in calculating the monthly EMI due on loan. This calculation is based on the loan amount, interest rate, and loan term.
  • Check the necessary documents – Make sure you have all the required documents in hand, as mentioned above.
  • Fill out the online application form – Now, you just have to fill out the online application form by entering the necessary credentials and uploading the soft copies of the required documents.
  • Now, just sit back and relax as your loan gets approved – The loan will be granted once the documents have been verified. Compared to other types of loans, the approval process for personal loans is relatively simple as long as the documents are correct.

Conclusion

Gone are the days when availing of a personal loan was a tedious and time-consuming task. Modern problems require modern solutions, which bring us the advantages of instant personal loans. Considering and keeping in mind the above points, you can now avail of an instant personal loan with ease.