Get a Instant Personal Loan in One Day – Quick Approval Process
A loan like a personal loan helps you achieve many financial goals and cover your personal needs without causing any financial burden. A personal loan can help you buy a new house, finance your child’s higher education loan, finance a marriage, or even pay your medical bills. It is a widely applied loan scheme that gives borrowers flexible tenures, low-interest rates, and better terms and conditions.
With all that being said, a personal loan takes two to three days to be processed. This disbursal period happens to be one of the shortest disbursal periods as compared to all other types of loans. However, can you even fasten this period and cut it down to one day? Well, this article has an elaborate answer to this question.
In this article, you will know about personal loans, their features and benefits, and the best way to have them within a single day.
Personal loan: meaning, significance, and purpose.
As the name suggests, a personal loan is financial assistance that you consider applying for from a bank to meet your financial requirements. You borrow a loan amount from the lender by showing some minimum documents and clearing the eligibility criteria. The lender, in return, charges you a rate of interest which you have to pay within one year to five years.
Since a personal loan is an unsecured form of loan, the lender doesn’t ask you to pledge any of your assets like properties or shares while availing of this loan. Likewise, you are not answerable to the lender regarding the reason for which you are applying for the loan.
What are the features and benefits of applying for a personal loan?
While applying for a personal loan is easy and convenient, you have to make sure that you were all aware of all its features and knowledge about the benefits of going for it.
- No collateral:
As a personal loan is unsecured, you don’t need to show any collateral while applying for it. This is advantageous for those borrowers who don’t have a property or any equity to use as a guarantee to avail of this loan.
- Flexible tenure:
Though the tenure of repayment of a personal loan is not as high as a home loan, you can still expect a tenure of about 12 months to 84 months. This repayment period depends on your credentials and the maximum limit that your bank allows.
- Low-interest rates:
Despite being an unsecured loan, the rate of interest in a personal loan is low as compared to other unsecured forms of loan. In India, most banks charge interest rates somewhere between 8% per annum to 25% per annum. If you have a good credit score and a clear loan history, then there are high chances that you will settle for a lower interest rate.
- Quick approval:
As there is a demand for minimum documentation and easy eligibility, you can get the approval within two to three days. As soon as you are approved by your lender, the loan amount gets disbursed into your loan account shortly.
As personal loans are approved and disbursed just within a matter of two days, some borrowers even want to fasten the process and cut it down to one day. Is that possible in the case of a personal loan?
How to get a personal loan in just a day?
While it may sound astray to some readers, sometimes due to emergency conditions, a borrower might need instant finance. Also, fetching money from friends and relatives doesn’t seem a viable option. In that case, a personal loan instantly helps you out. But, before applying for it and expecting it to get disbursed within a day, you need to focus on the following things.
- Smart comparison of different offers:
Despite being in a rush to manage finance anyway as soon as possible, you should not surpass the benefit of comparing different loan offers available to you. You should go through the flexibility in loan tenure, interest rates, flexibility in availing of the loan type, and the additional charges of the loan before applying for it.
- Focussing your credit score:
If you want to get a personal loan instantly, you should make sure that you have a good credit score to pitch for it. In case you are confused about the ideal number, a credit score of 750 or more is considered ideal to avail of a personal loan.
- Creditworthiness:
Your creditworthiness defines whether you are eligible to repay the loan on time or not. Lenders must be ensured about your creditworthiness to sanction you the loan amount within a day. To ensure creditworthiness, you have to ensure that your credit history is clean and your financial muscle can bear the instalments.
- Application and negotiation:
While applying for a personal loan, you must make sure that you fill in all your details properly and submit all the desired documents, including income status, credit history, etc. In addition to that, you should be good with the negotiation part to convince the lender that there are no risks involved.
- Terms and Conditions:
While it is important to get your loan quickly, it is also important to go through the terms and conditions properly. You should know if there are any extra charges like prepayment fees, foreclosure charges, stamp duty, etc. You should know what options, offers, and benefits you get from the lender side as well.
In conclusion
As a personal loan instantly can be highly rewarding and help you fulfil your emergency needs, you shouldn’t prematurely overcome the benefit of going through all the details regarding the loan. You should improve your credit score, focus on your credit history, and ensure your lender that you are capable enough to repay the loan. In case you want to know more about personal loans, personal finance, government subsidies, and different investment schemes, you should visit Piramal Finance.