How can you get instant personal loan easily in India?
Instant personal loans are a great option for people who need money urgently. A personal loan is granted without any security and it can be used for any kind of expense. Also, the entire procedure can be conducted online, if preferred. You can apply for an instant personal loan, get it approved and receive funds in your account in a short amount of time.
Unlike other types of loans, the borrower does not have to arrange a guarantor or provide any security for the loan. All that you need is to meet the eligibility criteria set by the lender and keep the required documents ready. You can choose any lender as per your requirements and expectations. Banks and NBFCs provide a wide range of loan products at competitive interest rates and flexible repayment options.
How to Choose the Right Instant Personal Loan Lender
When you decide to apply for a personal loan, there are many factors that you should consider. This includes the interest rate, tenure and other charges, such as processing fees charged by the lender. Sometimes, lenders provide additional benefits such as free credit score monitoring or access to exclusive deals on insurance policies.
As with any product, the right lender will not just check your eligibility and offer you a personal loan but also help you understand the terms and conditions of the loan. The process should be smooth and seamless so that there are no hassles later on.
When choosing your lender, it is important to consider their reputation. It is also important to find out if they offer their personal loan services online. Some may prefer to visit the nearest bank branch but others may feel more comfortable applying for a personal loan online. So, check what personal loan services the bank or financial institution offers. The bottom line is that it is important to find a lender who understands your needs and provides a personalized service.
Check The Details Of The Personal Loan
To ensure that you are financially able to repay your personal loan, you should check the details of your personal loan. It is crucial to carefully figure out the correct amount you want to borrow, which should be enough to meet your needs but not too much that you cannot pay it back. Next check the interest rate and the tenure. This will determine how much you will pay in EMIs.
Other details are also important such as penalties if you miss a payment. If there are penalties, find out what they are, and how much they will cost you. This depends on the lender, so conduct thorough research before applying for your instant personal loan.
Eligibility Requirements For An Instant Personal Loan
Lenders will ask you to provide them with certain information to determine your eligibility. You will be asked about the purpose of applying for an instant personal loan and what you intend to do with the borrowed funds. Depending on your requirements, you can compare different types of personal loans in India and choose the best one for yourself. Checking your eligibility before applying for a loan will also help you save time and effort.
To know whether you are eligible for a particular type of personal loan, make sure you meet the following requirements:
- A credit score above 750
- Aged between 21 to 67 years
- A resident of India
- Identity proof documents (such as an Aadhaar card, driver’s licence, passport, etc.)
- Residence proof documents (such as a voter’s ID, Aadhaar card, etc.)
- Should be salaried or self-employed (for at least 6 months)
Documents Required For An Instant Personal Loan
You need to submit certain documents to get approval for an instant personal loan. For fast approvals, make sure all your documents are ready for submission along with your application form. All your documents need to be official documents and must be legible. If there’s any discrepancy in the information on the application form and the documents, it could lead to rejection.
The documents required for an instant personal loan include:
- Identity proof documents (such as a passport, voter’s ID, driving licence, Aadhaar card, etc.)
- Address proof documents (such as utility bills, credit card statements, driving licence, voter ID, passport, etc.)
- Bank statements for the previous 3 months
- Two latest salary slips (salaried)
- ITR with the balance sheet (self-employed)
Also, make sure you do not submit multiple applications simultaneously for different loans as this could also cause delays in processing your request.
Application Process For An Instant Personal Loan
Applying for an instant personal loan is a simple process. Banks and other financial institutions have made the application process easy and it can be done either in person or online. To apply for an instant personal loan, fill out the application form which is available at the nearest branch of your lender, or online. Submit or upload all the requested documentation and then submit your application form and all supporting documents.
Once your documents have been verified and your loan has been approved, the money will be sent to your bank account in a short amount of time. Since you will be providing your bank account details, the lender will send the money directly to your bank account. You will then be able to use the money from your instant personal loan for your various needs.
Conclusion
An instant personal loan is one of the best ways to get access to urgently needed finances. Since personal loans are unsecured loans, the borrower does not have to offer any assets as collateral. Therefore, the application and approval process is fast and smooth. Before applying for an instant personal loan, it is crucial to research different lenders and find the one with the best personal loan interest rate and tenure for you. Once you have selected your lender, the application process can either be carried out in person or online and you will get access to the funds you need within a few hours or days of submitting your application.
For more information on instant personal loans, visit Piramal Finance to read other articles and receive guidance on personal loans and more!