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Instant Personal Loans: One Solution to all your Financial Needs

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India has been under a strict lockdown since the last 75 days. It has been to contain the spread of the deadly Novel Coronavirus (COVID-19).

Almost all sectors are closed with no or restrained economic activities. And your financial obligations may remain the same.

And it is where you can apply for instant personal loan to cover your needs. Do you want to know more? Read on this quick post!

What is an instant personal loan?

As the name suggests, the instant personal loan is a facility that is offered to you online. You can land on the website of your lender to apply for it. Even the documents are collected at your doorstep, and you don’t need to come out of your home. From application to loan processing to approval to disbursement, everything is online. You can also access your personal loan account online via the lender’s customer portal.

What are the benefits of availing of an instant personal loan?

Do you have a robust CIBIL score, repayment and employment record? Then you can apply for an instant personal loan. If yes, then you can get the loan approval fast.

Have a look at key features and benefits of the instant personal loan.

Sizeable loan amount

Leading banks and NBFCs can let you borrow as high as up to Rs.25 lakh. Hence, if you have the required eligibility, then you can access a large amount. The CIBIL score for personal loan approval is considered ideal at around 750 or more.

No restrictions on loan money usage

You can’t use the loan money for illegal activities such as gambling and more. Other than those, lenders are fine to let you use the personal loan amount as per your needs.

Instant loan approval

A higher CIBIL score, consistent employment and repayment record are vital parameters. They can help you get approval within minutes. Along with this, it is also vital to meet your lender’s eligibility norms.

Money disbursement within 24 hours

You can get the approved loan amount credited in your bank account within 24 hours.

Easy to meet eligibility and documents

The standard instant personal loan eligibility and documents list are as under:

  • You should be a residing Indian citizen.
  • Your age should be between 23-55 years
  • You should be working with an MNC, Public and a Private Limited company.
  • KYC documents.
  • Employee ID Card.
  • Last 2 months’ Salary Slips.
  • Previous 3 months’ statements of the Salaried bank account.
  • Flexible repayment tenor

It is up to you to repay the instant personal loan over a tenor of up to 60 months. This way, you can pay reduced EMIs and manage other expenditures easily. If you choose a shorter tenor, then you will handle bigger EMIs but save on interest charges. It may also help you pay off the loan quickly. But, you will need to manage higher interest charges for stretching your loan tenor. You will pay smaller EMIs, but you will be under the debt for a longer period. Hence, based on your needs, income and repayment capacity, you can opt for a tenor as applicable.

You are now aware of various aspects of the instant personal loan. Having a higher CIBIL score can help you have lower personal loan interest rates.

It will help you save and pay the reduced EMIs. Hence, before applying for a personal loan, ensure to check out your CIBIL score.

Six Reasons to Go for an Instant Personal Loan

A personal loan is one of the best financial solutions these days. As the name suggests, you can take it for any purposes as per your needs. It is an unsecured form of debt that is provided as per your eligibility and lender’s policies.

Also, having a robust CIBIL score of 750 or more can get you the approval at a lower rate of interest.

You can borrow as high as up to Rs.25 lakh from leading banks and NBFCs in India. It is also possible to apply for an instant personal loan online and save your time. If you want to know quick reasons to get a personal loan, then this post will guide you!

Here’s why you should take an instant personal loan

For debt consolidation

Many people avail an instant personal loan to pay off their high-interest based debts. And it also includes credit cards outstanding. The low interest personal loan is an effective solution. It may mean paying lower in comparison to what a borrower may be managing currently.

For home improvement

Does your home need some interior repairs, renovation or remodeling? If yes, then you can look up to the instant personal loan to cover your needs easily.

For managing the funds of an upcoming wedding

An Indian wedding is an elaborate affair. No matter what savings you have and what preparations you make in advance, it may not suffice. Since marriages happen just once, it would be good to make your big day grand. And you should not let the shortage of money affect it. For the same, you can apply for a personal loan and cover your needs without issues.

For buying a new car

Who does not want to ride in a new car? But the shortage of funds may not help you fulfil your needs. To convert your wish into reality, you can rely on the instant personal loan. Yes, it is a smart step to take a personal loan and pay the down payment for your new car. You can also take a personal loan to buy a used car. With Rs.25 lakh available, you can make your choice of either one of them.

 

To go on a long-craved trip

You may have been looking to go on that long-planned vacation with your friends and family. But the shortage of money may not be helping you do that. But with the facility of an instant personal loan, it is possible to do that. You can use the loan money to buy flight tickets, book accommodation, enjoy sightseeing and much more. You can repay the personal loan over a tenure ranging up to 60 months and don’t need to stress your monthly expenses.

To cover medical emergencies

Medical emergencies may come without giving you intimation in advance. But with the facility of online personal loan available, you can manage all expenses. From the hospital costs to medicines to diagnostics, you can pay all bills with a single personal loan.

With the facility of the online personal loan available to meet so many needs, you can apply for one today.