What is an Instant personal loan? Its Features and Benefits!
Imagine you live in a metropolis and work 9 to 5 jobs with new deadlines and weekend getaways. Your daily routine will always keep you busy. And one day a sudden financial need arises. You are looking for a loan but you don't think you can get it. Not because you have enough credit or income to pay off the loan, but because you don't have enough time to clear loan terms from one bank to another and negotiate a lucrative deal.
Theoretical Meaning of Instant personal loan?
A few years ago, the personal loan application process was dull and boring. But as the spread of the Internet deepened, things began to change dramatically.
This also laid the foundation for modern banking and digital lending. In simple terms, this quickly became a reality with the merger of retail loans, fintech startups, and financial institutions. It also paved the way for application-based loans, including instant application processing and fast loan repayment.
However, fast transactions and instant access to funds are not the only advantages of instant personal loans. Some other advantages make them unique.
Types Of Instant Personal Loans:
Short Term Personal Loans: STPLs are becoming more and more popular in India and are offered only in the form of a credit of Rs. 1,000. These are offered by many digital lenders and NBFCs. It is an ideal option to face the financial crisis at the end of the month. To benefit from this loan, you must apply online or through the application and upload the required documents.
Personal Loans: This is the most common unsecured loan used by the masses to help them deal with financial crises. Many banks and NBFC offer this loan at Rs. 30,000 to Rs. 40 lakh and confirm the loan based on your eligibility. The interest rate on this loan is usually higher than the interest rate on a secured loan, and the term is flexible to repay the loan as you wish.
Top-up credit: You can use this credit to get top-up credit and, for example, use it in addition to your existing credit. A home loan or personal loan that receives additional funds. Since the bank already has all the personal data and documents, it is easy to process this loan by completing a form and some documents.
Credit card loans: If you have a credit card, your credit card provider may offer this type of loan based on your payment history and credit card limit. The pre-approved loan requires minimal processing. And You can also contact your credit card issuer to easily apply for this loan.
What are the benefits of Our Instant personal loans?
Personal loans are a financing option for people who have financial problems or want to make large purchases. Several personal loan services play an important role in the popularity of this loan option. Some of these loan benefits include:
1. Financing up to Rs 25 lakh: NBFC5 and personal loans from financial institutions, Rs. You can finance up to 25 lakh. Substances can be used for a variety of purposes. For example, to cover remodeling, college education, car purchases, and medical expenses.
2. Short-term repayment terms One of the advantages of individual loans is the repayment period of up to 60 months. You also have the freedom to choose a time zone that suits your needs.
3. Quick pay: Credit Rupay pays individual loans within 24 hours of approval. This quick loan repayment process makes these loans ideal for medical and other emergencies.
4. No collateral required: Retail loans are unsecured and unsecured loans. Therefore, it is not necessary to pledge or compromise an asset to attract funds.
5. Attractive interest rate: Retail loans are offered at a competitive interest rate. A low personal loan rate makes your EMI affordable.
6. The list of required documents is short. The documents required for consumer loans are the following:
- KYC documents
- Bank statements
Applicants must provide identification and the latest payslips. Self-employed applicants must provide business records, previous year's sales data, and income tax returns.
7. Simplified eligibility criteria Employees in India must be between 23 and 55 years old to qualify for this loan. Additionally, personal loans can also provide income tax benefits that can be used for home renovation, home purchase/construction, or higher education.
Major highlights of our Instant Personal loans
Before applying for an instant loan, you should compare the loans offered by different lenders. Keep the following in mind when comparing instant loans:
- Transaction fee: Almost all banks and financial institutions that offer instant loans charge a one-time transaction fee to borrowers. If your transaction fee is high, you will have to pay more for your loan.
- Interest rate: The interest rate charged by the lender can affect the total cost of the loan. Therefore, be sure to check the interest rate on the loan before contacting a lender.
- Standard Penalties: If you don't pay EMIs on time, the lender may charge you a standard penalty. Therefore, it is important to compare the standard interest rates of different lenders.
- Payment flexibility: It is best to choose an instant personal loan that offers payment flexibility so that you can prepay or partially repay your loan amount, especially if you intend to pay off your loan before it expires.
- Minimum and Maximum Loan Amounts: When evaluating instant personal loan offers from various lenders, be sure to consider the size of the loan offered. For example, if you want to get a personal loan for 15 lakhs instantly, all you have to do is look at the lenders where applicants can borrow up to 15 lakhs.
Eligibility criteria for Instant Personal loans
The eligibility criteria that must be met to apply for an instant personal loan are:
- Credit score: A good credit score is essential to obtain instant personal loans at an affordable price. It is recommended to maintain a credit rating above 750.
- Age Criteria: Potential borrowers must meet the age requirements set by the lender to apply for an instant personal loan. Age limits may vary depending on whether you are self-employed or working.
- Occupation: Most lenders offer instant loans for both employees and the self-employed.
