An unwanted monetary crunch can be the main obstacle between your dreams and you. Additionally, pre-planned funds may be inadequate for financial exigencies like medical exigencies or financing your higher studies expenditures. In such testing times, opting for a personal loan is the correct choice.
May it be travel, wedding, higher studies, medical exigencies, home renovations or consolidation of debt, a personal loan is the best solution for all your financial worries. What is best? To make borrowing quick and hassle-free, many top financial institutions provide a personal loan in just minutes. Yes, you read this right.
Previously with conventional ways of a personal loan application, it was tough to get a loan in just two minutes. However, lenders have begun providing instant loans online to make the procedure hassle-free and seamless for you as a customer. So, if you are looking to avail a loan whether Kotak personal loan or SBI loan at the lowest Kotak personal loan interest rate or reasonable SBI rate, here’s a perfect guide that can help you.
What’s an instant loan?
An instant loan is a kind of unsecured credit option that can be availed quickly without offering any security or collateral. A loan assists to cater to your distinct financial needs at an attractive rate of interest. Also, the loan comes with a flexible loan tenure, permitting you to select the repayment tenure according to your repayment potential.
It is a prudent choice for the financial exigencies as you can place an application for the same on the online platform and get the loan approval in just minutes.
What are the major benefits and features of instant loans?
Here are some crucial salient benefits and features of personal loans –
- Zero security required
As it is an unsecured loan, there’s zero security required for approval of the loan.
- Instant approval
On submission, your application for a loan is quickly assessed and approved if the loan eligibility parameters are met.
- Minimal documentation
Instant loan operates in a digital manner, which involves minimal documentation.
- Attractive rate of interest
Most top lenders provide a personal loan at an enticed interest rate to make the EMIs more affordable.
- Multi-purpose
This is one of the important features of instant personal loans. You can use the loan proceeds to mitigate any financial needs of your need. (except for the activities considered illegal as per law like speculation and gambling activities).
Eligibility parameters to get a personal loan in just minutes?
To avail an instant personal loan in just minutes, you require meet the lender’s eligibility parameters. Here are some of the eligibility parameters –
- You must fall between the age group of 24 and 58 years.
- You must be an Indian citizen.
- You must earn a minimum monthly income equaling Rs 40,000.
- You must hold a good work experience of at least two years with a minimum of six months of stable employment in the present job.
- You must either be a salaried employee at the chosen private companies or public undertakings (involving local bodies, state and central).
Please remember that the eligibility parameters mentioned above might differ from one financial institution to another institution. So, ensure you check out the eligibility parameters of the lender before you place an application for the loan. Once you have zeroed in on the lender, use an online EMI calculator, like Kotak personal loan EMI calculator to compute the EMI and repayment tenure as per your repayment capacity and cash inflow.
Measures to avail a personal loan in just minutes –
Listed here are some of the crucial measures that you must follow to avail a personal loan in just minutes –
Maintain a strong score – A strong score enhances your chances of availing approval for an instant loan in just minutes and even allows you to avail the same at better terms and conditions.
Select an online lender – To avail an instant personal loan in just minutes, place an application for a loan via an online financial institution that specialises in providing instant loan approval as well as disbursal.
Check out for pre-approved loan offers – Check out if you have any preapproved loan offers by any financial institution to save plenty of time and avail an instant credit in just minutes.
Meet the eligibility criteria of the lender – Before you place an application for a loan, ensure to check if you mitigate the eligibility parameter of the lender for availing the loan.
Complete the application on the online platform – Ensure to fill out the online loan application form with complete accuracy to expedite the loan process. This is because any inaccuracy in the loan application can slow down the loan approval process.
Submit the documents required – Next, figure out what documents you require to attach with your personal loan to get the loan in just minutes. Generally, you require submitting KYC documents, income proof, address proof, etc.
Ending note
Yes, it is simple for you to avail an instant personal loan. However, ensure you note that lenders have stringent eligibility parameters for instant loans and endow you with such deals and offers just if you are a low-risk applicant. So, ensure you maintain a strong score and hold a stable source of income to get a personal loan quickly.
Frequently asked questions regarding instant loans –
How can you get an online personal loan instantly?
You can get in touch with the lender of your choice through the online platform to know your eligibility for a personal loan, EMI payable and applicable interest rate, post which can decide. Once your loan application has been approved, the proceeds will be disbursed to your account instantly in just a few hours.
Can you get a loan on the same day of placing the application?
Yes, in the case of an instant personal loan, you can get the loan on the same day of placing the loan application provided you meet the required eligibility criteria and credit score requirements.
How long it takes for the approval of a loan in the case of a regular personal loan?
In the case of a regular personal loan, you can get the proceeds disbursal within 2-7 days of placing the application.
