Personal loan: The festive season is in full swing, and with major festivals like Dhanteras and Diwali approaching, people are gearing up for shopping. If you are also planning to make purchases and are considering taking a personal loan, an instant personal loan could be the ideal solution. The best thing about the instant personal loan is that the money gets credited to the account just a few hours after you apply. Here's how you can apply online for an instant personal loan.
What is instant personal loan?
An instant personal loan is a type of unsecured loan that can be applied for online, without the need for visiting a bank branch. This type of loan usually involves an instant application process, with funds being transferred to your account quickly, usually within a few hours. As a result, applicants can access the loan amount quickly.
How to apply for instant personal loan?
Registration and provide information: To apply for an instant personal loan, start by registering your mobile number, linked to your Aadhaar and PAN card, with the bank.
Eligibility check: Once you submit your information, the bank will verify your details and assess your eligibility for the loan.
Choose loan amount and tenure: After your eligibility is confirmed, you can select the loan amount and repayment tenure based on your needs.
Funds will be deposited in account: Once the application process is completed, the loan amount is typically deposited into your account within a few hours. In some cases, it may take up to 24 hours for the funds to be credited.
Eligibility criteria for loan
- Age: You must be at least 18 years old. Some banks require applicants to be at least 21 years old.
- CIBIL score: A good CIBIL score is important. Most lenders prefer a score above 700, which can also help secure a lower interest rate.
- Source of income: If you are a salaried employee, you should have been with your current employer for at least one year. Self-employed individuals need to demonstrate a stable income source.
Benefits of instant personal loan
- No collateral required: One of the main advantages of an instant personal loan is that no collateral is required.
- Quick access to funds: For urgent cash needs, an instant personal loan is a suitable option as the funds are usually credited to your bank account within hours.
- Flexible repayment options: You can choose your repayment options based on your financial situation and capability. Many lenders allow you to repay the loan early without foreclosure charges.
- Simple process: The online application process means you can apply for a personal loan without standing in long queues, making the entire experience hassle-free.
