With time the banking process has become more efficient and paperless. This has enabled people to take an instant loan. This is the quickest mode of availing of loans in case of dire financial emergencies such as a medical emergency or other unannounced financial predicaments. Gone are those days when you had to sit back and wait for a week or two to get the loan sanctioned for a wedding or a dream vacation or a home renovation. Instant loans have made it possible for borrowers in immediate financial need to avail of a loan within a short period of time. Its quick application and short processing duration have made it the talk of the town.
If you are in dire need of finances and do not have the time to go through the tedious documentation process of a personal loan, then you should definitely opt for an instant loan. But before that, you should have a clear idea about what exactly is an instant loan and how it works. Thereby, an instant personal loan is a good option.
What are instant loans?
An instant loan is a kind of loan where you do not need to showcase any assets and there is no need for many documents. These kinds of loans are approved rapidly and require minimal processing and are more favourable when compared to other kinds of bank loans. An instant loan is also known as a quick loan or a personal loan. You can apply for an instant loan digitally without visiting the bank in person. This saves the time of both the borrower and the lender.
Where to get an instant loan
You can avail of an instant loan from various banks. The process to apply for an instant or personal loan is very easy. Just follow the steps given below.
- Visit your preferred bank to avail of the loan offline. You can also visit the website of the bank or download their mobile banking app.
- Check the eligibility criteria to apply for the instant loan.
- If you are eligible, complete the documentation.
- The loan amount will be disbursed almost immediately to your bank account.
Instant loans come with certain amazing features. Here is a list of them for you.
- The duration of the short term loans is generally between 62 days to 12 months.
- The loan amount is flexible and can be anywhere between Rs. 9000 to Rs. 3 Lakhs.
- The process of availing of the loan is quick and minimal when to compared to other loans.
- The sanction time is very quick and the loan usually gets approved within the same day of application.
- You can apply for a quick loan sitting at home.
- The rate of interest totally depends on the tenure and the amount of loan procured.
While applying for a quick loan, you must be well aware of the personal loan eligibility criteria. Here we have listed them up for your convenience.
- You do not need to have a good credit history or any guarantor to apply for a quick loan.
- However, you must be a citizen of India and must be a salaried individual of a registered firm.
- You must be between 23 to 58 years to procure an instant loan.
Never forget to keep your documents handy before applying for a loan. This will save you time and effort. Below is a list of the documents that are necessary for applying for an instant loan online.
- As identity proof, you need to provide your Pan Card, Aadhaar Card, driving license or passport.
- As address proof, you can provide your phone bill, water bill, electricity bill or simply your passport.
- As photo proof, you can simply submit your picture.
- You have to submit your current salary slip.
- Bank records that will reflect the record of your salary have to be submitted too.
Certain Factors that you should keep in mind while applying for a quick loan
- Never apply for an amount more than you need. You can repay your loan quicker with lesser EMIs.
- Always choose a short tenure of repayment, provided you have a good income. If not, you can choose a longer tenure, but it will likely increase the interest component against your amount.
- If you have a low-cost option, then choose that instead of choosing a higher rate of interest.
Instant loans are available all across India. With everybody going digital these days availing of a quick loan has become easier. Almost all banks, as well as NBFCs, offer quick loans to people over the internet. Although not a lot of banks and institutions are not yet familiar with the term instant loan, it is still readily available to individuals under the heads of personal loans..