Like every other industry, the lending industry is also captivating the market share by consuming online spaces to attract borrowers. With the digital marketplaces, borrowers can now easily avail a loan online sitting at the comfort of their houses instantly as per their requirements. They can also compare the personal loan interest rates and charges of different lending institutions just with the click of a mouse.
What is an instant personal loan?
Instant personal loans are quick loans that can be disbursed immediately, unlike the traditional method of providing loans in as less as 24 hours. To get an instant loan, borrowers simply need to fill an online application form, and the lending institutions offer loan without the requirement of any security or collateral. Further, these loans can be availed by submitting minimum documents for identity and address proof.
Banks and Non-Banking Financial institutions also provide pre-approved personal loans to the existing customers who have a good credit history and can repay the loan on time.
Eligibility and documentation Required to get an Instant Personal Loan
Lending institutions provide instant Personal loans if the customers have a good credit history. While the eligibility criteria for these loans may vary for every lending institution, you can know your eligibility by going through the bank website.
| Eligible Age of the borrower | 21 – 65 Years |
| Minimum Monthly Income | Rs. 25,000 |
| Minimum Work Experience | 2 years |
| Minimum CIBIL Score | 650 and above |
| Loan Amount | Rs. 9,000 to Rs. 75 Lakh |
These are the common documents that you require to submit to get an Instant Loan:
- Identity Proof – PAN Card, Passport, Aadhar Card, Voter ID Card
- Address Proof – Passport, Aadhar Card, Driving License
- Income Proof – Last 3 months bank statement and salary slip
- Age Proof – PAN Card, Passport, Voter ID Card
Benefits of getting an Instant Loan: Borrowers can get the following benefits if they are eligible for Instant Personal loans.
- Borrowers can avail these loans by submitting zero or minimal documentation such as Aadhaar Card, PAN details, Bank statements and salary slips etc.
- Instant loans are disbursed in less time as compared to personal loans and can be disbursed in less than 24 hours.
- Getting an Instant Personal Loan is more convenient with filing online application forms and required documents at a bank’s website or online Marketplaces.
- There is no restriction on the end-use of Instant Loan.
Process of getting an Instant Personal Loan: To get an Instant Personal Loan, you need to follow the below-mentioned steps:
- Check your loan eligibility by visiting the official bank website or downloading the mobile application. You can also check the loan eligibility through an online marketplace.
- If you have pre-approved offers or you are eligible for an Instant Personal Loan, fill out the online application form.
- Now, submit all the required documents online with the application form. You can also send an email with the attached documents on the email address that is provided.
- Now verify the loan agreement and various terms and conditions associated with the loan as the loan gets approved.
- Download this agreement and a few basic documents as stated. These documents are to be signed and then submitted.
- As the lender verifies all the documents, you will get an instant disbursal of the loan amount to your account.
Conclusion: Instant Personal loans can fulfil the requirement of funds in a financial emergency as these loans can be disbursed immediately without any requirement of security or collateral. However, lenders must choose the right lender before availing a loan.
Summary
Instant personal loans are quick loans that can be disbursed immediately, unlike the traditional method of providing loans in as less as 24 hours. To get an instant loan, borrowers simply need to fill an online application form, and the lending institutions offer loan without the requirement of any security or collateral. Further, these loans can be availed by submitting minimum documents for identity and address proof.
Banks and Non-Banking Financial institutions also provide pre-approved personal loans to the existing customers who have a good credit history and can repay the loan on time.
To get an Instant Personal Loan, you need to follow the below-mentioned steps:
- Check your loan eligibility by visiting the official bank website or downloading the mobile application. You can also check the loan eligibility through an online marketplace.
- If you have pre-approved offers or you are eligible for an Instant Personal Loan, fill out the online application form.
- Now, submit all the required documents online with the application form. You can also send an email with the attached documents on the email address that is provided.
- Now verify the loan agreement and various terms and conditions associated with the loan as the loan gets approved.
- Download this agreement and a few basic documents as stated. These documents are to be signed and then submitted.
- As the lender verifies all the documents, you will get an instant disbursal of the loan amount to your account.
