An instant personal loan is to be taken to tide over contingencies only. It should not be availed just because one feels like splurging.
In case you are a self-employed or salaried individual, there might be situations wherein you need funds immediately for different purposes. Opting for a cash loan might be the correct thing to do. Speed and timing are crucial when selecting a personal loan via different mediums or institutions.
Some salient characteristics of instant personal loans provided by loan app India are as follows:
- Minimum documentation or paperwork
- Few lenders provide secured loans requiring collateral security, whereas others do not have any specific eligibility criteria.
- Banks and financial institutions only give loans to the salaried class rather than to self-employed individuals.
- Instant personal loans can be taken up upto Rs. 20 lakhs.
- Few institutions may take a few hours to process the loan, while others may take 3-4 days, which includes one day for field investigation.
A loan comes with three components – borrowed amount or principal, interest rate, and duration or tenure for which the loan is taken. Most of us prefer taking money from a bank or a reliable non-banking financial company (NBFC) since they are bound to government regulations and can be trusted.
Eligibility Criteria for Getting a Personal Loan:
The eligibility criteria for a loan differ according to the loan type you are searching for. Normally speaking, you might take into consideration the below-mentioned simple checklist to assess your eligibility:
- A good credit score
- Continuous income flow
- Age between 23 years to 60 years at the entry time
- Some assets like FDs, immovable property, investments, etc
- A decent relationship with your bank or financial institution
- A timely liability redeeming record
A Loan EMI estimator is handy for calculating the total monthly payment to the lender and the total interest. To calculate the EMI for your loan amount, you are required to enter the respective values of the principal amount, tenure, and interest rate.
Making an application for a bank loan is easier than one can think. Before applying for one, you need to be aware of your current financial condition since you will be needed to repay the loan at a future date.
Firstly, you must know your needs and preferences, and in case you think that it will be the correct option for you, you can either visit the bank and communicate with the loan manager or steer past all of that by applying online.
Step 1 – Select your preferred lender to borrow from as per your research and assess your eligibility
Step 2 – Go to the bank branch or their website to apply for the loan
Step 3 – Submit or upload all the relevant documents and proofs
Step 4 – The bank will then process your application and contact you to inform their stand within a specific duration
Conclusion:
Personal loans help one and all for staying protected against any shortfall which one may experience while purchasing a house or a car, for meeting higher education expenses, or for medical emergencies, and it is important to meet all the prerequisites before applying for one to make the best use of it.
