What is the Best Way to Get an Instant Personal Loan Online?

“The Core of Beauty is Simplicity” – Paulo Coelho

What is the Best Way to Get an Instant Personal Loan Online? – Earlier anybody who needed money urgently had few options other than asking friends & family. The situation would often be awkward for both parties due to the personal relationship factor. Banks would take weeks to approve a personal loan, and there was no guarantee about the approval either. But things have changed dramatically in recent times with the advent of instant loans.

Everything happens in a jiffy now, and in no time, the money reaches your bank account. There is relief from the endless paperwork of loan processing too. All these things are now possible from the comfort of your home with just a few clicks. When you are in the midst of a financial crunch, the last thing you need is a lengthy documentation exercise. The instant personal loan online is a one-stop solution for your financial exigencies.

Significance of Instant Personal Loans

Whether it is a grand family function, festival shopping, travel, or emergency medical care, the need for money can be varied and urgent. The situation can get quite messy if you cannot access money when you need it the most. It can lead to unnecessary troubles in your personal life also. An instant personal loan helps you avoid all such problems.

To avail of an instant personal loan, you don’t need to provide any collateral security or a personal guarantee. All you require is a regular income flow and a good credit rating. You can easily apply for an online personal loan on the lender’s website or by downloading a loan app. It is a completely paperless procedure, and the documentation is minimal too.

There are no restrictions on the usage of funds, and you can use them to close other high-cost debt like credit card dues. A good credit score enables you to get high-quantum loans at lower interest rates. The loan repayment schedule is quite flexible, with tenures extending up to 72 months. You can also pre-close the loan at zero charges.

Applying for an Instant Personal Loan

Several banks and financial institutions offer instant cash loans to their customers. The new-age fintech players have also jumped into the fray with attractive offers to simplify the personal loans online process and enhance customer experience. You can follow the simple steps given below to get an instant personal loan.

1) Check the Eligibility Criteria:

Before applying for a loan, check whether you are eligible to borrow. Lenders have specified conditions to be met for sanctioning loans. You can use the eligibility calculator on the lender’s website or app. Fill up the basic details related to your age, employment type, monthly income, credit score, and contact details. This step is the first and the most important one.

2) Check the Affordability Based on the EMI:

You need to know the amount of EMI that has to be paid every month. Before you apply for an instant personal loan, use the online EMI calculator. This tool computes the EMI amount based on the loan amount, tenure, and interest rate. You can also know how much amount you can borrow based on the EMI you can afford to pay every month.

3) Keep the Supporting Documents Handy:

Once the eligibility & affordability factors are clear, it is important that you have all the necessary documents in place.

• Identity Proof: Documents like PAN, Aadhaar Card, Voter ID, Passport, etc., which have your name & photograph,
• Address Proof: Aadhaar Card, Ration Card, Passport, or Utility Bills can provide proof of your residential address
• Employment Proof: A job offer letter, employment ID, and salary slips can validate your employment.
• Financial Details: IT Returns, bank statements, recent salary slips, and Form 16 are required.

For the online personal loan to be approved, please ensure that you have a soft copy of the above documents.

4) Filling Up the Application Form:

Once you have the documents ready, you can proceed to fill up the loan application form. Please provide all the mandatory information and ensure that it is correct. The application will be processed only if you provide the complete information and attach all the supporting documents.

5) Loan Approval & Disbursal:

Once you submit the online application with all the supporting documents, wait for the lender to review them. You may get a call from the lender’s office if any other information is required from you. The personal loan online process is simple, fast, and safe. If everything is in order, the instant loan is approved. The amount is credited to your bank account within a maximum of 24 hours.

Note:

• Undertake proper due diligence and research before you apply for an instant cash loan. Compare the features & benefits of multiple loan offers.
• The interest rate should be reasonable. Check the costs, like processing fees, prepayment penalty, etc., before you accept the offer.
• A personal loan is unsecured. So it is important that you maintain a good credit rating (CIBIL Score of 750+) for a successful application.
• The EMI should not overburden you at any cost. Ensure that you maintain a sufficient bank balance, as the EMI gets deducted automatically every month on the specified date
• A longer loan tenure reduces the EMI but increases the total interest amount that you pay. A shorter tenure may have a higher EMI, but the loan gets repaid faster.

Conclusion

The digital revolution has transformed our lives in ways that are unimaginable. Nobody could have ever predicted that banking would be possible without having to visit a bank. Banking is today at your doorstep and fingertips. Taking a day off from work, standing in queues, filling a dozen forms, and waiting for the loan to get approved are all things of a bygone era.

It is the age of instant gratification. Everything from food delivery to buying a house happens within a matter of hours from the comfort of your desk. It is not surprising that you get quick and easy access to funds too. Whether it is fulfilling a desire or meeting an emergency need, an instant loan can do it all for you!