
Apply for Instant Personal Loans Online up to Rs.40 Lakh
A personal loan is a great credit instrument that helps one meet up money requirements for various purposes. Money required to meet requirements like wedding, medical expenses, home renovation, business requirements on cash among others. At times it is also taken to consolidate one’s outstanding debt into one single loan.
Advantages of Personal Loan
Flexibility of use – The money can be used for a variety of purposes as against most of the other loans where the funding is extended for a specific purpose. This gives personal loan an edge over other credit instruments.
Easy availability – Personal loan applications get processed very fast. Generally it does not rude harsh take more than a week-s time for the process to get completed and funds getting credited into account.
Less documentation – Unlike other loans, personal loan requires minimal documentation. One only needs to submit the income documents and KYC (photo identity proof and address proof) for getting the request processed. Ease of documentation is another factor that makes this loan highly popular to raise funds.
No requirement of collateral – Personal loan is extended taking into account the overall profile of the borrower and there is no requirement of collateral being extended by the borrower.
Credit Score and Personal Loan
Since the personal loan is extended primarily considering the profile of customers, credit scores and credit bureau report play a critical role in underwriting decisions. A small error or impairment on a credit report can result in the decline of the loan application.
A low score can also result in getting a far higher rate of interest getting charged that can lead to a very high EMI
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Eligibility Criteria
The eligibility criteria while may vary from one lender to another, but for a salaried person lenders may look at a minimum of Rs 15,000 as net take home salary to consider an application for review. Other criteria like age, number of years in current job or a number of years at current residence among others also get considered differently by different lending institutions.
For self-employed applicants an income tax return of Rs 200,000 or above may be required. Again the requirement of income varies from one lender to another. Other criteria like turnover, number of years in business, age of the applicant, any existing relationship with bank arts play an important role in the underwriting process.
Documents required
The documentation is simple in the case of personal loans. In case of a salaried applicant the income proof and regular KYC (Aadhaar and Pan Card) documents are required to be furnished.
In case of a self-employed applicant, income tax returns, balance sheets, profit and loss accounts apart from the regular KYC (Aadhaar and Pan Card) documents need to be submitted for evaluation.
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Types of Personal Loans
Different types of loan offers are extended based on the customer segment. The rate of interest being charged to different segment also varies.
There are separate loans for the self-employed professionals under this category.
FAQ-
What is an instant personal loan?
An instant personal loan is a type of unsecured loan that offers quick approval and disbursement of funds, typically within 24 hours or even less. These loans are designed for urgent financial needs and are often smaller amounts compared to traditional personal loans.
Who qualifies for an instant personal loan?
Eligibility criteria can vary between lenders, but generally, you’ll need a good credit score, proof of stable income, and a clean credit history. Some lenders may also consider your debt-to-income ratio and employment status.
How quickly can I get the money after applying for an instant personal loan?
As the name suggests, instant personal loans are known for their fast turnaround times. Approval can sometimes happen within minutes, and depending on the lender, you could receive the funds in your account within the same business day or the next.
Loan Specifics:
What is the maximum amount I can borrow with an instant personal loan?
The maximum loan amount offered by instant lenders can vary significantly. It typically ranges from Rs. 1,000 to Rs. 5 lakhs, depending on the lender’s policies and your creditworthiness.
What are the interest rates for instant personal loans?
Interest rates on instant personal loans tend to be higher than traditional personal loans due to the faster approval process and unsecured nature of the loan. Rates can vary depending on your credit score, loan amount, and lender, but generally range from 10% to 30% per annum.
Are there any fees associated with instant personal loans?
Yes, there can be several fees associated with instant personal loans, including processing fees, origination fees, late payment fees, and prepayment penalties (if applicable). Be sure to compare fees between lenders before applying.
Repayment:
What are the typical repayment terms for instant personal loans?
Repayment terms for instant personal loans are usually shorter than traditional personal loans, ranging from 6 months to 5 years.
Can I make prepayments on my instant personal loan?
Some lenders may allow prepayment on your instant personal loan, but there might be a prepayment penalty fee. It’s always best to check the lender’s terms and conditions before applying.
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