Each person is faced with a situation where they must have a large sum of money on hand for personal gratification or to fund an emergency. Everyone’s first reaction is to check their bank balance and swipe their cards to meet the requirement. But there are times when the account balance is insufficient and you have to look elsewhere to raise the necessary money.
Personal loans offer a good source of immediate funds. They can be acquired quickly and with minimal documentation, and they have shorter tenure periods compared to home and auto loans. Also, they can be borrowed easily by applying on a smartphone. Personal loans offer a simple solution to short-term financing needs, whatever the situation.
Why take out a personal loan?
- The biggest advantage of a personal loan is that it can be used for virtually any purpose that you think is appropriate. You have the freedom to borrow it for any suitable reason, no questions asked. The lending institution, such as a loan application, doesn’t ask why you need the money, how you will be using it, what the steps are in spending the money. This is in contrast to secured loans like home improvement loans, in which you have to give the lender a spending schedule so that they can release the funds gradually.
- Personal loans are also some of the fastest to disburse, which is useful when you are faced with an emergency. You can request it on a loan application from your smartphone, and get it in a few hours.
- This category of loan has a shorter term than other secured loans like home loans, car loans, etc. Thus, it helps you to overcome the emergency or to buy an expensive item while freeing you from your debts much sooner. Like other loans, it is repaid in IME every month.
- a instant personal loan can be taken by any Indian national over the age of 18 with a regular income, good credit rating, proven residential credentials and a good repayment history. It can be disbursed within minutes of its approval, especially through reputable loan application.
- Please note that instant loans are unsecured loans. They attract a higher rate of interest than secured loans.
Travel booking, the new iPhone, even a home remodelâ¦
As mentioned above, the personal loan can be used for any purpose. It is colloquially named for whatever purpose you use it for; for example, it’s called a âmedical loanâ if you use it to finance surgery. It’s called a ‘travel loan“if you use the money to book airline tickets and hotels for your next vacation, or a” student loan “if you use it to pay for your child’s semester fees, or even a” loan purchase “if they buy you the new iPhone. Some people use it to put down a down payment on a new bike or a new car, or to buy a set of kitchen appliances, or even to do a small renovation Of house.
Whatever your need, the personal or instant loan offers a fast and reliable solution at your fingertips.
How to get the instant loan
You don’t have to wait for an emergency or financial need to arise to download a reputable loan app on your smartphone. Please do your research on the best loan applications in India and which one would best suit your instant personal loan needs. The best apps offer flexible app and credit score terms, and are highly rated by users as well.
Once you have found the app you need, you can install it on your smartphone and configure it as shown with a few simple steps. The application is free to download from Google Play Store (for Android users) and Apple App Store (for iPhone).
- Before applying, study the loan offer in detail. Write down aspects such as eligibility criteria, interest rates, repayment terms, fee schedule, penalties, required documents, etc.
- Apply for a loan when you need money for an emergency or to make an expensive purchase, as the case may be
- Go through the list of required documents for the application. Make copies of the required documents and self-test them. Keep the set ready to be picked up from your home by the application representative. These are submitted to the application office at once to initiate the application process
- The app verifies your personal and financial credentials, as well as all submitted documents. When everything is correct, the app notifies you of the loan approval. The instant loan is paid into the account within minutes of approval. You can now use it for your needs if needed
- Starting the next month, start repaying the loan in a series of installments from your salary or business income