The need for taking instant personal loan increasing day by day, and sometimes the current income of people is unable to meet all personal expenses because of any unexpected events. It is the easiest loan you can avail of online and get instant disbursement with less documentation. You can use this fund for hospital emergencies, home renovation, children’s fees, or any other expenses.
Process Required Applying For Instant Personal Loan?
In a few easy steps, you can avail personal loan quickly. There are various banks, NBFCs, and Fintechs providing personal loan quickly, the process of availing of loan from different lenders are almost the same. Read the complete steps below.
Repair/Fix Your Credit Score- Personal loan is an unsecured loan, so, every lender’s first requirement is your CIBIL score because it shows your credit history, must ensure before applying your score must be more than 750. A score between 750-900 is considered excellent.
Lender’s Selection- After fixing your credit score you can select your lender to submit an application for an instant personal loan. You need to match your requirements with the lender’s products or services. Before applying make a list of lender’s processing fees, loan tenure, amount, and all hidden charges and check reviews also.
Check your eligibility for an instant personal loan- Every lender has their own criteria to check the eligibility of the borrower, for the lender you want to apply you need to check eligibility first. Common eligibility criteria required by most of the lenders are:-
Borrower must be a citizen of India.
Age between 21 to 60 years.
Individual must be salaried or self-employed.
Minimum income must be Rs 18000.
Apply For an Instant Personal Loan
You can visit the official website of the lender or you can install their App to avail an instant personal loan.
Choose a personal loan from the home page if you’re applying through the website and click the“Apply now” button. After those other steps are almost the same in apps and websites.
You need to create your profile first for easier management. Applying through App is more comfortable than applying through a website.
Provide all your basic details.
Select one offer out of all offers provided by the lenders as per your requirement.
Submit all necessary documents for an instant personal loan.
Identity/Age proof -Passport, Aadhar card, Voter ID card, PAN Card
Address/Residence Aadhar card, Voter ID card, Passport, Driving license.
Proof of Income –Salary slips of last 3 months, Bank statements (previous 6 months), Income Tax Certificate, etc.
Passport-size photographs.
The institution will assess the eligibility and request for the submission of the required KYC documents with a sign.
If your application gets approved they will transfer funds to your account within 24 hours.
Important Points
If your CIBIL score is not good you can take the help of agencies to repair your credit or you can do it by yourself also by following simple and continuous steps. You will become easily eligible for an instant personal loan.
If you’re applying for a loan without CIBIL score. Not to worry about that, there are various ways to get a loan even if you don’t have any credit history. A loan without cibil score is not an issue nowadays.
Get all complete details of all charges (like- pre-payment, penalty, etc.) at the beginning from lenders to avoid all future problems.
If your credit score is not good it is more convenient to take an instant personal loan from NBFCs.