Introduction
In today’s fast-paced environment, financial security and stability have become an integral concern for both individuals and businesses. Sometimes, an unanticipated financial circumstance or expense can throw your finances off balance and cause havoc to your budget. In such challenging times, get Instant Personal Loan can come in handy by offering you quick cash without any difficulty. Read on to learn how you can get a Personal Loan with a low-interest rate.
Why Should You opt for an Instant Personal Loan?
An Instant Personal Loan is exactly what it sounds like, a loan; it is available almost immediately after you apply for it. With minimal hassles or paperwork, quick online applications, and instant Personal Loan approval and disbursement of funds, it becomes a viable option for obtaining immediate financial assistance.
Why Should You Apply for a Personal Loan?
Applying for a Personal Loan has several advantages, some of which are as listed below:
No collateral required: A great advantage of a Personal Loan is that it does not require any collateral. You do not have to pledge your valuable and most treasured assets to get the financial assistance you need. You can thus borrow the funds while enjoying complete ownership over your assets.
Less rate of interest: Personal Loans from NBFCs (Non-Banking Financial Companies) have the lowest interest rates. You can thus save your money by paying affordable EMIs (Equated Monthly Instalments).
Easy and quick process: Personal Loans have hassle-free application procedures. Many NBFCs let you apply online; with just a few clicks, you can finish your application and get the funds disbursed. Therefore, you will not have to wait for extended periods to get your loan approved and processed.
Flexibility: Personal Loans offer flexibility in terms of repayment tenure and the loan amount that you need to borrow. You can opt for a repayment tenure that you are comfortable with and borrow funds that best fit with your financial capabilities.
No foreclosure/pre-payment charges: You do not have to pay any extra charges for pre-paying your loan. You can pay off your loan amount whenever you are comfortable, without having to face any additional charges.
Minimal documentation: Given that Personal Loans are unsecured loans and do not require any collateral, these loans require very less documentation. This expedites the entire process of applying for a loan, helping you get the funds you require quickly and easily.
Eligibility For Applying for an Instant Personal Loan
Before applying for an Instant Personal loan, it is important that you understand the eligibility criteria so that you can ensure that you fulfil all the requirements laid down by the lender:
- A high credit rating: A high credit score proves to the lender that you are financially responsible, which can help you get loans at lower interest rates,
- Age: You must be at least 24 years old to be eligible for a Personal Loan,
- Citizenship: You must be a citizen of India,
- Income: You must have a stable source of income to be eligible for a Personal Loan,
- Employment status: You must have a stable employment history, and you should have worked with your current employer for at least 6 months,
- Documentation: You must be able to produce all required documents like KYC documents, income documents, address proof, employment proof and bank statements.
Conclusion
If you require quick money to cover unexpected expenses, an Instant Personal Loan is a great option. An Instant Personal Loan is a quick, simple, and flexible option to get a quick flow of instant cash. So, we hope our readers understand what a Personal Loan is and the benefits of availing a Personal Loan. In this article, we have also covered some of the most important reasons for opting for one. We also recommend you look at our other articles below.
FAQs (Frequently Asked Questions)
- Who offers Instant Personal Loans to applicants?
Instant Personal Loans are offered by many NBFCs and financial institutions. Interested applicants can get a Personal Loan with a low interest rate in a very less time.
- Can a Personal Loan improve my Credit Score?
If you are repaying your loan consistently and on time, yes, you can improve your credit score and establish a strong credit history.