An instant personal loan is what you need to douse the fire that has lit up your finances. You can make use of instant personal loans for multiple purposes without any restrictions being attached to them. An instant personal loan is a loan that does not require you to pledge your asset as collateral. It is aimed towards individuals who have a requirement for short term liquidity in times of crisis.
Here are some of the tips that you can utilise in order to obtain an instant personal loan with ease:
- To obtain an instant personal loan, you need to determine your needs first. You need to calculate the monetary value of the instant personal loan that you will need. When you determine this value, you can move forward.
- You will need to calculate your monthly income and determine your expenses for the next step. This will provide you with savings that you can accumulate for a couple of months in order to create a safety net that will protect you for the duration that you are not earning.
- Once you determine this amount, you can log on to the website of the vendor as well as register yourself there. Create your profile, and select the product or service that you will be needing.
- Once you do this, you can enter the personal details and the funds that you require, determine the tenure for the instant personal loan and determine what terms of payment suit you the best, as personal loans provide you with a lot of flexibility.
- The criteria to avail of an instant personal loan are to be in the age range of 25 years to 45 years. You must earn Rs. 20,000 or more per month if you are residing in a tier 1 city, and if you are a resident of a tier 2 city, then your monthly income should be more than Rs. 15000 per month. A personal loan is not provided to individuals who are self-employed.
- The duration of the loan ranges from 6 months to 5 years, and the rate of interest charged ranges from 16% to 26%. The loan cannot be foreclosed before six months; otherwise, you will be penalised according to the terms and conditions of the lender. The maximum amount that can be obtained via an instant personal loan is about Rs. 10 lakhs.
- With an instant personal loan, you can pay off your medical bills, extinguish your emergency expenses, travel, pay for further education, inflate your wedding budget, consolidate your debt, improve your credit score, shop for necessities, renovate your home and much more.
While applying for an instant personal loan, you must keep your salary slips for three months in reach and copies of your AADHAR and PAN card ready in order to save your time, as the application process does not take much time, and the same goes for the approval. Once your loan is approved, the instant personal loan amount will be credited to your bank account.
