Life has a way of surprising us, some good, some needing immediate money. Whether you are getting married, redoing your house, paying for education, or dealing with a crisis, Instant Personal Loans provide a sure and easy way out.
With our digital age, applying for a Personal Loan no longer involves a lengthy, tiresome procedure. Now, you can apply online and get approved in minutes if you are eligible for a Personal Loan.
What Are Instant Personal Loans?
Instant Personal Loans are online loans that you can apply for without needing collateral. That means you don’t have to put your home or car up for security to qualify. Instant Personal Loans are meant to give the borrower fast access to money, usually in a few hours or even the same day, which makes them great for expected and unexpected expenses.
From as little as ₹1 lakh to as much as ₹50 lakhs, you have the option of selecting an amount as per your eligibility and repayment potential. The repayment period is also adjustable, varying between 6 months and 60 months (5 years), as per the terms of the lender.
Key Features of Instant Personal Loans
● Quick Disbursal: In case you are applying through an online portal, especially if you are a salaried account holder with the lender, you can receive disbursal almost immediately.
● No Collateral Required: There is no need for you to furnish property documents or bring in a surety.
● Low Documentation: With e-KYC, proof of income, and proof of address, it is a quick and painless process.
● Flexible Tenure: Pay back in instalments of months—6, 12, 18, 24, 30, 36, 42, 48, 54 or 60.
● Amount to be Borrowed: Avail ₹1,00,000 to ₹50,00,000 based on how much you can be eligible for.
● EV Special Loans: Certain lenders also provide special Personal Loans for electric vehicles at lower interest rates.
Personal Loan Requirements You Should Know
Before applying, one must know the Personal Loan requirements. These are slightly different for each lender, but mostly consist of:
● Age Restriction: Salary employees must be between 21 to 60 years of age, but the self-employed may be 65 years or less.
● Nationality: The applicant should be an Indian national and resident.
● Income: Evidence of regular income is needed. This may be salary vouchers or income tax returns, as per your employment status.
● Employment: Self-employed and salaried persons can apply for the loan.
● Credit Score: Having a good credit history improves your chances of acceptance and guarantees that lower interest rates are obtained.
● Location: The loan needs to be applied for in cities where the lender is based. Some banks and NBFCs are location-specific.
Charges and Interest Rates
Instant Personal Loan interest rates can vary between 9% and 16% per year, based on your income, credit score, and tenure. Some lenders provide special rates for certain needs, e.g., the purchase of electric vehicles.
There are typically processing charges (up to 2% of the loan) and prepayment penalties if you close the loan ahead of time. But foreclosure charges are exempted by many lenders for shorter tenures, particularly loans of up to 2 years duration.
Why Online Personal Loans?
An online application saves you from making multiple trips to the bank branch. You may upload documents, undergo verification, and approval from home. The process is so fast, with the added convenience of an instant Personal Loan, that they are ideal for anyone seeking to raise money in a hurry.
Final Thoughts
An Online Personal Loan can help you achieve your goals, whether it’s a medical emergency, a well-deserved holiday, or buying something major without putting your finances into a squeeze.
Just ensure you are eligible for the Personal Loan conditions, as well as have a very precise idea of interest rates and charges. With proper planning, Personal Loans can be a valuable source of money without crossing your limit.