Instant personal loans are categorized under unsecured loans. The same is offered by almost all the banks, Non-banking financial institutions, financial services providers etc. The customers can avail the benefits of the instant personal loan with the help of minimum documentation and of course with a good credit history. The instant personal loan amount can vary from ₹ 50,000 to ₹ 500,000. There are variety of reasons because of which the customers would want to take the instant personal loan such as wedding ceremonies, hospitalization, educational requirements, house renovation, medical emergency such as operation, tourism purpose etc.
Required elements to avail the instant personal loan:-
- Good credit history
- Proper salary that is minimum income of ₹ 30,000.
- Photocopy of PAN Card
- Identity proof such as Passport/ voter Id/ Aadhar Card/ License etc.
- Income Proof (Salary Slip of Last 3 months)
- Bank Statement (Past 6 Months) or Rental Agreement
- Offer Letter of current company
- Form 16
- Relieving Letter of past company
Instant personal loans are available from Finance Buddha at just one click. The process is completely online and totally paperless and hassle free. The personal loan amount and the interest rates are absolutely dependent upon the client’s personal profile. The personal loan interest varies from 11.49% to 28% across the various borrower profiles. Majority of the companies are needing at least one year’s work experience. Also, most of the banks ask for customer to be at least 21 years of age to avail the facility of the instant personal loan.
The instant personal loan has a simple process which has to be followed in order to avail the benefits of the loan. The borrower or the customer can simply go to the website of the different lenders and check the options which are available. The customers, thus, can do the comparative analysis as far as value added services, terms & conditions; policies, process, good will of the company, interest rates, repayment schedule, tenure of the loan etc. are concerned. This helps, the customer to be aware about the variety of options available in the market and the customer can check the most appropriate deal for him or her. If the customer has the variety of options in hand, then it becomes customer to negotiate and fetch the best cost effective deal for him.
Once, the customer choses the option for the deal, they can simply follow the steps which are mentioned on the website provided by the service provider and if the customer falls under the eligibility criteria, the loan gets sanctioned and the customer gets the credit in to his or her bank account with minimal time limit. The customer can even avail the loan through Phone Banking, SMS services or by visiting the nearest branch of the service provider.
As the instant loan is a very attractive feature which is being offered by the banks and more and more customers are taking the advantage of the same, we are here to give you few tips, which are few of the best advices so far.
First of all, when the customer wants to avail the loan, the customer can check the eligibility criteria online. If the customer falls under the eligibility criteria and if the customer holds the good CIBIL score or good credit history, then it becomes relatively easy for the customer to avail the loan. So, if you have any debt or any dues which are to be paid off, then before applying for the loan, you can pay it off to increase the chances to get the loan sanctioned. Also, the eligibility criteria will let you know that whether you complete all the basic requirements to avail the loan or not.
The second and most important advice is that the customer MUST check the interest rates and repayment schedule for the loan. There are monthly instalment calculators, famously known as EMI Calculators, which are available on most of the financial service providers website are available. The customer can check the same thoroughly and plan the repayment amount and tenure in such a manner that it does not affect the financial planning. If you have paid the earlier dues such as credit card bills, loans, EMIs etc on time then it increases the chance of getting the higher amount of loan for you.
The other important thing is that the customer or the borrower can get the loan easily, if he or she is employed with a well-known company. If a person is employees with public limited companies or A class companies then the chances of getting the loan gets high. For example, the banks or financial institutions will chose to provide the loans to an employee of A class company rather than B Class company due to the repayment capacity and stability of the employee of A Class company.
The most important advice which we would like to share is that if you are applying for the instant personal loan while you have already one another loan going on, then it weighs down your weightage for the eligibility criteria to avail the instant personal loan because the same lowers down your income in hand and it is usually not possible for the customers to handle multiple loans at the same time.
The instant personal loans are indeed a blessing for the customers to meet their variety of requirements. However, the customer has to be very smart in choosing the loan options. Also, it is needless to say that instead of running blindly behind the money and liquid cash, it is important for him or her to assess the actual need for the same and then only make the decision to opt for the loan. Apart, it is always advisable for the borrower to keep the spouses and family members in loop while availing for the loans In terms of maintaining transparency as well as smooth functioning.