Do you have a financial emergency? No, you no longer have to visit an NBFC or a bank with a bundle of documents and wait for days and weeks before you get your personal loan or loan against gold approved. An instant personal loan can be availed online quite easily. NBFCs, banks, and other financial institutions give quick access to these loans through their mobile applications or websites.
The following are some of the benefits of an instant personal loan:
There is no paperwork involved in applying for an instant personal loan. You have to apply for it and upload all the necessary supporting documents online. Documentation is minimal or nil for pre-approved customers.
Processing Time Is Less
Compared to loan against gold and the traditional personal loans the processing time is much lesser for an instant personal loan.
No Collateral Security
This is an unsecured personal loan where no collateral security is required for availing the loan.
Instant Disbursal Of Loan
Instant personal loans get approved and the loan amount gets disbursed to your account within a few minutes. This makes the instant personal loan the best choice for an urgent financial crisis.
Interest Rates Are Quite Attractive
The interest rates on instant personal loans could be anywhere between 10.99% and 29% on average. Compared to the credit card interest rates this is much lesser. The interest rates for credit cards could be around 35%-40% annually. If you have a good credit score you can get the loan approved for an interest rate that is affordable.
Using the online EMI calculator you can calculate the EMI for your instant loan. You need to feed in your personal income, and loan amount on the online calculator. The results are accurate and you don’t have to worry about any errors.
You Can Choose The Loan Amount
The borrower can choose the loan amount provided the amount stays within the minimum and maximum limit prescribed by the bank/NBFC.
Loan Tenures Are Flexible
Most of the banks and NBFCs offer loan tenures that are flexible while taking an instant personal loan. Keeping in mind the maximum term for loan repayment offered by the financial institution you can choose a tenure that works well with your personal budget.
How To Apply Online?
You can apply for an instant personal loan online through the financial institution’s website or mobile app. You can fill in the application form online and upload all the necessary documents. On approval of your application, the loan amount gets disbursed to your bank account immediately.
The Required Documents
The following documents need to be uploaded online while applying for an instant personal loan.
Proof Of Identity And Proof Of Address
Anyone of the following documents can be chosen as a proof of identity and proof of address
- Voters ID Card
- Driving License
- Bank Statement
- Utility Bills
Besides, you may also have to upload passport-sized photographs, a copy of your pan card and the details of your salary/personal income.
There are times when you run out of funds and you are unable to overcome a financial situation. Maybe you are looking for some extra cash to meet an urgent medical emergency or to pay off some additional wedding expenses or the course fee for your child’s higher studies.
Whatever the reason may be the quickest way to avail some funds is by applying for an instant personal loan online. You can compare between the NBFCs and banks online and choose a deal that seems the best for you.
This blog is maintained by the Finaura team. Finaura is a solution that will help you find the best gold loan solution from gold loan company nearest to you. If you have any queries please feel free to contact us. Call us on +91 484 2388285 or email us at [email protected]