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The festive season is on. There are big festivals like Dhanteras and Diwali in the coming days. During this time people do a lot of shopping. If you are also planning to do some shopping and are preparing to take a personal loan, then an instant personal loan can be the best option for you. Money comes to your account within a few hours of applying for an instant personal loan. Let us know how you can apply online for an instant personal loan.
What is an Instant Personal Loan?
An instant personal loan is a type of unsecured loan that can be applied for online, eliminating the need to visit a bank branch. This type of loan usually has a quick application process and quick money transfer. This ensures that the loan applicant receives the money immediately.
How to apply for an instant personal loan
- Register and provide details: To apply for an instant personal loan, first, register your mobile number linked with your Aadhaar and PAN card with the bank.
- Check eligibility: Once you submit your details, the bank will verify your details and assess your eligibility for the loan.
- Choose loan amount and tenure: After confirming your eligibility, you can choose your loan amount and repayment tenure.
- Money will be credited to the account: Once the application process is complete, funds will usually be credited to your account within a few hours. In some cases, it may take up to 24 hours for the money to appear in your bank account.
Eligibility for a loan
- Age: You must be at least 18 years of age. Some banks require 21 years of age as well.
- CIBIL Score: It is important to have a good CIBIL score. Most lenders prefer a score above 700, as a higher score can also help in getting lower interest rates.
- Income source: If you are a salaried employee, you must have at least one year of employment with your current employer. Self-employed individuals need to demonstrate a stable income source.
Benefits of Instant Personal Loan
- No need for collateral: One of the main advantages of an instant personal loan is that it does not require collateral.
- Instant money in account: For urgent cash needs, an instant personal loan can be a suitable option as funds are usually transferred to your bank account within a few hours.
- Flexible repayment options: You can choose your repayment option as per your financial situation and capacity. Many lenders allow you to repay the loan early without levying foreclosure charges.
- Easy process: The online application process means you can apply for a personal loan without standing in long queues, making the entire experience hassle-free.
