In times of financial needs, availing an instant Personal Loan can be a viable option to tackle your needs. Here’s a complete guide –
What is meant by instant Loan?
An instant Loan or Personal Loan is an unsecured financial assistance i.e is you do not need to pledge any collateral to avail this loan. As there is no security taken against it, its rate of interest is generally high. Also, it is readily available through instant loan apps after easy verification. It has no restrictions on its end-use. Therefore, this fund can be utilized for any purpose – Travel, Education, Wedding, Home Renovation etc. But applying for it through a bank can really be tedious given the lengthy process, stringent criteria for eligibility etc. Instant loan apps are a convenient medium through which one can avail an instant loan very easily.
What exactly are Instant Loan Apps?
Thankfully, there is a wide range of instant Loan apps that have made the process of availing funds much simpler than the traditional banks. These mobile applications are developed in order to help individuals in the easy availability of financial assistance and tracking information related to it. In today’s world of speed, rarely anyone may have time to follow up with banks, wait for the verifications etc.
Instant loan apps have made it very easy for individuals to apply for a loan by providing a single platform that caters to almost all the needs of their customers. These apps are available for android as well as iOS phones. Although some lenders may not have an app. In this case, you may have to access their service through their website on google.
What are the steps to use the instant loan app?
1) Downloading & installing the application –
Before applying for a loan, you will have to download and install the instant loan app. PaySense, Early Salary, Bajaj Personal Loan app, Tata Capital, Navi, Money Tap are some of the popular loan apps.
2) Login and Application process –
Post installing the app, the next step will be logging into the app. Fill in your details the app asks you for while applying for the loan. You may need to fill in your KYC details, Salary, Account number, etc. Sometimes, the app may also ask you to click a selfie.
3) Approval – There apps like the Bajaj Personal Loan app, Dhani, PaySense, etc which process your application & give approval for your loan within a few minutes if you are completely eligible. Your loan amount gets credited to your account shortly after you receive the approval.
What are things to keep in mind before applying for an instant loan?
1) Ascertain the amount that you require and the purpose for which you want to spend it. This might assist you in staying focussed on spending the amount in the intended direction.
2) Your CIBIL score is an important parameter that is taken into consideration before the approval of your Loan. It is necessary to analyse your Credit Health Report and improvise on your shortcomings. An ideal score would be 750 and above to get quick approval for your instant loan.
3) Your salary is used for the expenditure of several things. You need to ensure that there is enough amount remaining to pay an EMI; AFTER fulfilling your domestic needs. Only after thorough planning, you can ensure that you would be stably paying your EMIs for instant Loan on time.
4) Most of the instant loan apps have in-built EMI calculators that can help you get an estimate of the EMI, interest, and tenure of your loan. Hence, it is advisable to get a rough idea of your loan expenses beforehand.
5) To get a speedy approval of your Personal Loan, you must have all the documents that are asked by your lender ready to be produced. Obtain a complete list of documents from your lender beforehand and collect all the enlisted items in one place for your convenience.
6) Flexi loan is a novel product in the market and is gaining popularity rapidly. In this phenomenon, you are given a line of credit as per the strength of your credit health. From this line of credit, you can avail as much amount as you need. You will be charged interest only on the amount you have used and not the entire line of credit approved for you.
7) Early Salary, Bajaj Finserv Personal Loan, Money Tap, Tata Capital are some of the popular instant loan apps that you can think of while availing an instant loan.