Every person faces a situation when they must have a large sum of money in their hands for personal gratification, or to fund an emergency. One’s first reaction is to check their bank balance and swipe their cards to meet the requirement. But there are times when there is insufficient balance in the account, and one must look elsewhere to raise the required money.
Personal loans offer a good source of immediate funds. They can be acquired quickly and with minimal documentation, and they have smaller tenures as compared to home and car loans. Besides, they can be borrowed easily by applying over a smartphone. Personal loans offer an easy solution for short-term funding needs, whatever the situation.
Why take a personal loan?
- The biggest benefit of a personal loan is that it can be used for practically any purpose that you deem fit. You have the freedom to borrow it for any suitable reason, no questions asked. The lending institution, such as a loan app, does not ask why you need the money, in which way you will use it, what the stages of spending the money are. This contrasts with secured loans like home renovation loans, in which you must give the lender a schedule of the expenditure so that they may release the funds in a phased manner.
- Personal loans are also among the fastest to be disbursed, which is helpful when you are faced with an emergency. You can apply for it on a loan app using your smartphone, and get it within a few hours.
- This category of loan has a shorter tenure than other secured loans like home loans, car loans, etc. Thus, it helps you tide over the emergency or buy an expensive item while also making you debt-free much sooner. Like other loans, it is repaid in EMIs every month.
- An instant personal loan can be taken by any Indian national over 18 years of age with a regular income, a good credit score, proved residential credentials, and a good repayment history. It can be disbursed within minutes of getting approved for it, especially by a reputed loan app.
- Please note that instant loans are unsecured loans. They attract a higher rate of interest than secured loans.
Book travel, the new iPhone, even a home remodel…
As mentioned above, the personal loan can be used for any purpose. It is colloquially termed for whatever purpose you use it for; for example, it is called a ‘medical loan’ if you use it to fund a surgery. It is called a ‘travel loan’ if you use the money to book flight tickets and hotels on your next holiday, or ‘education loan’ if you use it to pay your child’s semester fees, or even a ‘shopping loan’ if it buys you the new iPhone. Some people use it to make the down payment on a new bike or car, or to buy a set of kitchen appliances, or even to carry out a small home remodel.
Whatever your requirement, the personal or instant loan offers a speedy and reliable solution at the flick of your fingertips.
How to get the instant loan
You need not wait for an emergency to occur or a financial need to arise to download a reputed loan app on your smartphone. Please do your research on the best loan apps in India and which one would suit your instant personal loan requirements the most. The best apps offer flexible application and credit score terms, and are rated highly by users too.
Once you find the app you need, you can install it on your smartphone and set it up as directed in a few simple steps. The app is free to download on the Google Play Store (for Android users) and Apple App Store (for iPhone).
- Before you apply, study the loan offering in detail. Note aspects like the eligibility criteria, interest rates, repayment terms, schedule of fees, penalties, documents required, etc.
- Apply for the loan when you need the money for an emergency or to make an expensive purchase, as the case may be
- Go through the app’s list of required documents. Make copies of the required documents and self-attest them. Keep the set ready to be picked up from your residence by the app’s representative. These are submitted to the app’s office at once to get the application process underway
- The app checks your personal and financial credentials, and the set of submitted documents. When all is found correct, the app notifies you of loan approval. The instant loan is disbursed to the account in a few minutes post-approval. You may now use it for your requirement as necessary
- From the next month, start repaying the loan in a series of instalments from your salary or business income