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2 mins Read | 5 Years Ago

How to get instant cash for instant needs

How to get instant cash for instant needs

What are quick Personal Loans?

Instant Personal Loans are for people who need money quickly. Unlike other loan products, you don’t have to wait for long to receive the funds.

These are sort of personal credit aimed at providing quick funds to individuals for emergency cash requirements.

These loans are highly beneficial when you’re trying to raise money for unexpected needs like hospitalisation bills of a family member, renovating your home in time for monsoon, etc. They are also a great choice for other non-emergency requirements.

Here are some highlights of instant Personal Loans:

These are one of the easiest loans to get, as the eligibility requirements and other terms and conditions are quite relaxed.

  • They are one of the easiest loans to get as the eligibility requirements and other terms and conditions are quite relaxed.
  • The applications for these loans are mostly handled online and only in rare cases do you need to visit your bank.
  • For loans of small amounts, funds are generally made available on the same day when your application gets completed. Even for higher amounts, the fund disbursal time is quicker compared to other conventional loan products like Home Loans, etc.
  • Anyone can easily apply for and get an instant Personal Loan because it doesn’t require any security or guarantor.
  • You can avail of loans from amounts as small as 50,000 INR up to 20 lakhs INR.
  • The loan comes with flexible repayment terms and you can choose your preferred loan tenure from 1 year up to 5 years.
  • The interest rates are quite nominal and range from 11.25% to 17.99% per annum. Your rate of interest depends on several factors like your income, credit score, loan amount, etc.
  • The application is straightforward and you don’t need to provide extensive documentation.
  • Once approved, the loan amount is quickly disbursed directly to your bank account, usually within a few hours.
  • Repaying the loan is also quite convenient. You can set up an Electronic Clearing Service (ECS) facility and transfer funds directly to your lender, according to your repayment schedule.

Some tips to ensure that you get a Personal Loan quickly, without hassles:

Though most lenders approve instant Personal Loans to borrowers with a poor credit score, it works to your benefit if you have a good credit score. Individuals with higher credit ratings are likely to be offered better interest rates and other attractive offers.

Provide the right information — name, age, address proof, employment details and income. This is because lenders usually verify the information provided and if they find any discrepancy, it can lead to a delay in your loan approval process.

Only apply for a loan amount that you have the capacity to repay. Applying for unreasonably large amounts can lead to your loan application getting rejected.

Most lenders check whether you have a steady source of income so that you can repay the loan on time. So make sure that you have your employment details handy before applying for an instant Personal Loan.

Approach your bank for an instant Personal Loan. Most banks today offer instant Personal Loans to their customers (and non-customers) at attractive rates. Check with your bank for your emergency cash needs and avoid taking loans at high interest rates from the informal sector or save yourself the embarrassment of borrowing from your friends or family.

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