Summary:
There could be several instances when you need instant funds to finance a big-ticket expense. Perhaps, there`s been a medical emergency, you need to travel internationally, or your child`s semester fee is due! Whatever the expense, an instant personal loan can help you fund it.
No wonder this type of loan is popular in India. For starters, you can avail this loan within minutes by submitting an online application. Secondly, since a renowned bank instantly sanctions one, you don`t need to dent your savings to keep up with any time-bound payments. Lastly, you don’t need to worry about going to the bank to submit your documents. The process is 100% paperless.
Now you know instant personal loans can get you funds pretty quickly. But how quick can loan approvals really be?
How Long Does It Take To Get a Personal Loan in India?
Most lenders take a few days to go over your documents and sanction a loan. But if you are looking to get funds quickly, instant personal loans today get approved within minutes. For instance, fill out an application in the morning, and you`ll likely end up with cash by the same afternoon, provided your document soft copies are in order.
With funds available at lightning speed, you could cover any sudden expense without fretting over breaking a fixed deposit or liquidating market investments.
Now that you know you can receive a personal loan instantly, should you apply for one?
Features and Benefits of Instant Personal Loan
Here’s why applying for an instant personal loan makes a lot of sense:
Availability of Low-Interest Personal Loans
Did you know that you can get a personal loan at affordable interest rates these days? All you need to do is look for the right bank! Choose a lender offering a loan at a competitive rate of interest, flexible tenures, and one that has a user-friendly digital application portal. The latter ensures you’re not spending too much time over overtly complicated offline application processes.
Say Bye to Pledging Collateral
Not only can you get an instant personal loan online, but you also get it without pledging any collateral. A collateral is a guarantee; it can be property or investments that you keep with the bank when taking a loan.
However, personal loans are unsecured, meaning you can avail of one without pledging any bank guarantee. All you need is a decent credit score. Your credit score is a rating given by CIBIL that lets a potential lender assess your creditworthiness.
Furnish Minimal Paperwork
Applying for an instant personal loan online requires basic paperwork. This includes submitting your KYC documents such as identity, address, and income proofs. The lender typically checks the borrower`s CIBIL score on their own.
The Bottom Line
You can apply for an online personal loan, submit KYC documents, get verified, and receive funds in the appropriate account in just a few minutes. You don`t need to visit a branch anymore and can schedule monthly EMI payments by giving your bank standing instructions. So, if you`re in urgent need of funds, opting for an instant personal loan online should be your go-to.