Facing Financial Crisis in Lockdown? Get Pre Approved Instant Personal Loan in Just a 2 Clicks

As per a research report, the digital disbursal of retail loans is expected to amount to over Rs.71 trillion by 2023.

The report says that more and more individuals are availing an online, instant personal loan owing to factors like – 

• Increase in internet penetration.

• A growing number of consumers are digitally influenced.

• Increase in digital purchases.

During a nationwide lockdown, availing a digital personal loan is a convenience that individuals can take advantage of to manage a financial crisis. 

How to Apply For a Quick Personal Loan?

1. Visit the official website or launch the official app of the lender.

2. Select personal loans from the available products.

3. Enter personal details.

4. Enter the loan details (principal, tenor, etc.).

5. Submit the form to apply.

The application process for these loans is completely online, which paves the way for a few benefits mentioned below –

1. The quick and hassle-free application process

Almost all financial institutions now enable customers to apply for a pre-approved instant personal loan through their website or official app. Applicants don’t have to visit the lender’s branch for any requirements. Moreover, financial institutions send their representative to the customer’s doorstep for any necessary verification or document collection.

2. Paperless application procedure

In most of cases, pre-approved customers of a financial institution don’t have to provide any documents to avail a digital personal loan. For an existing customer, the lender already has all the required details of him or her to disburse a loan digitally, which reduces the requirement for documents to minimal or nothing.

New customers may have to submit their PAN and OVDs for KYC completion (Aadhaar, Voter ID, Passport, Driving License, etc.) when they apply for a personal loan.

Salaried customers will have to produce the following – 

• Employee ID card.

• Bank account statements for the last 3 months.

• Salary slips of the last 2 months.

Self-employed customers will have to submit the following – 

• Proof of business existence (GST registration certificate, trade license, partnership deed, etc.).

• Income tax returns of the last year.

• Audited balance sheet and profit & loss account statement.

Note that this list is indicative. Financial institutions may require additional documents if necessary.

3. Prompt approval and disbursal 

NBFCs can approve an instant personal loan in a few minutes. They can also disburse the same to a pre-approved customer’s account within 20 minutes.

Customers can avail an emergency loan quickly owing to such prompt approval and disbursal.

What are the Features of an Instant Personal Loan?

1. High-value financing – Personal loans provide financing up to Rs.25 lakh. Borrowers can use the funds for any purpose without any restriction.

2. Pre-approved offers – NBFCs like Bajaj Finserv bring pre-approved offers that make the process to avail financing simple and help save time. These offers are available on an array of financial products like business loans, personal loans, credit cards, etc. Individuals can check their pre-approved offers by providing only their names and phone number.

3. Easy-to-fulfill eligibility criteria – Applicants must be between 23 and 55 years of age with a regular source of income to be eligible. They must also hold a credit score of 750 or above. A high score will enable them to secure low personal loan interest rates.

4. No collateral required – Unlike secured loans, customers do not have to mortgage any asset to avail such loans. 

With a quick personal loan, borrowers can get finance for all kinds of crises. They can also repay comfortably, thanks to affordable EMIs and diverse repayment options.