In India, an instant personal loan is a financial product for salaried people. You can use the money to pay off any debt. It's an unsecured loan, meaning you don't have to give the bank any collateral. Personal loan application procedures vary by bank.
Almost all banks, however, allow you to apply for 1 lakh loan online. You can use the personal loan EMI calculator to figure out how much your EMI will be based on the loan amount, interest rate, and repayment period.
Key Features and Benefits of Instant Personal Loans
When applying for a traditional personal loan, you must first submit the necessary paperwork to the lender, after which your loan request will be processed. When you apply for an instant personal loan online, all of your documents must be uploaded online, making the process completely paperless. You will also be required to submit minimal or no documentation if you are a pre-approved customer.
An unsecured personal loan is an instant personal loan with no collateral. When applying for an instant personal loan, you will not be required to provide any security or collateral.
If you require funds immediately, you should apply for an instant personal loan because the funds will be disbursed to your account promptly.
Low Processing Time: Instant personal loans have a significantly shorter processing time than traditional loans.
Flexible Loan Terms: When you take out an instant personal loan, you are usually given a flexible loan term. Thus, subject to the lender's maximum loan repayment term, you can choose a repayment term that suits your needs.
Individuals applying for an instant personal loan can request any loan amount they want, as long as it falls within the lender's minimum and maximum loan amounts.
Affordable Interest Rate: If you have a good credit score, you will most likely be offered a loan with a low-interest rate. This will help you keep the loan's overall cost low.
How to Apply for an Instant Loan?
Here are three simple steps to get an instant loan:
Check to see if you qualify
You must make certain that you qualify for the loan. You must be between the ages of 21 and 60 and a salaried employee or self-employed individual (at the time of final EMI repayment). To get a Personal Loan quickly, the lender will also require your CIBIL score, which must be at least 600 points. You can use an online Personal Loan Eligibility Calculator to check your eligibility for a Personal Loan. Check the maximum loan amounts, Personal Loan interest rates, and loan repayment terms as well.
Begin the application process for a loan
The actual loan application process can now begin. Simply go to the lender's website and look for the Instant Personal Loans section. When you click the tab, a new page will appear with an online form. You must complete the online form by entering basic information such as your name, address, e-mail, phone number, and net monthly income.
Submit the paperwork and wait for the approval
You must submit scanned copies of your documents for KYC purposes after filing and reviewing the form. You'll need scanned copies of your PAN Card, as well as any other government-approved ID and address proof document, as well as your most recent bank statements or salary slips as proof of income and credit score. Send your application and pay a one-time (non-refundable) loan application fee after attaching these documents to the online form. Your application is reviewed by the bank, and if you are approved, you will receive a Personal Loan Instantly.
Eligibility Criteria for Rs. 1 Lakh Personal Loan
If you want to borrow Rs. 1 lakh, you must meet the following personal loan eligibility requirements. Please keep in mind that eligibility requirements differ from one personal loan provider to the next. The basic eligibility requirements, however, remain the same.
Age - A salaried borrower should be between the ages of 21 and 60, and a self-employed borrower should be between the ages of 23 and 65. Although some banks have lower age restrictions, the upper limit is usually the same.
Self-employed and salaried individuals are both eligible for Rs. 1 lakh loan. Some lenders, however, may only offer personal loans to salaried applicants.
Salaried individuals should earn a minimum of Rs. 25,000 in metropolitan areas and Rs. 15,000 in other areas. Self-employed people must report an annual income of at least Rs. 5 lakhs, while businesspeople must report annual revenues of at least Rs. 50 lakhs.
Salaried employees should have one year of work experience, while self-employed individuals should have three years.
Credit score - To be eligible for a 1 lakh instant personal loan, most banks, and NBFCs require a CIBIL score of 750 or higher.
Documents Required for 1 Lakh Personal Loan
Even if you meet the lender's requirements, you won't be able to get a 1 lakh loan without proof of your eligibility. The following are the documents needed for a personal loan:
KYC paperwork
Passports, PAN cards, Aadhar cards, voter's ID cards, and driving licenses are examples of identity proof documents (anyone should suffice).
A driver's license, voter's ID card, passport, or Aadhar card can all be used as proof of address (one should be sufficient).
Income Proof Documents
Salaried employees must submit salary slips or a certificate from their employers for the previous two months, Form 16, bank statements, and IT returns to qualify for a one lakh personal loan.
As proof of income, self-employed individuals must submit IT returns and financial statements.
Additional Documents
Proof of business is necessary for business persons
For a 1 lakh rupee personal loan, all applicants must submit a copy of their bank statements for the previous six months.
Summary
Now that you know how to get a Personal Loan quickly, you can use it to cover unexpected or non-essential expenses. Banks usually disburse loan funds quickly, allowing you to get cash in your Savings Account quickly. Pre-approved Personal Loan customers receive loan approval and disbursement within hours, and you can repay the loan in EMIs over flexible 5-year terms.
Also read: Know Simple Steps to Get a 5 Lakh Personal Loan Online in an Instant?
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