The instant personal loan is a quick and easy way to get the cash you need. There are many instant personal loan providers that are just waiting to help you with your financial needs. Whether it is a sudden medical emergency, marriage expenses or fees for higher education, a personal loan is your solution to all such needs. But there are also some things that you should consider before taking out one of these loans. First, let us understand what is a personal loan and what are its special features.
What is an Instant Personal Loan?
A personal loan is an unsecured loan taken for any legal activity. Instant personal loans are the fastest way to get funds with minimal documentation required by lenders. Some lenders offer an entirely digital process with funds disbursement within 30 minutes of approval.
The most popular personal loan is instant personal loan online because of its quick application process. The borrower can apply for a personal loan from the comfort of their home in just minutes without having to make any trips to the lending institution.
What should I Keep in Mind when Availing a Personal Loan?
Here are three things you should keep in mind when applying for a personal loan:
- Check your eligibility with lenders before proceeding to apply to get the best deal. Your eligibility depends on your credit score, your repayment capacity, your debt-to-income ratio, your repayment history, age, nature of employment, location, etc. Your eligibility also decides the maximum amount of personal loan you are eligible for. For example, if you meet the eligibility conditions perfectly, you will be eligible for a high amount loan at a low-interest rate. However, if certain parameters are not up to the mark but within the allowable range as per the lender’s policy (such as existing debts), the amount of loan available to you will reduce and the interest rate will rise. If certain parameters are not up to the mark – such as a poor CIBIL score or past history of defaults, your application may be rejected. You can get an idea of the maximum loan you can get using the lender’s personal loan eligibility calculator. You might also find instant personal loan online calculators that can help you determine an optimal tenure so that the monthly EMI is within your budget.
- Keep in mind the interest rates of personal loans. The more you borrow, the higher will be your monthly instalment and vice versa. Interest rates on personal loans are higher than on other loans due to their unsecured nature. Personal loans interest rates also vary depending upon your eligibility. They may start at as low as 11.99% per annum, but may increase depending on various factors.
- Compare personal loan offers to find a suitable one for yourself rather than going with the first offer available to you. You can use instant personal loan online calculators or visit any financial website that can offer you an easy comparison.
What are the Features of a Personal Loan?
-The interest rates on personal loans are usually higher than other loan products but the instant availability of funds and unsecured nature makes them ideal for emergency situations.
-Personal loans offer flexible repayment options from 12 months up to five years, thereby making it possible to find a tenure that suits your requirements and comfort.
-You can use the money for whatever you need, personal or business related.
-Personal loans are unsecured so they don’t require collateral (e.g., cars and homes) that secured loans might need.
How to Apply for a Personal Loan Online?
Personal loans are a fantastic way of getting the cash you need quickly and with little hassle. You can apply for one without leaving your home, thanks to the internet. There are two simple ways to do so:
- All you have to do is visit reputed lender websites that are registered with the RBI & offer good rates; and check your eligibility.
- If you are eligible, fill an online application form and upload required documents when asked.
- The application form will be sent to the lender for approval where they will carry out background checks. If the application is approved, you will be notified and a loan offer will be made.
- If the offer is acceptable to you, the lender will transfer the amount electronically to your bank account.
A personal loan app can provide a quick and easy way to get approved for an instant cash advance. For example, you could use Fullerton India’s Instaloan App, which is available on the Google Play Store or Apple Store. With this app you’ll be able to determine your eligibility in minutes as well as submit an application with just a few clicks of your phone. All correspondence will happen through the same mobile device making it easier than ever when applying remotely from another location.
Choose a personal loan to fuel your dreams or save yourself financially in an emergency situation.