How do you feel when you suddenly come across a financial emergency? Don’t you feel helpless? In such times, an instant personal loan can become our ray of hope. Do you need quick funds and are thinking about getting them via an instant loan? If so, check out this article to learn more about these loans.
Benefits of Instant Loans
Some beneficial features of instant loans are as follows:
- Minimal Documentation: Forget the need for extensive paperwork to get a personal loan instantly. Fill out the application online and provide the necessary supporting documents. Usually, you need to submit only basic documents like identity and address proof.
- Loan Without Collateral: An instant loan bank is often unsecured. You don’t need to take it against an asset like your home. So it’s easier to qualify for them.
- High Amount: Lenders decide the loan amount depending on your credit history and income. For instance, IDFC FIRSTmoney allows you to borrow up to Rs 10 lakhs.
- Low Processing Time: Applying for a regular loan involves waiting for an eternity to hear about approval. But with an instant loan, the processing time is extremely short.
- Fast Disbursal: The loan amount will appear in your bank account directly. It can take only a few hours or minutes to receive the funds.
- Flexible Tenure: You usually get a flexible tenure while borrowing an instant loan. When you choose the duration according to your convenience, you can repay the borrowed amount smoothly.
Things to Consider Before Applying
Before you pick a lender for an instant loan, check out the following things:
- Interest Rate: The interest rate of an instant bank loan will influence the total borrowing costs. Choose an instant loan with a minimal interest rate. Moreover, the tenure should be adjusted to lower the interest rate.
- Processing Fee: All loans come with a processing fee. Although it’s one-time, a high amount is not desirable. Choose a lender that does not charge a high processing fee.
- Default Penalty: What happens when you fail to repay your EMI on time? The lender will charge you a default fee. Check the default charges to avoid costly penalties in case you fail to repay them.
- Foreclosure Charge: At times, you might be willing to reduce the burden of a personal loan by closing it before the end of the tenure. Some lenders will charge you for doing that. Try getting an instant loan without the foreclosure fee.
- Loan Amount: Always choose lenders that allow you to borrow as per your needs. Try to have a decent credit score of 750 or more. It lets you qualify for a high amount.
Conclusion
A personal loan instant can help all individuals in need of quick funds. You are allowed to use the money according to your needs. For instance, you can pay for medical emergencies and vacations. Look for a trustworthy lender like IDFC FIRST Bank and apply for instant personal loans now.
