Looking to avail immediate funds? Here is how you can obtain a loan online.

Looking to avail immediate funds? Here is how you can obtain a loan online.

When an emergency comes up, you might require funds within short notice. In these cases, instant loan platforms like Incred loan, Cashe loan available in the online platform in the form of personal loan is the best option. Instant loans can be taken up online either via personal loan offers from traditional banks or from fintech companies. While the personal loan from banks previously took weeks to process the loan, now the existing customers can avail of the loan instantly through the mobile app or net banking facility.

In case if any private bank is concerned, it may provide customers with a personal loan in just a few minutes. Many provide pre-approved loans to long-time customers having a good repayment record and an excellent credit score. If the prospective applicant faces any operational bank account/fixed income/salary, individuals may apply for the personal loan. Apart from this, regular KYC documents, zero additional papers are needed. Once approved, disbursal will take place on the same day of the loan application. However still, for the new banking customers, it takes time and requires facing rigid underwriting/approval procedures.

But the new age fintech platforms like Incred loan and Cashe loan have come up with features that allow loan disbursement within minutes if relevant document or info is provided. May it is new-age lenders or banks, borrowers can simply check their instant loan eligibility online just by visiting the concerned online portal. The new age Fintech allows on the go simple loan application procedure, customized AI-based/underwriting decisioning and digital paperwork. 

Interest rates on the instant personal loan differ across the lenders, based on your score and repayment history. If you have any ongoing personal loan with the lender, you can take up an instant top up personal loan on the existing loan amount. Again, there is less documentation with instant disbursal. The high-risk customers even avail smaller loans to utilize as per the need and then repay simply. This assists in forming a credit profile for the existing low credit history. NBFCs, banks and the new age lending podiums provide immediate loans ranging anywhere between Rs 15000 and Rs 10 lakh and interest rate, based upon the customer’s credit score and risk profile.

Listed below here are some of the top tips for boosting the chances of instant loan approval:

       Maintain the strong credit score

A score of 750 and more is important for your instant personal loan application approval. A credit score shows your repayment history and credit usage. A good credit score ensures you make a timely repayment, and you are creditworthy. However, those with lower scores can still be provided with instant loans but at a higher interest rate. A higher score equates to higher loan approval chances on favourable terms.

       Ascertain your needs and eligibility before the loan application

Distinct lenders have different eligibility criteria. Check them to make sure you are eligible. Make sure to know beforehand your loan EMI through online EMI calculation to carefully select your preferable repayment tenure. The personal loan EMI calculator helps you understand your prospective EMIs to decide your repayment tenure. Do not apply for more than the required amount.

       Keep all the documents handy beforehand

All the needed documents like address, bank statements, photos, ID proof etc., must be ready for the purpose of uploading when accessing the portal of the lender for an instant loan. Before applying, ensure to store such images on the device for some time. Thus, online application procedures can be done without taking any break in just minutes. Few platforms also cater to the facility to finish the KYC verification via the digital mode where the KYC details are available from the original sources, and you are not required to provide additional details. It is pivotal that you put in the right details via this procedure.

       Read the fine print in advance

Before signing digitally for a loan agreement online for an instant loan, make sure you are aware of the terms and conditions and their charges. Thus, you will not encounter unpleasant surprises at later stages.

       Always provide the accurate information

Right factual info and data can enhance your approval chances on favourable terms. However, any inaccurate or false info may end your application getting rejected because the online lenders use multiple digital sources for verifying the detailed accuracy.

Bottom line

Taking up personal loans from the NBFCs and banks now is much simpler than it was a few years back, thanks to online integration and digital services. You can now apply for a personal loan online in minutes, either via net banking or the bank’s mobile application. The loan disbursement procedure also has become quick and hassle-free. If all the details submitted to your bank account are accurate, the loan can be simply disbursed within 7 days or a couple of weeks. However, there include many instances of an immediate fund need during the COVID wave. In these cases, such as medical and health emergencies, individuals must fund the disbursement within the same day. It must be noted that at maximum now, private banks offer an instant loan facility to a few of their customers, allowing them to get the needed amount in just minutes.

How can you avail of an instant personal loan?

The procedure involved in applying for the instant personal loan is the same as applying for the normal online loan. In case you have any operational bank account with regular income or salary, you are eligible to submit the personal loan application. However, before submitting the personal loan application, ensure to compare among different banks to choose the one as per your preference. The required documents that must be submitted are KYC documents, salary slip, employment proof, bank statement for the past six months of your salary account.

Usually, disbursal of loans from instant personal loan platforms like Incred Loan and Cashe Loan take a day. The proceeds generated from them help best meet your requirement for cash instantly. Thus, why wait to opt for these platforms to get instant loans to mitigate emergencies. 

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