An unwanted monetary crunch can be a big obstacle between you as well your dreams. Additionally, pre-planned funds can be inadequate for financial exigencies like medical exigencies or financing your higher education costs. In such severe times, taking up a PNB insta loan or instant loan from other financial institutions is the correct choice. May it be travel, wedding, higher studies, medical exigency, home renovation or debt consolidation, opting for a personal loan is the best solution for all your requirements. What’s best? To make the process of borrowing hassle-free for you, many top-class NBFCs and banks provide a personal loan in just minutes. Yes, this is correct. Previously with traditional means of a loan application, it is difficult to believe that loans can be taken up in two minutes. However, now lenders have begun providing instant loans online to make this procedure hassle-free and seamless for you as a customer. Also, you can take the help of an online personal loan EMI calculator to compute the best personal loan deal. For instance, the online PNB personal loan EMI calculator allows you to compute your EMI proceeds and overall interest constituent on a loan just by providing three major details namely – loan amount requirements, offered interest rate and preferred repayment tenure. Likewise, you can use online personal loan EMI calculators of other lenders too to compute your overall loan cost.
So, if you even want to avail a personal loan in just minutes, this is the simplest guide for you to follow. However, before this, you must understand what instant loan is.
What is an instant loan?
An instant personal loan is a kind of unsecured credit option that can be availed instantly without offering any security or collateral. A personal loan assists you meet your distinct financial needs at times when you require instant funds. You can get high loan proceeds at an attractive rate of interest. Also, this loan has flexible repayment tenure, permitting you to select the loan repayment tenure according to your repayment potential. It is a very convenient option for financial exigencies as you can apply for the loan online and get the personal loan approval quickly.
What are the major key benefits and features of an instant personal loan?
Here are a few important salient benefits and features of personal loans, you must be well-versed with.
Zero collateral or security required –
As it is an unsecured credit option, there is zero security or collateral required for the loan approval.
Swift approval –
On submission, your application for a loan is instantly evaluated or assessed and approved if your eligibility criteria or parameters are met.
Minimal documentation –
Instant personal loan function in a digitalised manner, which included minimal documentation.
Attractive rate of interest –
Most of the top lenders provide personal loans at an attractive interest rate to make the personal loan EMI an affordable deal.
This is one of the important features of a loan. You can use the loan proceeds to mitigate any financial need of your choice.
What eligibility parameters for a personal loan?
To get a loan in minutes, you require to meet the lender’s eligibility parameter. Here are some of the eligibility parameters to avail an instant personal loan.
You must be between the age bracket of 24 and 60 years.
You must be an Indian citizen.
You must earn a minimum monthly income equaling Rs 20,000.
You must have a good work experience of at least two years with minimal six months of employment stability at your present job.
Please remember that the eligibility parameters might differ from one lender to another lender. So, ensure you check out the eligibility parameters of your lender before you place an application for an instant personal loan.
What are the important measures to avail a personal loan?
Here are some of the important measures you must follow to avail a personal loan within minutes –
Maintain a strong score – A strong score enhances your chances of availing instant loan approval within minutes and getting it on suitable terms and conditions.
Select an online financial institution – To avail an instant personal loan within minutes, apply for the loan via an online lender specialising in instant loan approval and disbursal.
Check the pre-approval offer through your net banking account – Check if you have any pre-approved loan offer by a lender to save time and get an instant loan within minutes.
Meet the eligibility parameters set by the lender – Before you place an application for a personal loan, you must check if you mitigate the lender’s loan eligibility criteria.
Complete the online application – Ensure to fill out the online application form accurately and correctly to speed up the personal loan processing.
Submit all the required documents – Next, you must find out what crucial documents are a must to be submitted to avail the personal loan within a few minutes. Generally, you will require to submit the know your customer or KYC documents, income proof, address proof, etc. Submit these required documents to avail an instant loan in just minutes.
Yes, it is this simple to avail an instant personal loan. However, please ensure to note that lenders have stringent eligibility parameters for instant personal loans and endow such loan offers just if you are a low-risk borrower. So, ensure you maintain a strong credit profile and score along with a stable source of income to avail an instant personal loan within a few minutes.
FAQs (frequently asked questions) regarding instant personal loans –
How can you avail an online personal loan instantly?
You can simply contact an online lender via its official site and check out your loan eligibility parameters, rate of interest, EMI payable, etc. after which you would be able to apply for a personal loan through the online platform. Once the application for a loan is approved, the proceeds will be disbursed directly to your account instantly in an hour.
Can you get a loan on the same day of placing the application for a loan?
Yes, you can avail a personal loan on the same day, provided you meet the eligibility parameters fixed by the lender and submit all the correct and required documents. The lender will authenticate all your details and documents upon receiving them and if satisfied will disburse the requested loan amount into your savings account within a day.