Have you ever applied for an instant loan? In the Indian market, a number of banks are offering easy loan options to lure their customers. We already know about home loans, car loans, and even personal loans. Today, we will focus on instant loans.
When you want some quick money, don’t go to your family members. It can destroy your personal relations. Instead, look for banks and financial institutions offering instant loans. If you know a person who is a loan agent, that person can help you get the best deal.
Basics of An Instant Loan
An instant loan is a loan option you can get from any bank when you need quick money. One thing you must know is that as it is easy to get these loans, the interest rates are generally higher than other secured loans.
If you want to get an instant loan, make sure to understand the rules and regulations regarding the application process. Submit all the essentials, and then the bank will take a few hours to approve your loan.
Why Do People Get Instant Loans?
Do you know about the reasons for getting an instant loan? Here are some of the popular reasons for why people look for these loans-
- If you compare different lending options, you will see that getting instant loans is much easier than other loans.
- Here, you don’t need to submit gold, share, or property.
- The disbursement time is less than any other loan options in the market.
- If you have valid documentation like a PAN card, Aadhar card, and some other documents, you can easily get the loan.
If you want to get some extra knowledge, try to talk to a DSA partner. They are well informed in these matters and can help you with everything you might need and more.
Is An Instant Loan Better Than Other Loan Options?
It is difficult to pass a statement like this, but yes, there are enough sectors in which instant loans are quite better than conventional loan options. Let’s have a look at a few of them-
- The repayment method is almost the same for both loan options. In most cases an instant loan offers more flexible options to pay off your debts. To understand a particular loan, we must read the related documents carefully.
- Approval time for a personal loan and an instant loan is not the same. Instant loan offers the fastest loan approval. Personal loan approval is also fast but not as much as instant loans.
- Fortunately, all the processes related to loans are now available online. This has made things easy. All you have to do is go to the official website and apply for the loan. Submit everything needed, and you will receive the loan amount on time.
- Both personal loans and instant loans are unsecured loans. That’s why people find it easy to get these loans.
Eligibility Criteria to Get an Instant Loan
Can everyone apply for a personal loan? The answer is no. There are definite eligibility criteria for an instant loan. Here are some of the essentials that you must have-
- The very first thing that you must be is an Indian and over 18 years old.
- If you are a salaried person, which means you have a regular income, banks, and financial companies will easily accept your loan application.
- You have to mention your occupation in order to get loan approval.
- Right now, most banks follow their own standard. But if a person has a minimum income of 15K a month, he is eligible to get an instant loan.
- Don’t forget to attach your PAN card and other documentation with your loan application.
If you can follow these simple things, you can easily get an instant loan.
Understand Some of The Popular Instant Loans
There are separate categories under the instant loan option. Short term instant loan is the most common and popular in the market. Apart from that, you might have simple personal loans or top-up loans. Some loans are applicable for special reasons only. Â
Learn about them in detail and then only apply for the loan. It will definitely help you choose the right loan option and get numerous benefits.