How to Get Instant Loan Online in India
India Business Wire
In an emergency, you may need short-term funds. In such cases, instant loans available online as personal loans are the best option.
Instant loans can be obtained online through personal loan offers from traditional banks or fintech companies. Whereas personal loans from banks used to take days or weeks to process, but now for existing customers, online banking or mobile app ensures that these can be obtained quickly.
As for private banks, they offer selected customers personal loans in minutes. Many offer pre-approved loans to long-time customers with excellent repayment records and healthy credit scores. If a potential borrower has a working bank account and a fixed salary/income, they can apply for a personal loan. Apart from the regular KYC documents, no additional documents are required. Once approved, the disbursement will take place at the earliest the same day. However, again for new bank customers, it is time consuming, has to go through a rigid underwriting/approval process
However, new era fintech entities are pros in disbursing instant loans within minutes if an applicant provides all relevant information/documents. Be it legacy banks or new-age lenders, borrowers can check their instant loan eligibility online through the relevant portal. Moreover, instant loans can be obtained online from the comfort of one’s home without going to a physical branch. New era fintechs provide loans on the go with a simple application process, personalized underwriting/AI-based decision making and digital documents
Interest rates on instant personal loans vary from lender to lender, depending on your credit score and repayment behavior. If you have an outstanding personal loan with a lender, you can qualify for an instant top-up loan on the existing amount. Again, there is minimal documentation and fast disbursement. High-risk customers can also get smaller loans to use as needed and then repay easily. It helps to build a credit profile or improve existing bad credit history.
Banks, NBFCs and new-age lending platforms offer instant loans ranging from Rs 15,000 to Rs 10 lakh, depending on the risk profile and credit rating of the customer.
Here are five tips to increase the chances of your instant loan being approved online:
- Maintain a healthy credit score
A credit score of 750 and above is essential for the approval of your instant loan application. Credit score reflects your credit usage and repayment history. An excellent score indicates that you make timely repayments and that you are a creditworthy customer. Although customers with a lower credit score can still be offered an instant loan, the interest rates are higher. The higher the score, the more likely you are to be approved on favorable terms.
- Check your eligibility and requirements before applying
Different lenders have different eligibility criteria. Check them out to make sure you’re eligible. Understand the personal loan amount you need and calculate the EMI you can comfortably repay while choosing the most appropriate term. Personal loan calculators are available online, helping you understand potential EMIs for specific amounts and terms. Never ask for more than you need, even if you are eligible.
- Keep all documents ready to upload in advance
All required documents such as bank statements, proof of address and identity, photographs, etc. should be ready to download when you access the lender portal for instant loan. Before applying, it makes sense to store these images on your device to save time. Thus, the online loan application process can be completed seamlessly within minutes. Some platforms also provide the option to complete KYC verification through the digital mode where your KYC details are fetched from original sources and you do not need to provide any additional details. It is necessary that you provide correct information to verify throughout this process.
- Read the fine print ahead of time
Before digitally signing an online loan agreement for your instant loan, make sure you know all the terms and conditions as well as the fees. This way, you will not encounter any unpleasant surprises afterwards.
- Always provide accurate information
Correct and factual information can increase the chances of approval on more favorable terms. But any false or inaccurate information will result in your application being rejected as online lenders will use multiple digital sources to verify the accuracy of the details.
In the meantime, if you’re looking for quick and hassle-free online personal loans, Clix Capital has some of the best deals. If all your information/documents are ready, you can qualify for an instant personal loan. This could be used for various purposes. Check the loans available with Clix Capital. You can also check your credit score for free on the Clix website.
The range of Clix personal loans includes those for:
Debt Consolidation: Various debts can be consolidated into one high-value personal loan, making repayment easier.
Medical emergency: Such emergencies may require immediate funding because adverse health events can occur without warning.
House renovation: This instant personal loan can help turn your home into your dream home.
Higher Education: If your child is planning to opt for higher education in India or abroad, an instant personal loan will provide full financial support to get the best education possible.
Wedding expenses: Your special day can become super special with Clix Capital’s personal loan that takes care of all the high-end expenses for a big wedding.
Travel expenses: Accomplish all your long-held travel goals for a memorable vacation with a personal loan that covers all travel-related expenses.
If you are between 25 and 58 years old with a credit score of 690 or higher, you are eligible for a Clix Capital Personal loan up to Rs10 lakh. If you are salaried, your minimum income should be Rs. 25,000 per month with a minimum of 2 years in office Clix’s personalized repayment options vary between 24 and 60 months so that you will not face any repayment problem.
If the information provided is correct, you will get instant approval and the approved loan amount can be credited to your bank account within minutes subject to certain conditions. To elaborate, if your KYC is updated with Aadhaar or PAN, the documents can be verified online just by providing a few necessary details. Check your eligibility with Clix Capital.
Note that you can use the personal loan for any purpose. Being unsecured loans, no collateral or guarantor is required. Thanks to all these advantages and a customer-centric approach, The economic period recognized Clix Capital as one of the Best BFSI Brands 2021.
Finally, just choose Clix Capital EMI Personal Loan Calculator to select the appropriate amount, term and EMI based on your repayment capacity. Undoubtedly, instant personal loans are now the most convenient financing option for emergencies and other times.