Did your car break down or do you have an unexpected medical bill? Instant personal loans come to your rescue in such situations. In times when you need urgent cash, you wouldn’t want to wait for a traditional loan, which would take several days for approval. That’s where instant personal loans come in handy. They are fast, easy to apply for, and can save the day for you. So, let’s explore what instant personal loans are all about, why they are a great choice and what you need to know before applying.
What is an Instant Personal Loan?
An instant personal loan, as the name suggests, is a loan that gets approved instantly and you get the funds in your account immediately. It is a type of loan that you can get within minutes or hours. Unlike traditional loans that may take days or even weeks to process, instant personal loans give you quick access to the money you need. As these loans don’t require any collateral, you don’t have to pledge assets like your car or house to get the loan. You can use the money to cover an emergency expense, pay off other debts, or for any other purpose.
Why Choose an Instant Personal Loan?
Here are several reasons why you should go for an instant personal loan:
- Fast Approval: You can get the money you need quickly.
- Easy to Apply: The application process is simple and can usually be done online without visiting a bank.
- Less Paperwork: You do not need to submit a lot of documents as only basic documents are required.
- No Collateral Needed: As these loans are unsecured, you do not have to risk your assets to get the money.
Basic Requirements to Apply for an Instant Personal Loan
The requirements to apply for an instant personal loan often vary from lender to lender. To get a CASHe instant personal loan, you need to meet the following eligibility requirements:
- Citizenship: Should be an Indian citizen.
- Age: You should be above 21 years old.
- Income: You must have a minimum income of ₹15,000 per month.
- Credit Score: A good credit score is important.
- KYC Documents: Provide some basic identification documents like your Aadhaar card, PAN card, proof of address, and recent salary slips or bank statements.
- Bank Account: You must have an active bank account.
Also Read – Documents Required for a Cash Loan
How to Apply for an Instant Personal Loan
The application process for an instant personal loan is simple with CASHe. Here are the steps to do it:
Step 1: Download the CASHe mobile app
Step 2: Sign up and create an account
Step 3: Complete your profile by providing personal details like age, employment, address, etc.
Step 4: Check your eligibility
Step 5: Once eligible, choose the loan amount and tenure you wish to go with
Step 6: Upload the required KYC documents
Step 7: Submit your instant personal loan application
Step 8: Upon approval, get the funds directly into your bank account.
Tips for a Successful Loan Application
- Make sure you have an excellent credit score before applying for an instant personal loan.
- Keep all the details and information provided up-to-date and accurate.
- Do not borrow more than what you need or what you can afford to repay.
- Have all your documents handy before you start the application process.
Also Read – 6 Dos and Donts While Applying for an Instant Loan
Conclusion
This is how instant personal loans help you during emergencies. Now that you know the fundamentals of instant personal loans and how you can get one within minutes, how about applying for it? If you are looking for competitive interest rates, a good repayment schedule and better loan terms, download the CASHe app right away. Get the funds you need instantly without hassle.
FAQs
1. Can I apply for an instant personal loan with a low credit score?
Yes, you can certainly apply for an instant personal loan with a low credit score. However, keep in mind that your loan amount might be limited and the interest rates could be higher.
2. What is the maximum amount I can borrow through an instant personal loan?
With CASHe, you can borrow a maximum instant personal loan of ₹3,00,000, depending on your eligibility.
3. How quickly can I get the funds after my loan is approved?
You can get the funds within a few minutes after your CASHe instant personal loan is approved.
4. Are there any hidden charges I should be aware of?
Though CASHe is transparent with its borrowers, there may be hidden charges like late payment penalties, processing fees, etc with other lenders. So, always check the terms and conditions before getting the loan approved.
5. Can I repay my instant personal loan early?
Yes, you can repay your instant personal loan early. However, do check the prepayment penalties before going for an early repayment.
