We all hustle and work hard to keep pace with our lifestyle needs. It could be as simple as wanting to buy a car, renovating your house or wanting to backpack around Europe to experience the world. But not all these dreams may get covered by your salaries and there are times when we need urgent funds and this is when you might need some capital to take care of your expenses.
When you need quick funds, either for emergencies or last-minute expenses, a personal loan can be a lifesaver. However, before you can get approved for a quick loan, you need to ensure that you have all the necessary documents in order. In this guide, we will walk you through the essential documents required for quick loans and provide tips on how to prepare your documents efficiently.,/p>
Understanding Quick Loans
Quick loans are very much like personal loans but they can be availed in a shorter period and get capped around ₹3,00,000-5,00,000 by most financial institutions. They are a type of unsecured loan and are also known as instant loans in the market.
These loans are typically processed quickly, making them an ideal option for those in urgent need of money. To apply for a quick loan, you need to provide specific documents to the lender to support your loan application.
Essential Documents Required for Quick Loans
Like instant personal loans, quick loans also need mandatory submission of certain documents that will help the financial institution gauge your capacity to repay your loans and understand your overall profile. You will have to provide the following documents to be eligible for a quick loan:
Identification Proof: You will need to provide a copy of your Aadhaar card, passport, driving licence, or voter ID card as proof of your identity.
Address Proof: Documents such as utility bills, rental agreement, or Aadhaar card can be submitted to verify your residential address.
Income Proof: Bank statements, salary slips, income tax returns, or Form 16 can serve as proof of your income and repayment capacity.
Employment Proof: If you are a salaried individual, you may need to provide your employment offer letter, employee ID card, or appointment letter from your employer.
Business Proof (for self-employed individuals): If you are self-employed, documents such as a business registration certificate, GST certificate, or partnership deed may be required.
Credit Score: While not a document, your credit score plays a crucial role in determining your loan eligibility. Make sure to have a good credit score before applying for a quick loan.
How to Prepare Your Documents
Organise Your Documents: Create a checklist of all the required documents and ensure that you have them handy before applying for a quick loan.
Verify Document Validity: Check the validity of your identification and address proofs to ensure that they are up to date.
Maintain Clarity: Ensure that all documents are legible and free of any errors or alterations.
Seek Professional Help: If you are unsure about any document requirements, consider seeking assistance from a financial advisor or loan officer.
Also Read – Requirements to Apply for an Instant Personal Loan
Conclusion
The idea of quick loans is to get funds on an immediate basis and if you provide all the documents on time, your loan can get sanctioned within 24 hours.
If you are looking for Instant personal loans up to ₹3,00,000 then go for CASHe because their loan disbursal process gets done within 15-20 minutes. There are no restrictions on the usage of the funds, the disbursal is quick and you get flexible loan tenures that are aligned with your repayment capacity.
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