When you face an emergency or a sudden expense and you are short on money, a personal loan can come to your rescue. Today, getting a personal loan is easy, especially with CAHSe, where you can avail an instant personal loan within minutes. All you need to do is check your loan legibility and fill out the application form to get an instant personal loan amount directly in your bank account. That’s why these instant loans often serve nothing less than lifesavers.
In this brief guide, you will understand instant loans in-depth and how these online immediate loans work.
What Is an Instant Loan?
An instant personal loan, as the name suggests, is a personal loan that gets approved instantly, providing you with the required cash within a few hours. As this instant loan online is quick, it usually gets processed within a day or sometimes even minutes. The best part of availing your instant personal loan online is that it doesn’t require any collateral.
How Does Instant Personal Loan Work?
Getting an instant personal loan is quite simple. To apply for instant loans online through an app like CASHe, you need to provide basic information about your income, identity, and address. Once the information is provided, the lender checks and approves your instant personal loan eligibility based on factors like your credit score and income, before approving the loan application. Post approval, you get the money directly in your bank account.
Types of Instant Personal Loans
There are various types of instant personal loans available.
- Traditional Bank Loans: These loans are offered by banks and often require a good credit score. They also take a longer time for disbursal.
- Online Lenders: You also have digital platforms like CASHe providing the best personal loan in India with better interest rates and terms.
- Payday Loans: Otherwise called short-term loans, these loans often come with high interest rates.
For What Purpose Can You Get a Personal Loan?
Once you have the personal loan amount in your bank account, you can use it for various purposes like:
- Emergency medical expenses – Cover medical bills and unexpected health emergencies
- Higher education – Fund your domestic and international education including accommodation, travel, and tuition fees
- Car repairs – Fix your car issues including vehicle breakdowns
- Home renovation – Revamp your house with new decor and upgrade your living spaces
- Vacations – Get money to fund your holidays including air tickets, accommodation, etc.
- Paying off high-interest debt – Consolidate your debts or clear your high-interest loans and credits
- Wedding – Cover all the expenses of a wedding including catering, decor, attire, venue, and transportation
- Starting a small business – Get money to set up your small business or make your startup idea a reality
Also Read: 10 Questions to Ask Before You Take Out an Instant Personal Loan Online
Benefits of Getting an Instant Personal Loan Online
The major benefits of getting an instant personal loan online are:
- You can get an online instant personal loan approved within a short time, usually within an hour as these loans are quick.
- You do not need to provide collateral to get an instant loan online.
- You can use the instant personal loan amount for a variety of expenses.
Eligibility Criteria for Availing an Instant Loan
The instant personal loan eligibility criteria on CASHe are:
- Age: 18 years or above
- Income:Regular source of income with a minimum salary of ₹15,000 per month
- Employment: Stable job or business.
- Residency: You must be an Indian citizen
Also Read: What Are The Basic Requirements To Apply For An Instant Personal Loan
Documents Needed for an Instant Personal Loan
Here is the list of documents you need to provide to be eligible to get instant loans:
- ID proof (like Aadhar card, passport, or driver’s licence)
- Address proof (like utility bills, mobile postpaid bills, or rental agreements)
- Income proof (salary slips, bank statements)
- Passport-size photographs
What Are the Steps Associated With an Instant Loan?
- Step 1: Download the CASHe app
- Step 2: Log in using your e-mail ID and mobile number
- Step 3: Provide the required information related to your income, address, and identity
- Step 4: Upload the required documents
- Step 5: Submit the loan application and wait for approval
- Step 6: Get your instant loan amount directly in your bank account
Things to Keep in Mind While Opting for an Instant Personal Loan
- Borrow only what you need and what you can afford to repay
- Always compare rates from different lenders and go with the one that suits your financial requirements
- Look for hidden fees and be aware of all penalties and processing charges
- Understand the repayment schedule including your EMI amount and loan tenure
- Make sure you pay your monthly instalments on time to avoid getting your credit score impacted.
Also Read: How to Repay Your Personal Loan On Time
Conclusion
So, this is what instant personal loan is all about. These loans offer a convenient solution, especially for those who are in financial emergencies. To get a CASHe instant personal loan within a few minutes, download the CASHe mobile app and log in right away to seal the deal.
