You may need urgent funds at any point in life. This could be for your home repair, to buy a new bike or car, or to pay medical bills. These are the times when a personal loan comes to your rescue. But gone are the days when you had to visit the bank to apply for a loan and then wait for weeks to get the funds. Today, you can get the required funds instantly into your bank account – all thanks to the Internet. Now, you can apply for a digital personal loan from the comforts of your home and avail necessary funds
.In this article, we will talk more about online or digital personal loans and understand what is a digital personal loan, the eligibility criteria for a digital loan and how to avail an instant digital personal loan.
What is a Digital Personal Loan?
A digital personal loan is a loan which you can apply for from anywhere with the help of the internet. For this, as mentioned earlier, you do not need to visit the bank branch. You can apply for it from your phone or computer and get the funds in your bank account. Moreover, these loans do not require collateral and hence, you don’t have to provide any assets as security to avail digital personal loans.
Key Features of a Digital Personal Loan
- Digital personal loans often have a fast approval process compared to traditional loans.
- You can apply online anytime and from anywhere.
- You do not need to provide assets as security.
- The paperwork is also less as only basic documents are required.
- You can avail flexible loan amounts with an easy loan repayment schedule.
- The interest rates with online digital personal loans remain the same throughout the loan period.
Common Uses of Instant Digital Loans
You can use instant digital loans to fund various expenses. These include:
- Medical Emergencies: To cover unexpected medical bills.
- Home Renovations: To upgrade your home.
- Travel: To cover travel expenses.
- Education: To pay for higher education.
- Debt Consolidation: To combine multiple debts into a single loan.
Documents Required for a Digital Personal Loan
As the paperwork for digital personal loans is quite minimal, only the basic documents are required to avail these loans. Here is the list of documents you need to produce:
- Identity Proof: Aadhaar card, PAN card or driving licence
- Address Proof: Utility bills, rental agreement or Aadhaar card
- Income Proof: Salary slips, bank statements or IT returns
- Photographs: Recent passport-sized photo
- Bank Statements: Recent bank statements showing salary credits
Also Read: Documents Required for Cash Loan
Eligibility Requirements for Digital Personal Loan
The eligibility criteria for a digital loan vary from lender to lender. With CASHe, you can avail a digital personal loan by meeting the following requirements:
- Age: Above 21 years
- Employment: Salaried employee or self-employed with a regular income
- Income: Minimum income of ₹25,000 or more per month
- Credit Score: A good credit score
- Residency: Must be an Indian citizen
- Bank Account: Must have a valid bank account.
- KYC Compliance: Must have valid ID and address proofs
Things to Consider When Applying for a Digital Personal Loan
Whether you are applying for an instant digital loan with CASHe or any bank, here are certain things you must do:
- Confirm the loan amount you need
- Recheck the interest rates offered
- Choose a tenure that aligns with your budget
- Check for processing fees, late payment penalties, and other hidden charges
- Carefully read the terms and conditions
- Check for reviews online
- Compare personal interest rates from different lenders
Factors that Affect Digital Loan Interest
- Credit Score: A higher credit score can lead to lower interest rates
- Income: Higher income may qualify you for better interest rates
- Loan Amount: Larger loan amounts may attract lower interest rates
- Debt-to-Income Ratio: Lower ratios can help in getting better interest rates
How to Apply for a Personal Loan with CASHe Digitally
Getting a personal loan digitally with CASHe is quite easy. Here are the steps for you to follow:
Step 1: Download the CASHe App
Step 2: Sign up using your mobile number
Step 3: Complete the online application form
Step 4: Submit necessary documents like ID proof and address proof
Step 5: Select the loan amount and repayment tenure
Step 6: Review and submit the application
Step 7: Wait for approval
Step 8: Receive funds in your bank account
Conclusion
So, this is how you can avail an instant digital personal loan with CASHe. Download the CASHe app now to avail hassle-free instant personal loans for home repairs, education, travel, vehicle purchase, medical emergencies and more.
