Apply for Instant Personal Loans in India: Benefits, Eligibility Criteria, and Documents Required

Introduction

Many of us keep a principal amount set for personal expenses, and sometimes this amount might fall short, you might need funds to meet your expenses or even emergencies that might come up without a warning and a popular source of additional funds is getting an instant personal loan.

What is a personal loan?

It is an unsecured loan that can be borrowed from a financial institution in times of personal need, especially when the funds are low. This loan is called unsecured because it does not require any collateral. This type of loan is versatile, which means it can be used for various purposes like weddings, travel, paying off your credit card bills, etc. Instant personal loans do come with various benefits and risks, so to talk about benefits first, would be its minimum time for approval often within minutes, hours, or just a day. As said earlier, there is no need for collateral, and some institutions would not even ask for a credit score, but when such benefits are provided, there is a risk of high-interest rates compared to banks.

Eligibility Criteria

When applying for a personal loan, one should meet some eligibility parameters. These parameters are fixed by lenders or financial institutions to evaluate the risk associated with lending money to an individual. For a personal loan, an individual should have a minimum age of 21, an Indian residency, and a savings bank account. Many lenders require good credit scores, and there are some who do not keep them as a factor in loan payments. One basic criterion that all lenders check is financial stability to ensure that borrowers can meet their loan obligations and pay their monthly EMI.

Documents Required for an Instant Personal Loan

Applying for an instant personal loan requires a set of documents from the borrower. These documents are requested for verification purposes by the lender and to check the eligibility criteria. The list of documents needed to avail of a personal loan includes a PAN card, residence proof like an Aadhar card, voter ID, passport, or utility bills, passport-size photos, bank statements of the salary account, and the last three months’ salary slip.

How to apply for a personal loan through Bharatloan App

Applying for a personal loan is a quick process, you just have to follow a few steps, The first would be registration where all the required information should be provided, next a photo proof, after the application page, select the principal amount of loan and check the interest rate, with the help of a loan calculator given in the app as well as the website, the next process is of KYC and documentation where an ID proof, a bank Statement and savings bank account for the transaction will be needed, the individual who is applying for a loan should be an Indian Resident and salaried professional with 25k salary per month and the last wait is for the application status and disbursal on the funds that will only take 30 minutes. Once the above-mentioned criteria and documents are up to date, one can easily apply for a loan of up to Rs. 1 lakh, and with the assistance of customer support available 24/7, you will never face any issues with the application, as for every query, our support will be ready all the time.

Why Choose Bharatloann for Instant Personal Funds?

Bharatloan is a registered NBFC (non-banking financial institution) approved by RBI and is one of the leading supporters in times of financial need, as anyone who is employed and has a minimum salary of ₹25,000 can apply and get quick approval loans as required. Here, credit score is not a factor that affects your credibility or collateral, but other criteria like documents and a savings account are mandatory.

Concluding Words

An instant personal loan is one of the best ways to get quick funds for your times in need; however, an individual should understand what a personal loan is, do research on where to get the best deals, and be able to repay the loan as per the terms. Because defaulting on the loan would make it extremely difficult to apply for quick approval loans in the future. So always do your research and be ready with what is required to get and clear off loans.