Quick Tips for Availing an Instant Personal Loan

An instant personal loan comes with endless possibilities. You can use it to fund your dream vacation, renovate your home, cater to a medical emergency, or get a foreign degree. The loans are offered even for small purchases. These can include buying a phone or paying the rental deposit. This is an edge over banks that only provide cash for big-ticket items. There are no restrictions on fund usage and no collateral is needed to secure an instant loan.

The lending platform will only require a good credit score, solid repayment history and proper documentation as your eligibility criteria. The application can simply be completed from the mobile app.

But you have to be smart while applying for the loan. It will help you serve your needs better while speeding up the process. Take a look.

⮚ Download the App

Get the mobile app of the top lending platform. You can fulfil your short-term and everyday aspirations within the quickest possible time. The mobile app is a simple way to borrow funds rather than visiting a bank and following strict protocols. The personal loan app is available on both Android and iOS. It reduces unnecessary paperwork and human interaction. All you need is a smartphone and a steady internet connection. This will ensure 100% online application and smooth disbursal.

⮚ Arrange Your Documents

An instant personal loan through digital lenders does not require collateral. But you have to fulfil their minimal documentation. So, make sure to keep a PAN card for photo ID, the latest bank account statement showing salary credit, Aadhaar card (optional), a selfie as photo proof and permanent address proof. The amount will be credited to your account once the documents are approved and verified on the personal loan app.

⮚ Repay Capacity

This is an important factor that is taken into account by all credible lenders. So, if you are not in the financial capability to pay the EMIs, try not to apply for the loan. You will end up paying a 0.7% penalty if you default after a 7-day interest-free grace period.

⮚ Credit Score

Most financial institutions require a decent score to avoid loan rejection. You are encouraged to pay EMIs on time, review credit reports at regular intervals and avoid multiple loan applications within a short interval. However, a lending app does not depend solely on the bureau score to determine your eligibility. The leading one uses a sophisticated AI-based algorithm and alternative data to set a more accurate score. This is generated from SLQ that determines your creditworthiness. So, make sure to provide the right information for the correct score.

⮚ Be Specific of the Loan Requirements

This includes the amount, tenure and the monthly fixed EMI. Be sure beforehand since no changes can be accepted once the application is completed. You might have to apply for a fresh loan which might not be feasible in times of emergencies.

Keeping the above points in mind can help you secure a loan worry-free. Do not hesitate to get in touch with the customer care executive if you need assistance in completing the process.