Where Can You Get an Instant Personal Loan in India?

Personal loan in India is a multi-purpose advance that can be used for any purpose. That’s been possible because there is no end usage restriction when it comes to personal loans. Moreover, instant approval, high amount, affordable interest rates, and flexible tenor also makes it an attractive financial product for prospective borrowers.

One can apply for a personal loan in India from any financial institution or non-banking financial company (NBFC). They provide borrowers with funds to help them meet financial needs.

Eligibility criteria financial institutions look for are:

• One must be a resident of India.
• Loan applicants should be in the age limit of 23 to 55 years.
• They must be a salaried employee of MNC, private, or public firm drawing a pre-determined amount. This amount depends on the location of the applicant. For cities like Delhi, Bangalore, the minimum monthly salary bar is approximately Rs. 35000.
• A minimum credit score of 750.

Self-employed individuals and business persons may have to undergo further procedure before they can avail a personal loan.

One can easily avail a personal loan in India from several financial institutions and NBFCs. However, choosing the best requires thorough research comparison.

Factors to keep in mind while opting for an instant personal loan:

Keep these points in mind before applying for a personal loan.

• Flexibility in tenor

Tenors can range up to 60 months. It is important to know if your chosen financial institution avails you with such flexibility in tenor.

• Quick approval and disbursal process

Research and ask about their approval and personal loan disbursal policy. Few financial institutions and NBFCs complete the process and transfer loan amounts within 24 hours.

• Interest rate

Personal loan in India usually come with a reasonable rate of interest. Still, it can have variation from one financial institution to another. One should choose the one with lower interest rate to avail maximum benefit.

Selecting a lender that meets all your financial requirements as well as repayment capability is necessary. Compare the available options and go for an organisation that best meets your requirements.

Additional Read: Get An Instant Personal Loan in India