Unplanned expenses can throw your finances off track. From medical bills to home repairs or a family wedding, extra costs crop up when you least expect them. Instead of using up expensive credit card debt, an instant personal loan can be an optimal solution to tide over cash crunches.
By following some handy tips and best practices, you can promptly secure approval and funds disbursal. Read on to learn some essential tips for getting an instant loan online.
Step-by-Step Application Process
Follow these steps for smooth sailing:
- Check Interest Rates: Compare rates on lending apps/websites to get the best deal as rates impact EMIs.
- Assess Expenses: Determine total expenses and pick the appropriate loan amount with a buffer.
- Share Accurate Information: Provide correct personal and employment details for eligibility match.
- Upload Documents: As needed, submit clear digital copies of KYC papers, income proof, and bank statements.
- E-Sign Agreement: Check and electronically sign the loan contract sent on the registered email/mobile.
- Account Verification: Share credentials for quick credit bureau and bank verification procedures.
- Track Application Status: Check the website/app periodically for processing updates to address queries proactively.
Eligibility Criteria for Instant Loans
As an applicant, you must meet the broad eligibility guidelines for instant loans:
- Age between 24-55 years.
- Salaried individual with at least one year of experience.
- Minimum monthly income above Rs. 18,000 in metros.
- Maintaining a credit score of 750 or higher for attractive rates.
- Limited existing loans.
Tips for Fast Approval
Following are the essential tips to fasten and smoothen your online personal loan application approval:
1. Maintain Credit Card Discipline to Protect Credit Score
Ensure that credit card bills are paid on time monthly and maintain an optimal credit utilisation ratio below 30%. This will help build and preserve your score above 750.
2. Keep Declared Income Above the Lender’s Minimum Threshold
Check the bank’s website for applicants’ minimum monthly income eligibility. Declare income accurately and provide relevant income-proof documents showing salary credits.
3. Provide Direct Contact for Faster Processing
Share your mobile number and active email address in the application form. This allows smooth communication from the lender regarding queries or updates to ensure quick processing.
4. Opt for Tenure Between 12-36 Months Based on Repayment Capacity
Assess your income stability and surplus funds available for loan EMI payments. Accordingly, pick an optimal loan repayment tenure. A longer duration, like 36 months, will mean lower EMIs, while a 12-month tenure enables closing the loan faster.
5. Limit New Credit Applications
When you apply for multiple loans or credit cards in a short span, it leads to hard credit inquiries, which can temporarily impact your score. Avoid too many new applications.
Following these additional guidelines can secure instant loan approval without last-minute hassles or processing delays. Providing accurate inputs and documents and maintaining credit health will facilitate fast disbursal.
Conclusion
Online lending avenues have enabled access to instant loans with ease and speed like never before. Review eligibility norms thoroughly, furnish accurate information, submit quality documents, and track application status regularly for smooth processing. Follow the handy tips and optimal process shared here to fulfil unplanned financing needs conveniently.
