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How to Get an Instant Personal Loan?

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At times, we all come with some unexpected and uninvited personal expenses for which we don’t have the funds to meet these expenses. In these critical times, availing an instant loan is the right option. Instant loans are very easy to apply and can be done online, these instant loans are for a shorter tenure and involve quick processing, require minimal documentation and can be disbursed quickly to your bank account. These loans enable you to meet your needs immediately without any hassle. Instant loans have a very simpler and quicker approach to it.

Here are some instant personal loans that you can opt for

Personal Loan

A personal loan is the first and foremost option that is availed by the masses to deal with the financial crisis. It is an unsecured loan and comes with no collateral or security. Many banks and NBFCs are there who offer this loan starting from INR 30,000 to INR 40 Lakhs depending on the requirement. Interest rates vary from lender to lender. The interest rate is generally higher as compared to a secured loan and flexibility of choosing tenure to repay the amount is also there, you can choose it as per your convenience.

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Short Term Personal Loans (STPLs)

Short term Personal loans have recently seen a high demand in India and they provide a loan of as low as INR 1000. STPL is offered by many NBFCs and digital lenders and these are pretty helpful and ideal to deal with the month-end financial crisis. All you need to do is apply online or through the application, fill in the form , upload necessary documents and the money will instantly get disbursed into your account.

Top Up loans

Do you have an existing loan? If yes, then you can use this facility to get a top-up on the existing loan amount and can have the extra funds in your account. As the lender already has all your personal details and documents, so it won’t take much to provide you extra funds based on your eligibility. You just need to fill a form and be done with some formalities. This facility you can avail after completing a certain no of EMIs depending on the lender also the amount of extra fund will also depend on your eligibility of availing the maximum loan amount. But regardless of these you can always opt for top-up.

Loan against Credit Card

If you have a credit card, the loan offered to you by the credit card provided will depend on your repayment history and also on your credit limit. The interest rate of loans against credit cards are a bit higher in comparison to other instant loans. But to meet your immediate needs you can opt for it. The pre-approved loan requires minimum processing and funds get disbursed quickly. You can also contact your credit card lender to process this loan.

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Loan against Savings and Insurance

When it comes to getting a quick loan with least paperwork against savings and insurance policy scores over other types of loans. Offered by many banks and NBFCs against your small savings instruments like insurance policies, FD, this loan is also known as a demand loan. You get a high loan value, however, the amount depends on the maturity value of your policy. You may also get a lower rate interest as insurance companies charge a lower rate of interest as compared to other loans.

What are the things to consider before applying for an instant loan?

Before settling for an instant loan, you need to evaluate certain factors to sign off the best deal.

Loan Amount

Make a list, prioritize and decide the need you will be financing with this loan. Also make a list of other expenses that would be consuming your monthly income along with the EMI. Based on the prioritization and other expenses, decide how much loan amount you may need to borrow. Try to manage as many expenses as you can with your monthly income.

Repayment Ability

Before applying for the loan, prepare yourself whether you will be able to repay the amount borrowed on time or not. You need to evaluate your existing obligations ratio to your income. Do not borrow more than you can repay, keep track of other expenses.

Choose Tenure

After deciding on the loan amount, you need to be very meticulous whilst choosing the tenure in which you can repay the amount without any default and inconvenience. The tenure usually varies from 3 months to 60 months and is decided by the borrower.

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Compare Interest Rates

Irrespective of the loan amount, don’t settle for the offer by the very first lender. You need to compare the offers of various lenders and then should sign off the best deal only.

Instant loans can save you from the embarrassment of asking money from your friends, family, relatives for petty things. However you need to borrow smartly and don’t fall into debt traps.

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Personal Loan Interest Rates July 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates July 2020
Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 7.85%
Citibank8.20%
HDFC7.55% - 8.45%
ICICI Bank7.45% - 8.55%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.40% - 9.70%
LIC Housing7.40% - 8.85%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI7.35% - 8.00%
Tata Capital9.20% - 9.35%