What is Instant Personal Loan and Benefits

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Thinking of getting an instant personal loan for your financial needs? If yes, then you are on the right path as this type of loan provides you with quick financial assistance. In this article, we are going to discuss about what is an instant personal loan along with the benefits of instant personal loan. This knowledge will be very useful for you to understand some of the facts about instant personal loan.

Getting a personal loan is one of the easiest financing options available for people in India as the application process is pretty simple and instant finance option is available too. Read on to know-how innovations in instant personal loan lending has encouraged more people to opt for this loan type. Now a day there are apps as well, where you can get personal loan credited to your account in few clicks.

What is an Instant Personal Loan?

An instant personal loan means, an unsecured type of loan that can be used to cater to various financial needs including home renovation, payment of education fees, medical fees, vehicle repair, debt consolidation, credit card payment and others. Getting this type of loan has now become easy owing to digital advancement.

With the technology advancing, various lenders in India have now started offering loans online, thereby making it easy for borrowers to get instant funds. Furthermore, banks, NBFCs and digital lenders which offer a simple application process that helps borrowers get the funds quickly only based on KYC and income documents. Online lenders use data-driven algorithms that make it easy for them to determine your credit eligibility. Based on your credit eligibility, the personal loan amount is sanctioned and disbursed instantly.

Benefits of an Instant Personal Loan

How innovations in instant personal loan lending have encouraged more people to opt for it. You should also have knowledge on personal finance basics at the first. Then you can focus on features of instant personal loan, advantages of instant personal loan along with some of the instant personal loan benefits here.

Simple and Hassle-Free Application Process

What is Personal Loan Meaning-Definition-Instant Personal Loan Benefits Features Advantages - Wikipedia of Finance

Getting an instant personal loan involves a simple and hassle-free application process that makes it easy for you to address your financial emergencies on time. To get the loan, all you need to do is: visit the lender’s website or download the application, fill the application form online, upload documents and get the loan approved.

On successful loan approval, the loan amount is disbursed instantly or within 48 hours, depending on the lender you apply with. Few lenders in India offer disbursal within 10 seconds, whereas, few take a maximum of 48 hrs to disburse the amount. To avail this type of loan, you don’t have to visit the lender’s office or even wait for days to get the loan approved. Just by making the application from the comfort of your home, you can easily get the loan amount.

Instant Disbursal

As the name suggests, this type of loan is disbursed instantly, thereby making it easy for you to plan your finances or address emergencies quickly. With minimal documentation and easy application process, getting instant disbursal makes this loan product a popular one in the Indian loan industry.


No Collateral Needed

An instant loan is a personal loan that does not require you to offer any collateral i.e. this type of loan amount is offered without having to keep any assets as security to the lender. This thus ensures that you are not at risk of losing your assets even in case of non-repayment of the loan amount.

However, in case of non-repayment of the loan, your credit score is affected and you would not be eligible to avail more loans in future or can avail the same at a high-interest rate. Therefore, timely repayment of the loan is important even with this loan being of the unsecured type.

Minimal Documentation

Since the entire application for this type of loan can be done online, you can easily upload the documents online. This thus helps you in saving time and also does not require you to do any paperwork.  Similarly, when applying for a loan from the bank, you have to do paperwork or an executive will visit you to collect the documents.

High Loan Amount

You can avail instant loan starting from INR 20,000- INR 25,00,000 easily from online lenders as well as various banks and NBFCs in India. If you comply with the lender’s eligibility criteria and have a good credit score then getting a high loan amount at a low-interest rate is easy for you. With a high loan amount offered instantly, you can easily take care of your financial needs without having to rely on your friends or family for help. You should also read personal finance tips to manage your finances.

Interest Rate

Instant personal loan is offered at a low-interest rate that ensures you don’t have to pay back a high overall amount. The interest rate for this type of loan depends on your credit score and eligibility.


If you have a low credit score, then the loan amount offered is low and high-interest rate is applied on the same, whereas, with a high score, it is easy for you to get a high loan amount at a low-interest rate. Therefore, having a good credit score is essential to get an instant personal loan.

Conclusion

Applying for an instant loan online in India is convenient and does not require you to go through any paperwork. You can apply for this type of loan online in India. Hope this information will be useful for you before you apply for instant personal loan. Let us know about your those on instant personal loan benefits in the comment box below.

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