The 5 Step Guide to Get Instant Personal Loans in India

1. The 5 Step Guide to Get Instant Personal Loans in India ____________________________________________________________________________ With the fast transformation of lifestyles, and the urge to spend more than one can afford, loans are the answer to everyone’s prayers. Education, medical emergency, or immediate travel plans need not be kept on hold due to the concept of Personal Loans. Personal Loans are unsecured and require no collateral. They are mostly used for immediate purposes and come with a low restriction when it comes to the amount borrowed. Instant money loan are a great way to build your credit faster since they come with high risk. #1 Determine the amount you need Before you initiate your loan process, it is critical to estimate how much you may require, or you might end up paying for the money you did not need in the first place. Often personal loans are taken for immediate emergencies, such as medical reasons, or college tuition fees that needs to be closed at an urgent basis. So generally we already have a rough estimate of the amount required. Most banks are usually very flexible about the amount they give out on personal loans, some banks may give up to 4,00,000 INR. Interest rates for personal loans, however, are on the steeper side, due to the lack of collateral and higher risk associated with it. #2 Check your credit score to determine your eligibility What is a credit score, you ask? It is often one of the larger factors that comes between you and your loan if banks begin to consider sanctioning you one. A credit score is a number that represents the risk that a lender takes while lending you money. Starting 2017, the Reserve Bank of India (RBI) has made it compulsory to provide one free annual credit report to taxpayers - so you can check your credit score for free. In India, your credit score is popularly called the CIBIL score (after the Credit Information Bureau of India Limited) and can be checked online for free. It is based on your past and present credit history. Defaulting on your credit card bills and irregular loan payment can affect your credit score negatively and make you ineligible for personal loans. Fortunately, new-age platforms like EarlySalary look beyond just this one measure and allow large parts of the market to meet their financial needs via their portals.

2. #3 Calculate interest and monthly instalments There are plenty of online free EMI tool calculators that can help you with the approximate repayment every month. Based on the loan amount, the rate of interest and loan tenure, your EMI can be accurately determined. An EMI calculator often comes built in with the Instant personal loan app or even on the website of the bank you plan to take a loan from. #4 Approach the loan institution Most banks offer personal loans in a variety of ways. Thanks to tech and digitization, loans today can be approved fairly quickly, relatively speaking. Banks still tend to spend some time in scrutinizing applications and coming to a conclusion on approving the loan. Again, new age platforms have come in to fill in a market need here. EarlySalary, for instance, offers loan approvals within minutes, and even has a flexible repayment system, where the borrower is free to choose the duration of the repayment period and the time of repayment. They have attractive and fixed interest rates based on your credit and social-worth score which makes the loan easier for people with recent credit score to acquire. With their safe and hassle-free immediate cash loans, instant personal loan apps have made the concept of a personal loan more accessible. #5 Submit your documents Once you have decided and initiated the process of a personal loan from your bank or instant personal loan app, you’ll need to submit a few documents. Most banks require -A proof of identity (This could be your voter’s ID card or PAN card) -A proof of residence (Passport or electricity bill) -A bank statement for the last 3 months from the bank where your salary is credited. -Salary Slips If you are getting the loan approved through an app like EarlySalary, the process is entirely paperless, and therefore, significantly faster thanks to the platform’s automated tools. Instant money loan have grown tremendously in the past decade, in part due to the demand for smaller loan amounts and easier access due to digitization. A strong alternative to credit cards since the rate of interest is not as high, they can help you get out of a debt potentially faster. Emergencies always come unannounced, and getting money immediately can be difficult. Personal loan apps are a great way to get instant cash. Get started on EarlySalary today!