Four Easy Tips To Follow And Get Instant Personal Loans In India

Insta personal loans are very easy to get. This is because you do not have to apply for the insta personal loan. Instead, you just have to accept the offer. But, lenders have strict criteria for insta personal loans and give such offers only to low-risk customers. So, these benefits are not available to everyone.

Here are 4 easy tips to follow to get instant personal loans in India. 

Tip 1:  Relationship With The Lender Matters

When you want to get an insta personal loan, approach a lender with whom you have already transacted and with whom you share a good financial relationship. Make sure that you have had a good credit history with them. These lenders are likely to have all the information about you already and can make an offer based on these. All you have to do is to fill in a quick online form to access the information. Also, keep in mind that you don’t have to wait for the loan approval process. The insta personal loan is pre approved and you can simply avail of the funds required. 

Tip 2: Maintain An Excellent Credit Score

Your credit score is an important parameter to get an insta personal loan. A credit score summarizes your credit history and is a number between 300 to 900. It indicates your creditworthiness to the lender. A good credit score makes a lender confident that you have a good repayment capability. The closer your score is to 900, you are likely to get exclusive terms, a higher loan amount, lower interest rate, and nominal fees. In general, lenders will easily extend instant personal loan offers for a credit score of 750 and above. 

Tip 3: Your Income Level Must Be Steady

The lender evaluates your repayment capability along with your credit score. So, you must maintain a steady income level and provide all the documents required for this assessment. Sometimes, basic KYC documents and PAN will be sufficient for the lender to know your income. If you do not earn enough on a monthly basis, lenders will not have any insta personal loan offers for you. Also, your documents must corroborate your income particulars correctly. Income requirements will vary across salaried and self-employed individuals and also according to the city they live in. 

Tip 4: Ensure That You Have A Low Debt-To-Income Ratio

The disposable income that you have can be computed from your debt-to-income  ratio. If the debt-to-income ratio is high, then it means that most of your income will be used for debt obligations. In this case, the lender may hesitate to extend an insta personal loan to you as they will think that your repayment capability is not good enough. 

Some Best Instant Personal Loan Apps and Their Features

 

Simple Steps To Check Insta Personal Loan Offers?

Before you apply for an insta personal loan, you should check the offers for it. 

Here are the key steps to check insta personal loan offers:

Step 1: Go to the lender’s website or app 

Step 2: Click the ‘Check insta loan offer’ option

Step 3: Check your offer and complete the form by filling in the required details

Step 4: Wait for the disbursal

Post checking instant loan offers from various lenders, compare the terms and conditions. These details give you a better understanding of repayment timelines, cost of borrowing, and other features. 

Eligibility Criteria For Insta Personal Loans 

Check your eligibility criteria before applying for an insta personal loan. In this way, we can ensure that your application does not get rejected. 

 

Note: Also go to the lender’s website and check the eligibility criteria regarding your credit score. 

Documents Required For Insta Personal Loans 

 

How To Apply For Insta Personal Loans?

Follow these simple steps to apply for insta personal loans.

Step 1: Go to the lender’s website and find the instant cash loan options. 

Step 2: Click on apply and fill in the necessary details

Step 3: Choose the loan amount you require and the repayment tenure. 

Step 4: Click on submit to complete your application. 

Post submission of the application, a representative of the lender will reach you depending on the loan amount, repayment duration, and processing time. Nowadays, lenders provide you with mobile apps as well for applying. These apps provide enhanced user experience. For instance, mobile apps help you to complete the application and also keep track of your EMI payments.   

Here are Some More Dos For Insta Personal Loans 

• Compare the interest rates of different lenders

The interest rate is a very important factor when you take out an instant personal loan. Personal loan rates are generally quite high and range from 11% to 28%. (or even higher depending on the lender). If you want to have affordable EMIs, then you will end up paying more on interest towards the end of the loan. So, always compare the interest rates offered by various lenders. 

• Plan a Repayment Strategy: Borrowing an instant personal loan is very easy. But, you should have a proper repayment strategy. Compute your EMIs using a personal loan EMI calculator. Take into account your fixed and variable expenses including existing EMIs 
•  Choose The Loan Tenure:   

 Personal loans and instant personal loans have a loan tenure between 1 to 5 years. The personal loan EMI calculator shows the EMIs for the longest loan term to make them seem affordable. The rate of interest is not disclosed. But, the longer the loan tenure, the costlier the loan. So, rather than opting for the longest loan tenure, you must check the rate of interest and compute the cost of the loan for your desired loan tenure.  This will help you choose the correct loan tenure based on your needs.  

• Read the loan terms and conditions before you apply: Completely read the loan terms and conditions before you apply. Know about prepayment charges, foreclosure charges, processing fees, and other related fees before you apply for the personal loan so that you do not get caught later.

Conclusion

Insta personal loans are easy and quick to get. But, you should consider offers from trusted lenders with cost-effective terms. Also, ensure that you will be able to repay the loan without financially overburdening yourself before you apply. 

FAQS of Four Easy Tips To Follow And Get Instant Personal Loans In India

1. What is the best method to get an instant personal loan? 

You can apply directly through a bank’s website or financial institution. Before you apply, check your personal loan eligibility, interest rate, and EMI payable. After this, you will be able to apply for the loan online. Post approval of the loan application,  the amount will be disbursed to your bank account immediately.

2. Can I get a loan without a job? 

People without a stable source of income but a high credit score can apply for a secured personal loan for the unemployed. A good credit history with timely repayments and zero defaults can fetch you a personal loan up to a certain amount.