There are many options available in India if you want to borrow money asap. Take, for example, an instant cash loan. These can easily take care of all your financial needs that have arisen urgently. With instant cash loans, you can get up to Rs. 5,00,000 within a few hours as long as you fulfil minimum documentation requirements. Here’s how:
- Check Your Eligibility – Many online portals offer instant cash loans. Some of the commonly listed eligibility points are based on:
- Employment status
- Monthly Income
- Area PIN Code
- Purpose of loan
- Select a Plan – There are a variety of plan options available in the market as far as instant cash loans are concerned. Choose the instant loan offer that best meets your requirements and repayment terms.
- Provide Documents – After selecting a plan and completing the application process, you must upload all the required documents for Know Your Customer (KYC) verification. The documents are then assessed by the loan experts to determine if the application can be approved.
- Get Credit in Your Account - Once the loan has been approved, it takes only a few hours for you to get the credit in your bank account.
Most instant cash loans are unsecured and hence you do not need to offer any collateral against these loans. However, some lenders may charge a high-interest rate on these loans depending on the applicant profile and credit history. With a good credit score, the chances of getting the loan at lower rates are high.