You may have been in a situation where you do not want to deplete all your savings to meet certain financial requirements. This is when applying for a Personal Loan can come in handy. An instant Personal Loan is one that is available to you in the shortest span of time. It allows you to avail funds within a day of approval, which can be very helpful during say, a medical emergency.
With nominal interest rates and great additional benefits, availing a quick Personal Loan can be the ideal financing solution for you. Here are some features of instant Personal Loan:
- Quick application and processing
Most lenders offer instant Personal Loans through online applications. Hence, you get a faster approval and quicker processing of your loan. Additionally, you have the freedom to apply at your convenience, no matter where you are. Top lenders provide disbursal of funds within 24 hours of approval. This makes it an ideal option to tackle medical emergencies and other needs when you have a time crunch.
- Collateral-free loans to reduce risk
Personal Loans are collateral-free. This means you need not pledge a personal asset to finance your wedding or other expenses. Additionally, you can get a loan of up to Rs.25 lakh at nominal interest rates to cover all your requirements. You can also use these funds without any restrictions, unlike home loans that have some limitations on their use.
- Minimal documentation
You do not need to submit a lot of paperwork to prove your eligibility for a Personal Loan. Lenders today only ask for your basic documents – ID proof, salary details, and bank account statement – to process your loan. Furthermore, NBFCs also offer doorstep documentation pick up for your convenience.
- Flexi Loan option
Some Personal Loans come packed with additional features. For instance, lenders offer a Flexi Loan facility on their Personal Loans. With this option, you can borrow as you need from a sanctioned loan amount and pay interest only on the money utilised. This is an ideal option when you do not know how much money you will require, like during a home renovation project where you are only provided with cost estimates. Additionally, you can choose to pay interest-only EMIs and repay the principal amount at the end of the tenor.
- Comfortable tenor options
An instant Personal Loan offers comfortable tenor options ranging from 12 to 60 months. This means you can choose a tenor that divides your owed amount into a comfortable repayment schedule. You can also use an EMI calculator to find the ideal tenor for yourself.
There are various types of loans that can be customised for various uses. These include Personal Loans for weddings, travel, education, home improvement, medical emergency, etc. which allow you specific benefits. So, select the right lender, check your pre-approved offer to know the amount you are already eligible for, and finance your needs easily.