With the advent of digitization, availing a personal loan has become a hassle-free process. Due to the increasing number of financial institutions, borrowers have a large number of options to avail a personal loan. Moreover, the popularity of an instant personal loan has increased significantly due to its attractive interest rate and other lucrative features. Below are some of the features of an instant personal loan that makes it a preferred financing option in case of urgent requirement of funds.
Table of Contents
As the name suggests, instant personal loans are disbursed within a short span of time. With leading financial institutions, you can avail the required loan amount within 24 hours. This makes instant personal loans one of the best tools to fight financial emergencies.
Short Term Loan
An instant personal loan is a short term loan and hence, you don’t have to carry the debt burden for a longer span of time.
With leading NBFCs, the entire process of availing an instant personal loan is online. After filling an online application form, you can upload all the required documents online. Aslo, you can e-sign the loan agreement. The exclusion of physical documentation has made the process of availing personal loan efficient and hassle-free.
Financial institutions never enquire about the usage of the loan amount before approving your instant personal loan. Therefore, you can use the entire loan amount depending upon your requirement.
The repayment of an instant personal loan is done in EMIs, which is the easiest way to repay any kind of loan. The auto EMI deduction of the loan makes the repayment very convenient.
Instant personal loans are collateral-free loans. Therefore, you are not required to pledge any collateral while availing this loan. So it keeps you free from the risk of losing your asset in case of non-payment of the loan.
Online loan management
You can easily manage your personal loan details online with the help of a customer friendly portal.
How to apply for an instant personal loan?
By following these easy steps, you can easily apply for a personal loan from the comfort of your home.
- Step 1: Fill in the online application form with your personal, financial and employment details
- Step 2: Select the loan amount and the loan tenure you want for yourself
- Step 3: Upload the required documents.
- Step 4: Once approved, you will receive the amount in your bank account within 24 hours.
Now that you are well aware of the benefits of an instant personal loan, you can consider availing it to fulfill your financial goals. You should carefully make a note of the interest rate and monthly installments while availing an instant personal loan. You can also get a better estimate of your EMI with the help of online EMI calculator. This will allow you to plan your monthly budget wisely. Lastly, do not forget to read the terms and conditions of your loan agreement carefully before signing it.