The barter system paved the way to money which in turn introduced us to the banks and the concept of loans. As the transformation continues now, all thanks to digitalization, we can apply for our loans without any hassle. But before you dive into this fountain, here are some things you should be considerate about
Who is Eligible to apply for an instant loan
The eligibility criteria for to apply for instant loan is not as rigid as you think
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- you should be within the age spectrum of 21 years to 65 years at the time of loan closure
- Being an Indian resident and citizen is mandatory
- All the relevant documents to apply for an instant loan (discussed below for your convenience) should be well attested, and you would also need a duly filled and signed application form
- You should be employed ( Government or private sector) and earning for at least six months with three months at the same place
- You should be living with a minimum wage of Rs.15,000 for tier 2 cities and Rs.20,000 for tier 1 cities
Considering expenditure and interest rate
Your Cibil score plays an immense role in deciding whether you are going to get the loan or not; interest rates also vary according to the bank and your creditworthiness. If you are considering a personal loan beware of the processing fee and some hidden charges as its crucial and can affect more severely than you think
Get to know the easy monthly installments
There are many EMI calculators that can help you get a hold of the financial future you are letting yourself in. The EMI calculator gives you an idea based on the loan amount, interest rate and loan terms. There are specialized apps and websites that help you calculate your EMI and know your Cibil score. One search is Finnable- it’s a fantastic platform if you are considering applying for instant loan. This whole process eases up and helps you get an online loan at the ease of your couch.
Documents for prerequisite
If you are considering to apply for an instant loan or any kind of loan for that matter, you need some documents to sure your eligibility. To be honest, there is minimal documentation, and it’s not that hard to get an online loan as compared to running circles of your bank’s branch
The document you may need is
- A filled and signed personal loan application form
- Your age proof
- Identity proof
- Address proof
- Salary slip of the last three months of bank passbook
Online application and approval
Once you have all the documentation, you just need to fill out an online application keep a soft copy of the documents as they are crucial in deciding the type of loan income evidence and salary slip are given priority in the event of unsecured loans such as personal loans.
The application will be processed, and you will soon hear from A representative assigned to you. The money will then eventually be reflected in your bank account. Once you have all the documents collected, the whole process becomes so easy that you can do this while playing Minecraft with your friends.
