Business Wire IndiaIn an emergency, you may need short-term funds. In such cases, the instant loans available online in the form of personal loans are the best option.
Instant loans can be obtained online through personal loan offers from traditional banks or financial technology companies. While personal loans from banks used to take days or weeks to process, now for existing customers the online banking or mobile app ensures these can be obtained quickly.
As for private banks, they offer personal loans to a select clientele in a few minutes. Many offer pre-approved loans to long-time clients with excellent repayment records and healthy credit scores. If a potential borrower has a working bank account and a fixed salary / income, they can apply for a personal loan. Besides the regular KYC documents, no additional documents are required. Once approved, disbursement will take place no earlier than the same day. However, still for new bank customers it takes a while, must go through a rigid subscription / approval process
However, new-age fintech entities are pros at disbursing instant loans within minutes if an applicant provides all the relevant information / documents. From traditional banks to new age lenders, borrowers can check their instant loan eligibility online through the relevant portal. Moreover, instant loans can be obtained online from the comfort of one’s own home without visiting a physical branch. New Age Fintechs Deliver On-The-Go Loans with Simple Application Process, Personalized Underwriting / AI-Based Decisions, and Digital Documents
Interest rates on instant personal loans vary among lenders, depending on your credit rating and repayment behavior. If you have an outstanding personal loan from a lender, you can qualify for an instant top-up loan on the existing amount. Again, there is minimal documentation and quick disbursement. High-risk clients can also get smaller loans to use as needed and then repay them easily. It helps build a credit profile or improve existing bad credit history.
Banks, NBFCs and new-age lending platforms offer instant loans ranging from Rs 15,000 to Rs 10 lakh, depending on the risk profile and credit rating of the client.
Here are five tips to increase the chances of your instant loan approval online:
- Maintain a healthy credit rating
A credit score of 750 and above is essential for the approval of your instant loan application. The credit score reflects your credit usage and repayment history. A great score indicates that you are making timely refunds and that you are a creditworthy customer. Although customers with a lower credit score may still be offered an instant loan, the interest rates are higher. The higher the score, the greater your chances of getting approved on favorable terms.
- Check your eligibility and requirements before applying
Different lenders have different eligibility criteria. Check them to make sure you are eligible. Understand the amount of personal loan you need and calculate the EMI that you can repay comfortably while choosing the most suitable duration. Personal loan calculators are available online, helping you understand potential EMIs for specific amounts and terms. Never ask for more than what you need, even if you are eligible.
- Keep all documents ready to be uploaded beforehand
All required documents such as bank statements, proof of address and identity, photographs, etc. must be ready to download when you access the lender portal for instant loan. Before applying, it makes sense to store these images on your device to save time. Thus, the online loan application process can be completed uninterrupted within minutes. Some platforms also offer the option to complete KYC verification via digital mode where your KYC details are fetched from the original sources and you do not need to provide any additional details. It is necessary that you provide correct information to verify throughout this process.
- Read the fine print ahead of time
Before digitally signing an online loan agreement for your instant loan, make sure you know all the terms and conditions as well as the fees. Thus, you will not encounter any unpleasant surprises afterwards.
- Always provide accurate information
Correct factual information can increase the chances of approval on more favorable terms. But any false or inaccurate information will result in your application being rejected as online lenders will use multiple digital sources to verify details are correct.
In the meantime, if you are looking for quick and hassle-free personal loans online, Clix Capital has some of the best deals out there. If all your information / papers are ready, you can qualify for an instant personal loan. This could be used for various purposes. Check the loans available with Clix Capital. You can also check your credit score for free on the Clix website.
The range of Clix personal loans includes those for:
Debt Consolidation: Various debts can be consolidated into one high-value personal loan, which makes repayment easier.
Medical emergency: Such emergencies may require immediate funding, as adverse health events can occur without warning.
Renovation of the house: This instant personal loan can help turn your home into a dream home.
Higher Education: If your child is considering opting for higher education in India or abroad, an instant personal loan will provide full financial support to get the best education possible.
Wedding costs: Your special day can become super special thanks to the personal loan from Clix Capital which covers all the high-end expenses for a big wedding.
Travel expenses: Meet all pending travel goals for a memorable vacation with a personal loan that covers all travel-related expenses.
If you are between 25 and 58 years old and have a credit score of 690 or higher, you are eligible for a Clix Capital personal loan of up to Rs10 lakh. If you are salaried, your minimum income should be Rs. 25,000 per month, with a minimum office vintage of 2 years. Clix’s personalized repayment options range from 24 to 60 months, so you don’t have any repayment issues.
If the information provided is correct, you will get instant approval and the loan amount approved can be credited to your bank account within minutes, subject to certain conditions. To clarify, if your KYC is updated with Aadhaar or PAN, documents can be verified online simply by providing a few necessary details. Check your eligibility with Clix Capital.
Note that you can use the personal loan for any purpose. Being unsecured loans, no collateral or guarantor is required. Thanks to all these advantages and a customer-centric approach, Economic times recognized Clix Capital as one of the top 2021 BFSI brands.
Finally, simply choose Clix Capital’s Personal Loan EMI Calculator to select the appropriate amount, term, and EMI based on your repayment capacity. Without a doubt, instant personal loans are now the most convenient financing option in emergencies and at other times.