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What is An Instant Personal Loan?

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The requirement for extra sums of money can occur at any time. It may be for an unplanned trip, an emergency, education expenses, and so on. If you do not have the required amount with you, you can opt for a personal loan. A personal loan is a type of loan that is provided by a bank without any collateral or security. You can even get an instant personal loan within hours. So, if you are in a situation where you need money urgently, then opting to get an instant personal loan would be an ideal option. Such loans get sanctioned for a short repayment time (one to five years). The repayment options are also flexible. You can pay your monthly dues via EMI’s. An instant loan requires minimum documentation and the process to apply for it is also usually effortless. You can even apply for an instant loan via non-banking financial institutions such as Money View, Bajaj Finserv, and more. Such financial institutions will make your loan-applying process entirely hassle-free and reliable.

Can I Get an Instant Personal Loan Online without Documents?

Yes, you can get an instant personal loan with minimum documents. As personal loans are sanctioned without any security or collateral, it is easier to get one quickly. You can even get a pre-approved loan within minutes from the bank where you have your account. Even if you do not have pre-approved loan offers, do not worry, as you can still avail it within hours of applying for one from any bank. However, there are a few eligibility rules that you must meet. Read below to know more.

How to Get Your Instant Personal Loan Approved Easily

Most banking or financial institutions keep a check of their customers’ financial habits. If any customer has already taken a loan previously and has been consistent in paying the EMI’s and he/she also has a clean credit history, then it will be easier for the customer to avail of another loan without any issue. Financial institutions also focus on the CIBIL score of the customer. The higher the score, the better are the chances of getting an instant loan sanctioned in no time. Apart from these, you can check out some of the ways mentioned below to get an instant loan without documents:

Repayment of EMI’s Every Month: Let us explain this with an example. Let’s say that you have lent money to your friend with the hope and your understanding that he will return the amount to you by paying for it in installments every month. Now, let’s assume that your friend has stopped paying you for a couple of months. If he comes back again to ask you for a second loan, will you be willing to pay a new sum? For most of us, the answer will be a ‘no.’ The same can be applied to financial institutions. They will also be hesitant to approve another loan amount if you have not paid your previous dues monthly.

If you do not pay your EMI on time, it will show that your finance-managing skills are not good. So, if you have taken a loan previously and you have a good history of paying your EMI’s on time without becoming a defaulter, then rest assured that your request for an instant loan without documents would be approved easily. As mentioned earlier, banking institutions take notice of such behavior and history. So, it is necessary to stay in the good books.

Maintaining a Good Relationship with the Lender: If the lender, which in this case, is your bank where you have your account, does not trust your finance-managing skills, then getting an instant loan without documents could be challenging. You can build this trust by always paying your dues on time and having at least the required balance in your savings account.

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A Good CIBIL Score: A CIBIL score is your credit score. Most financial institutions will check your CIBIL score before sanctioning a loan. If you wish to get a personal loan without documents, you must ensure that your CIBIL score is at least 650 or above. Apart from showing your credit history, a high CIBIL score also shows your financial stability.

A Low Debt-to-Income Ratio: If your overall income is higher than your debt amount, then you will easily get an instant personal loan without documents. A lower debt with a higher income signifies that your repayment capacity is strong, and so your lender will sanction your document-less personal loan instantly.

Documents for Instant Personal Loan

Instant personal loans do not require a heap of documents to get approved. However, you will need certain documents to assert your identity. To get an instant loan, the following are the documents that you will require:

  • Identity Proof: PAN card, aadhaar card, passport, voter ID
  • Income Proof: Salary slips, bank statement
  • Address Proof: Driving licence, aadhar card, PAN card
  • Age Proof: PAN card, aadhaar card, passport, voter ID

Instant Personal Loan Charges

Banks charge interest rates for every type of sanctioned loan. You must check the interest rates before allowing the bank to process your request. Most banks also charge a processing fee of up to 2% as per the loan type. Now, if you wish to pre-close the loan before the specified time, then banks might charge a fee of up to 5%. You must make sure to check these terms before getting your instant loan approved.

Benefits of Instant Personal Loans

Minimum Documentation: To get an instant personal loan, you need the minimum documentation mentioned above. Once you have submitted the documents, your loan will be disbursed within hours (less than 24 hours).

Easy Online Procedure: You do not necessarily have to visit a bank to get an instant loan. You can get it from the comfort of your home. You can check out mobile apps such as Money View and get your desired loan amount in an instant by simply submitting the required documents.

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