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Borrowing money from a traditional bank is smart in some situations, but not when you need the cash quickly or don’t have collateral or solid credit history. This borrowing is the need that instant personal loans aim to fill. These loans are meant to help families deal with unforeseen events. Quick disbursal, instant processing, privacy and flexibility are benefits of these loans compared to standard loans. So, if you want to understand or apply for an instant personal loan, congrats, your hunt is over! Read below.

Definition of Instant Personal Loan

Instant loans are short-term unsecured loans that don’t require much paperwork and can be authorised quickly. Unlike business or home loans, personal loans can be processed without collateral, and there is no requirement to explain the purpose of borrowing funds. In addition, these loans can be approved as quick as 2 minutes. Rapid and quick loans are some other terms used for these loans.

Instant Personal Loans are provided mainly by banks and NBFCs. Furthermore, when applied online, one can directly eliminate the need to travel to a physical bank and complete tedious paperwork. The following are some typical uses for instant personal loans.

  • Medical Emergencies
  • Home Renovation
  • Education
  • Used possessions, i.e., cars
  • Leisure activities, i.e., Travelling & touring

Features and Benefits of Instant Personal Loan

While there are countless benefits, there are three primary advantages of taking instant loans: quick disbursal, flexibility, privacy and quick processing. See below how they can help.  

Disbursal Policy 

The main title, “Instant Personal Loan”, signifies everything. First, you can get the money within hours. Most lenders have a policy of 24-hour disbursal. Furthermore, your loan amount will be directly deposited into your provided savings account. 

Flexibility in end usage of funds 

As said earlier, explaining to a personal loan provider how you will use the money is not required. In addition, since Instant Personal Loans are processed instantly, they can help in numerous emergencies and tricky situations unrelated to business.  

There is no need to put up any kind of security. 

You can apply for instant personal loans even if you don’t own any business or collateral. Due to this, these loans help salaried and self-employed individuals more than bank loans. As a result, you won’t need to worry about losing your possessions in a crisis. 

Straightforward Processing 

You don’t have to travel to a bank, NBFC or lender and just kickstart your processing from your phone or any device. In addition, when loans are taken from NBFCs like My Safe Loan, the chances of getting approval are higher than banks.  

Eligibility to Apply for Personal loan 

Personal loans don’t necessitate a perfect credit score, guarantor, or collateral, so practically anyone can apply for one. However, one has to meet certain eligibilities like age, nationality, and employment. Typically, you must be between 21 and 55 years of age. A valid government-issued photo ID and verification of job status are also required. If you have everything, prepare your documents. Here’s the list of required documents:

  • A valid government-issued photo identification card (Aadhaar/PAN/DL/Passport) 
  • Address Proof (Electricity/Water/Phone bill or Passport) 
  • Passport size photos
  • Salary Receipts for salaried applicants
  • Bank statement 

    5 Step Process to Apply for Instant Personal Loan

    • Step 1: Choose a reliable lender that provides flexible options and reasonable interest rates, such as My Safe Loan.  
    • Step 2: Choose the sum you wish to borrow and the time.
    • Step 3:Calculate the EMI with EMI calculators.
    • Step 4: If EMI suits your pocket, apply by uploading documents on the dashboard.
    • Step 5: That’s it. You are done with your application, and stay up-to-date with your application status. On average, you will get a response within 24 hours.

      Final Line

      We hope this answers all your questions regarding Instant Personal Loans. In a nutshell, Instant Personal Loans are loans that don’t necessitate tedious paperwork and can be approved within minutes or the same day. During application, one must be between 21 and 55 and hold Indian citizenship. Moreover, after being eligible, one can get a personal loan just by proving employment status and submitting a few documents.

      Generally, NBFCs have more approval rate and easy process than banks. Hence, if you want emergency funds, you can take them from registered NBFCs like My Safe Loan. There’s no point in waiting, so you should apply now to suffice your required funds!

      Frequently Asked Questions (FAQs)

      1. What is the eligibility to apply for Instant Personal Loans? 

      • To get an Instant Personal Loan in India, you need government-verified proof that proves your citizenship (Aadhaar, PAN, Passport).
      • You must be in between 21 and 65 years of age.
      • You must be able to prove your employment status.

        2. How can I get an Instant Personal Loan? 

          • Decide the amount of loan you want.
          • Find a reliable lender that provides reasonable interest rates and quick disbursals, such as My Safe Loan.
          • Upload a few documents and click Apply.
          • You are done.

            3. How can I get an Instant Personal Loan if I don’t have good CIBIL? 

              Unsecured Instant Personal loans are available for individuals who don’t have good CIBIL or solid credit history. Submit your application at My Safe Loan now.  

              4. How will I get the loan amount of my Instant Personal loan? 

              Usually, personal loans are disbursed in a personal savings account provided by the applicant once it gets approval.  

              5. Which documents are required to apply for Instant Personal Loan? 

              • A valid government-issued photo identification card (Aadhaar/PAN/DL/Passport)
              • Address Proof (Electricity/Water/Phone bill or Passport) 
              • Passport size photos
              • Salary Receipts for salaried applicants
              • Bank statement