Wednesday, September 18th, 2019
All You Need to Know About Applying for an Instant Personal Loan
Instant personal loans are unsecured loans offered for a short period. One can take a personal loan for various reasons. People take personal loans to buy new assets, debt consolidation, for travel expenses, for educational purposes, home renovation and so on. The flexibility to apply for a personal loan online makes it popular among young professionals.
Before you apply for an instant personal loan there are a couple of things you need to know:
- The process of the application:
Compared to the traditional bank loans, the personal loan application is quick. The application process takes around 15 to 20 minutes. No collaterals are required as such loans are unsecured loans. The best part about the process is one can avail a loan with minimum documentation. One can get a personal loan on the same day of application. This depends on your credit score and your documents.
- Documents required:
Your basic documents like identity proof, address proof, and income proof will be required. To avail, a loan one must be employed with a registered company. You can submit your passport, aadhar card, pan card, utility bills, rent agreement, salary slips, etc as your valid documents.
Once you can access the Instant personal loan app like CASHe, 24x7 on google play store or Apple app store. You can be anywhere in the country or sitting at home, you can simply apply for it via the app.
- Checking the loan details:
Have doubts about the loans? You can read the FAQ section of the app to clear all your doubts. You can even check your eligibility for example: how much loan can you apply for depending on your salary. Once you enter your loan details you will the interest rates offered by the app. This gives you a fair clarity about your loan. The loan offered by CASHe starts from INR 10,000 up to INR 2 lakhs. Your duration of the loan can be 15, 30, 90 or 180 days.
- Credit score:
It was always good to have to keep a check on your credit score. A bad credit score can make it difficult for you to get a loan, even if you find a loan you might end up paying more interest rate. CASHe studies your social behavior based on your social media profiles. If you have a bad credit score and want a loan you can still get one with CASHe. You can read about Social Loan Quotient on CASHe’s FAQ section.
- Qualification for the loan:
Almost anybody can apply for an instant personal loan provided you are a working professional. You need to be a resident of India and you should be 18+ plus with a minimum of 15,000 per month salary.
Getting a personal loan is quite simple these days but before you commit, make sure you calculate your EMIs and repay on time to avoid extra fees.