How to get an instant loan in India for personal or business use?
Closing of offices and business houses had led to a loss of jobs and severe financial crunch during the lockdown. During the initial phase of the mandated nation-wide lockdown, the Moody’s Investors Service in the Global Macro Outlook 2020-21 had forecast a steep decline in income due to zero business in the lockdown. With no or very low cash inflows, many people have been forced to look for alternative income sources for their urgent fund requirements. Applications for instant loans have risen as loan aggregators and online loan companies are busy advising their customers about the instant loan online processes involved
To get a loan instantly, you may log on to any of the instant loan apps depending on your need and the loan application platform’s efficacy. Choosing the right app to get a loan sans any hassle involves the following steps including:
Check your loan requirement:
This is important as the amount of loan you need at a rate may not be the same as promised by the lender. With a host of app-based instant personal loan providers in the market, potential borrowers have a lot to choose from. Prior research through search engines helps to understand how these apps help to get an instant loan when needed and their credibility status.
Choose the right app:
Like any other app, interested customers may download their choice of instant loan app from the Google Play Store and App Store on their mobile phones, respectively. Those looking to take a small loan for immediate needs must avoid download bank apps as the loan application process can be arduous and time-consuming. With numerous processes involved in loan approval, getting an instant loan online may seem like a distant dream.
Know loan application process:
The right way to apply for loans ensures quick approvals. To get the necessary loan amount, customers must follow the below-mentioned steps:
- Find out the amount of loan that you can get
- Decide on the right loan amount that you need immediately
- Check the interest rate corresponding to the instant loans available on the web
- Use the EMI calculator in the loan app to find the best EMIs corresponding to the rates and tenure
- Check affordability of the loan amount
- Apply online for the loan
- Submit the required documents
Salaried people have suffered the worst hit due to the coronavirus pandemic. Those inclined to take loans for short tenures can log on to CASHe. An app-based lending platform, CASHe provides personal loans at the instant click of a button to salaried individuals. The loan amount can range from Rs 9000 to Rs 4 lakh for a period between 62 days and 1.5 year. To avail the loan amount, the borrower must submit the loan amount, click on the loan tenure, and then upload scanned copies of the required documents. These may include salary slips, bank statements, address proof, and PAN card through the cash loan app during the loan application process.