instant personal loan

Instant Personal Loan: How to apply for it? Stepwise Guide

Instant Personal Loan: Are you confused thinking about how to apply for instant personal loan? In this guide, we will simplify your overhead.

Instant Personal Loan: How to apply for it? Stepwise Guide

Written by Roopya

An unnecessary cash crunch and lack of funds can be the major obstacle in between you and your goals. Along with that, pre-planned funds can be insufficient for emergencies like medical emergencies or sponsoring your own educational expenses. However, an instant personal loan can solve all the issues that you can’t manage due to a lack of cash or funds. So if you want to apply for instant personal loan online, this is the easiest guide you can follow. But before that, you need to match the following eligibility criteria.

In this blog we covered:

  1. Eligibility Criteria To Apply For Instant Personal Loan
  2. Documents Required To Get Instant Personal Loan
  3. Steps To Apply For Personal Loans Online
  4. Things To Keep In Mind To Get Easy Instant Personal Loan

FAQs:

 

instant personal loan

Eligibility Criteria To Apply For Instant Personal Loan

Apart from being an Indian, the borrower should meet the following criteria-

Age of the borrower 21 years- 58 years
Occupation of the borrower Salaried/ Self-employed
Minimum income of the borrower Rs. 15000/month for salaried persons or Rs. 5,00,000/year for self-employed persons
Credit score 750 or more

Besides that, the borrower should not be a defaulter in the previous years if he or she has existing loans or loan history.

Documents Required To Get Instant Personal Loan

For the application, the borrower must produce the following documents-

Identity Proof PAN Card/ Aadhaar Card/ Voter’s ID/ Driving License/ Passport
Address Proof Aadhaar Card/ Passport/ Driving License/ Electricity Bill/ Lease Agreement/ etc.
Income Proof Salary Slip/ Salary Statement/ Bank Account Statement/ Income Tax Return/ Final Accounts

Steps To Apply For Personal Loans Online

Online loan application platforms like Roopya has made the application process easier like never before with the following steps-

Step 1- Put your personal details like address, employment, income, etc. on the website.

Step 2- Then select the loan amount and the tenure you find convenient as per your remittance capacity.

Step 3- Submit the required documents to the representative who will approach you on behalf of the loan provider.

Step 4- You will get your loan amount credited to your bank account within 24 hours if the provider finds you eligible for the loan.

Things To Keep In Mind To Get Easy Instant Personal Loan          

These were just the basic procedures for an instant personal loan online application. But there are still some steps that you must follow to avoid any scam or to find the best loan offer in the market.

  • Do thorough research online to find the best loan offers with convenient interest rates. At Roopay, you can find multiple authentic loan providers who will provide loans on behalf of genuine terms and conditions and interest rates. So compare them and find the best one suited for you.
  • Get an idea of your estimated EMI amount with the help of the EMI calculator.
  • Always apply for a personal loan through authentic channels like Roopya to avoid any scam. Usually, quick personal loans do not have any hidden fees or charges. So watch out for that and avoid such offers with too good to be true rates, tenures, and terms.

Read our full blog on: Instant cash loan in 1 hour

If you are willing to get an instant personal loan, apply online, or you can visit here for assistance in getting such a loan.

How can I get an instant personal loan?

Getting an instant personal loan has become easier due to the online process. So to get a personal loan, you have to land on the webpage of any bank or NBFC, or you can visit the website of Roopya, where you can find multiple lenders to select the one that you find competent to fulfill your financial requirements. There, you will be able to compare lenders, their loan criteria, rates of interest, and calculate the EMIs using the EMI calculator.

What documents do I need to apply for an instant personal loan?

The documents required to apply for an instant personal loan may vary from lender to lender as their eligibility criteria might not be the same. But the following documents are the basic requirements to apply.

  • PAN Card
  • Aadhaar Card
  • Bank statement of the past 3 months
  • Salary slips of the past 3 months
  • Latest ITR or income statement, certified by a CA
  • Proof of employment such as company ID

Where is the easiest place to get an instant personal loan?

To get a personal loan, Roopya is the easiest place as you can find the top-rated banks and NBFCs on its website to apply online. After putting your personal details and the loan requirements on the webpage, Roopya will find you the most suitable lenders for you and you can compare them to get the best lender. And the entire process of finding the lender and applying to it will take a few minutes to complete. The eligibility criteria are simple and the application process is hassle-free through which you’ll get instant approval of the application and can bag the loan amount even within an hour. Even the applicants with a poor credit score or zero credit history can find few lenders for them on Roopya.

Is it hard to get an instant personal loan?

No, it’s not hard at all if you follow the steps that are stated below.

  • On Roopya’s website, you will find their eligibility criteria.
  • You have to fill up the fields with the required data such as your name, age, income, occupation, loan amount, tenure, ROI, etc.
  • The website will generate a list of lenders for you.
  • Compare them and check the eligibility criteria of the lender whom you have found perfect for you.
  • Then complete the application process by uploading the soft copies of the required documents.
  • After the initial verification process, you will get instant approval of your loan application.
  • Then the lender will complete the entire verification process and collect the documents from you.
  • If everything goes perfectly, then the lender will credit the loan amount into your bank account.

How much can I borrow for an instant personal loan?

The availability of the loan amount will completely depend on your eligibility. Your monthly or annual income, repayment abilities, credit score, credit history, etc. will decide whether you can get the maximum loan amount that the lender offers or not. However, the maximum available personal loan amount on Roopya is Rs. 40 lakh and Rs. 1 crore for the salaried person and self-employed individuals, respectively.

Which bank personal loan is best?

The definition of the best bank for a personal loan can change as per your requirements of the loan elements. Some may need a high loan quantum and longer tenure but others may require a competitive rate of interest, along with simple eligibility criteria. Finding a bank that will fulfill all of your needs can be difficult. So here are the top 5 banks that Roopya finds best for personal loans.

  • HDFC Bank- ROI is 10.75% onwards, tenure is up to 60 months, the maximum loan amount can be Rs. 40 lakh.
  • IDFC Bank- ROI is 10.75% onwards, tenure is up to 84 months, the maximum loan amount can be Rs. 40 lakh.
  • Standard Chartered Bank- ROI is 11% onwards, tenure is up to 60 months, the maximum loan amount can be Rs. 50 lakh.
  • Kotak Mahindra Bank- ROI is 10.75% onwards, tenure is up to 5 years, the maximum loan amount can be Rs. 20 lakh.
  • ICICI Bank- ROI is 10.50% onwards, tenure is up to 5 years, the maximum loan amount can be Rs. 20 lakh.

What is the cost of a personal loan?

The basic cost of a personal loan consists of two elements that are the applicable rate of interest and the processing fee on the sanctioned loan amount. These two elements can differ from lender to lender. So it is highly advised to check these loan criteria and compare them before getting a costly personal loan. You should be able to afford the cost.

What do banks look at when applying for a personal loan?

When you apply for a personal loan, banks will check your credibilities such as your net monthly or annual income, your age, your existing loan burden, repayment history, credit score, the reputation of your employer or your profession, etc. These factors help banks to determine whether your competency to repay their loan timely without any default. So make sure that these factors are decent enough to assure banks who will lend you money.

Is an instant personal loan given in cash?

No, instant personal loans are not given in cash. Lenders disburse the amount directly into your bank account. Then you can withdraw from the account as per your usages.

How can I get an instant personal loan fast?

To get an instant personal loan fast, you should look for pre-approved personal loans that won’t take too much time in the verification process and you can get the loan instantly. If your loan requirement is low, then you can opt for instant cash loans that get credited into your account quickly. The online application process of Roopya is also capable of processing a personal loan faster than others.

How can I get a low-interest personal loan?

There are multiple ways that can lead you to a comparatively low-interest personal loan.

  • Opt for a pre-approved personal loan that offers tailor-made ROI especially for you.
  • Keep your repayment tenure shorter which will assure the lender about getting its money back quickly. It will lower your ROI.
  • Compare the lenders so that you get a clear perspective about the lowest rate of interest available in the market.

 

Resources: PaySense | Forbes Advisor | Investopedia

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