Last Updated on March 16, 2024 by Ali Hamza
Most individuals worry about sudden expenses or medical emergencies due to finances drying up by month-end. It becomes challenging to arrange a large amount urgently from friends or relatives. The ideal solution in such situations is a personal loan.
The lending industry has come up with digital solutions leveraging technological advancement. Lending institutions meet the rising credit demands of individuals on time with an instant personal loan. Apply online and receive timely funds with this handy financing option.
How are Personal Loans Helpful in Managing a Cash Crunch?
- Digital Processing for Quick Access to Funds
East accessibility of personal loans act as a great support to cover the month-end financial crunch. Renowned NBFCs (non-banking financial companies) facilitate borrowers with a simple and digital loan application process. Just visit the lender’s official website and complete the application form. There is minimal documentation to complete KYC (know your customer) formalities. Keep the documents handy to complete the application process within a few minutes.
- Flexible Repayment Tenure
Customers can repay the loan in easy EMIs (Equated Monthly Instalments) within the loan repayment tenure. The tenure can be between 12-60 months, flexible enough to choose a loan EMI as per the borrower’s repayment capacity. Lenders facilitate their customers with personal loan EMI calculators online to choose the right loan tenure.
- No Collateral
It is one of the key advantages of a personal loan that attracts more individuals to fund their needs. Many individuals may need urgent funds but may be unable to put up an asset as collateral with the lender. Borrowers can get an unsecured Personal Loan to meet their month-end financial crunches without pledging an asset as collateral.
- No Restriction on Fund Usage
A personal loan allows borrowers to use their credit as per their needs without any restriction. A personal loan can help individuals to tackle the following expenses.
- Fixtures and Renovations: Most individuals need to repair or upgrade their homes with time. No funds at the end of the month may be a constraint. Avoid any danger of mishappenings and make repairs on time using a personal loan.
- Medical Emergency: Shortage of funds in the face of a medical emergency can be a big issue. Apply online via Insta Loan app for quick processing of a personal loan.
- Consolidate Multiple Debts: Personal loans can help individuals tackle high-interest loans or credit card bills. Instead of managing multiple personal loans from different lenders, take a personal loan and pay off all loans. The borrower will have only one loan to manage.
- Sudden Plan for a Trip: Individuals can use personal loan funds to fulfil their desire for a trip with their friends or relatives.
- High Loan Amount
A personal loan amount can go as high as INR 25 lakhs without putting up any collateral. A large loan amount can help individuals meet big medical expenses or make necessary purchases.
Looking For a Personal Loan of INR 1 lakh With Easy Repayment Terms?
Here is a quick guide to apply for a personal loan of INR 1 lakh:
- Check the Eligibility Criteria: Personal loans are available against easy eligibility criteria as compared to other types of loans.
- The applicant’s age should be between 21 to 60 years.
- The minimum salary requirement is INR 25,000 per month in Delhi and Mumbai. Residents of other cities should have a monthly salary of INR 20,000.
- Applicants should have overall work experience of one year and six months in the current firm.
- The lender may prefer a good credit score of 750+.
- Start Application Process: Individuals can access the loan application and enter the required personal details at the lender’s official website.
- Complete Documentation Process: No need to take stress for the documentation process. Just submit the following documents to apply for a personal loan of INR 1 lakh.(Check personal loan document)
- PAN card, Aadhar card, Passport, or other valid documents for ID and Address Proof issued by the government of India.
- Last three months’ salary slips.
- Income Tax Return (ITR) copy or Form 16.
- Previous six months’ bank account statements.
- Submit the Application for Instant Approval: Individuals can submit the application for approval. Renowned NBFCs can approve the loan on the same day of application, provided the applicant meets all the eligible parameters.
It is wise to use a personal loan EMI calculator online to make informed decisions.
