An instant personal loan can be a life-saver during times of need. With COVID-19 causing deep dents in individual finances, the best way to tide over the crisis is by availing of an instant personal loan.
In the bygone era, loan approval was a time-consuming affair. Borrowers needed to make multiple rounds of lenders’ offices to get the money in their accounts. With the introduction of instant loan apps, wasting precious time for getting funds has become a thing of the past.
What is an Instant Personal Loan?
A personal loan is an unsecured, i.e. collateral-free, loan that you may avail if you need urgent cash. Unlike other loans, an instant personal loan requires minimal documentation and offers the facility of a paperless loan application.
How Can You Use An Instant Personal Loan?
The best feature of an instant personal loan is that you can use it for any purpose you like. You may require urgent funds for a wedding, medical emergency, holiday, home improvement, buying gadgets, expanding business, or purchasing motor vehicles, among other things. The flexibility of an instant personal loan makes it a popular loan option for borrowers. Whatever your requirements, a personal loan app can make the borrowing process smooth.
What is a Personal Loan App?
A personal loan app is the borrowers’ best friend. Loan apps allow you to get all loan-related data and manage your loan account without visiting the lender’s office. You can use the app for viewing loan details, raise service requests, check uploaded documents, make payments, and avail of exclusive offers.
What is the Eligibility Criteria For Availing an Instant Personal Loan?
Use a personal loan eligibility calculator and enter details like location, date of birth, monthly income, existing monthly obligations, rate of interest, and tenure, to know the loan amount you are eligible to receive with an instant personal loan. Before entering the details, make sure your age is above 21 and below 65.
What Documents Do You Need to Avail an Instant Personal Loan?
As an instant personal loan is an unsecured and collateral-free loan, it requires minimal documentation. By keeping the following documents ready before applying for a personal loan, you can save valuable time.
- Identity, Age, and Address Proof
- 3-months’ salary slips (for salaried)
- Income proof/ statement (for self-employed)
- 6-months’ bank account statement
- Income Tax Returns
Loan apps allow you to upload documents online and remain ready to receive the funds in your account.
Why Should You Use a Personal Loan EMI Calculator?
Before you decide how much amount you need to finance your urgent needs, you should consider the loan repayment liability. A personal loan EMI calculator helps you to plan your finances even before applying for the loan. To get an idea about EMI, you have to enter details like the loan amount, rate of interest, and loan tenure.
Fullerton India Instaloan provides loans of up to INR 25 lakh and loan tenures of up to 60 months for new borrowers. The interest rates start from 11.99%. The final rate of interest offered to you will depend on your eligibility as well as the lender’s policy at the time of loan application.
When you are in need of urgent funds, time plays a decisive role. With a personal loan app, getting an instant personal loan becomes easy.
If you are salaried and are looking for a loan, download Fullerton’s personal loan app now to avail an instant personal loan at an attractive interest rate.