New Delhi: Unplanned expenses and emergencies can happen without any warning. To ensure that you resolve these situations without compromising, grant yourself instant personal loans.
With a personal loan, funding problems are a thing of the past, and you can use it to cover any expense. However, planning is essential to avail these debt instruments. To make sure everything goes without a hitch, take a look at these 5 Tips for Getting Approved for One instant personal loan,
1. Compare Offerings and Shortlist Lenders
Researching the market is the first important step in getting an instant personal loan. While many lenders will advertise such a product, you need to find the best product to suit your requirement. Promotional instant personal loans are often only available for a certain type of borrower or financial profile. Hence, compare the offers of the lender to ensure that you do not face delays while applying.
Check the interest rate offered, loan criteria and other requirements along with the applicable processing fee (if any). You can then shortlist the best options and start filtering until you find the right one. Choose lenders with digital provisions and have a good reputation in the market. These usually have quick underwriting provisions and may be your best chance of getting a really ‘instant’ personal loan.
2. Meet the lender-specific instant personal loan criteria
Once you finalize the lender, the next step is to check and meet the eligibility criteria. These will be different for each lender, so make sure you check them out beforehand. In most cases, you may need to meet criteria related to:
- Annual Income
- type of employment
While these are general categories, lenders will certainly have some specific requirements, and it’s best to check them out before applying. If you apply for a loan without meeting all the criteria, you may face unnecessary delays and may not get approval. Apart from the eligibility conditions, also check the documentation requirement. Top lenders will require minimal paperwork, and some may even have a completely paperless process. So, if you are looking for the fastest financing solution this festive season, look for a lender who offers such digital provisioning.
3. Maintain an Excellent CIBIL Score
Instant personal loan is generally an unsecured offering. As such, lenders rely on your credit profile to assess your ability to repay your loans. Most lenders require you to have a CIBIL score of at least 750 to qualify for an instant personal loan. This is considered an excellent score and is a sign of a reliable borrower. If your score is not high enough, you may still be able to get a loan. However, you may be required to submit additional documents or show additional sources of income to prove your eligibility.
4. Check Pre-approved Instant Personal Loan Offers
The best way to get an instant personal loan is by availing pre-approved offers. Lenders usually offer these to borrowers with strong creditworthiness and those with an existing relationship with them. Pre-approved offers are usually quick and only require you to verify your details and authorize disbursement. So, before applying for the loan, check whether there is such an offer available with you. Such deals will save you a lot of time in case of emergency.
5. Apply Online for Instant Personal Loan
Lenders now offer a variety of tools to help you plan better. Some, like EMI calculator and eligibility calculator, make loan planning very easy. Others, such as digital loan application provision or smartphone apps, reduce turnaround times. As such, applying online for an instant personal loan is your best bet. All you have to do is fill an online form, upload basic documents and wait for approval.
The best personal loans to meet your unplanned expenses are those that you can avail without breaking a sweat. After all, the last thing you want is to run around town trying to get a loan when you’re managing a crisis.
These tips will help you do just that, provided you choose the right lender. For a truly seamless experience, you can always count on Bajaj Finserv Personal Loan while availing instant personal loan. Packed with features, this offering can easily meet your financial needs during an emergency. It has multiple online loan provisions and minimum requirements, making it very easy to avail. You can get approval in few minutes and enjoy same day delivery as well. In addition, Bajaj Finserv also offers Flexi Personal Loan, which gives you the freedom to borrow as much as you need with your pre-approved approval.
Based on your profile, you can earn Rs. 25 lakhs at a competitive rate spread over a flexible tenor of up to 60 months. You can also access online personal loan interest calculator, which helps to ensure that your EMI does not exceed your budget. To get started, check your pre-approved eligibility today to get a hassle-free instant personal loan.
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