Did you know that lenders nowadays offer an instant approval loan to meet sudden financial requirements? Emergencies in life often come unannounced, and this has been especially true since the onset of the Covid-19. Timely financial aid in such situations can go a long way in easing the stress, and this is what the personal loan instant approval facilitates.
As opposed to the traditional method of applying for a loan by visiting the bank, the process for acquiring an instant approval loan is digital. All you need to do is surf the Internet to identify lenders that offer instant personal loans online and make inquiries. If you can meet the pre-requisites, the loan amount is sent to your account within the minimum possible time frame. So, what does an instant approval loan require?
Features of an Instant Approval Loan
Listed as follows are features that characterize an instant approval loan –
- Approval is swift compared to traditional personal loans, wherein some loans have been known to be approved within 5 minutes of submission of the loan application;
- After approval, the money reaches the bank account of the applicant within the next 24 hours*;
- Compared to some of the other types of loan, the rate of interest on the instant approval loan could be lower;
- There are no hidden charges involved with this loan;
- Lenders grant sufficiently long tenure to repay this loan, which renders it comfortable for the applicant;
Eligibility Criteria for Personal Loan Instant Approval
To apply for an instant approval loan, you must meet the following eligibility criteria –
- You are a legal Indian citizen;
- Age-wise, you should be above 21 years and younger than 67 years;
- Your credit score should be 750 or higher;
- The organization that you work for could prove to be crucial in terms of its reputation, credibility, and years of operation;
- How much you earn could impact your credibility, wherein the more you earn, the higher is your personal loan eligibility;
Applying for an Instant Approval Loan
Following are the steps that enable you to apply for an instant personal loan online –
- Access the portal of the lender on the Internet;
- Once you are on the website, navigate to the ‘Apply online’ button and click on it;
- Fill in the online form that appears, followed by your mobile number and the one-time password;
- Provide your personal information and make sure that you fill all the mandatory fields;
- Mention the amount that you are looking forward to borrowing from the lender;
- Apply and await intimation from the lender;
Lenders will also request some documents from you, the primary being the KYC papers. Other requisites include your photographs, proof of identity, and income statement. A positive repayment history will also work in your favor where personal loan instant approval is concerned.
Benefits of instant approval loan
When you apply for an instant personal loan online, the following are the benefits that you accrue –
No collateral – Lenders do not ask for collateral as a pre-condition for disbursing this loan, making it the easiest option. It also renders the loan free of risks, although there are penalties involved if you miss the EMI.
Apply from anywhere any time – All you need is a computer with a stable Internet connection to apply for this loan. There is no need to pay a personal visit to the lender which saves time and resources. So, you can apply from any corner of the world and at any time.
Swift disbursal – Among all the loans, this is one of the fastest to be disbursed to your bank account. Therefore, it is one of the best bets for handling a financial emergency.
Instant approval loan requires minimal documentation, which renders the application process easy and quick. Often lenders also attach rewards to this loan, which the borrowers can accrue on proving their eligibility.