A Guide to Applying for an Instant Loan Online

instant loan

Instant loan is simple to understand and just as easy to avail. As the name suggests, an instant loan is a personal loan that salaried individuals can avail themselves of for a plethora of reasons and purposes. An instant loan can be rendered to your account within hours of approval & the whole process is seamless.

An instant loan is unsecured by its nature. Therefore, it does not require you to pledge any of your assets as collateral to avail of the instant loan. It is a lesser-known fact; however, there is no restriction on the way you use the instant loan you avail of as it is a personal loan. Additionally, an instant loan is your superman who will relinquish your financial woes for a short run & can also help you guide towards a path of financial stability.

Here is how you can apply for an instant loan online to extinguish your emergencies:

An instant loan is simple to avail. It can be availed online within the confines of your home without much hassle. It is a guide that can help you avail of an instant loan. The steps are mentioned below:

  1. The preconditions for availing of an instant loan is that you need to be employed with an organization for at least 3 months consecutively & should have an experience of more than 6 months. Apart from this, you need to have a salary of Rs. 15,000 or more per month if you are from a tier 2 city, or you need to have at least Rs. 20,000 per month or more if you are from a tier 1 city.
  2. Once you fit the above-mentioned criteria, you must go to the lenders’ website. Once you visit the website, you can avail the loan by following the procedures on their website.
  3. The procedure is simple. It begins with you determining the amount of instant loan you need, and the payment period tenure that will allow you to repay the instant loan in time without straining your pockets. The procedure begins by registering yourself on the website of the lender. Then pick up the loan you need, the amount you need, the tenure & the rate of interest & the payment period that is suitable to you.
  4. Once you select your requirements, you will move a step ahead. The next step is to submit your relevant documents. These documents can be AADHAAR cards, PAN cards, salary slips & similar documents that help the lender determine your creditworthiness. If you are a repeat borrower, your credit score or the CIBIL score will also be checked. It will change the way lenders perceive your personal loan. There is no need for first-time borrowers to have a CIBIL score.

Submitted Document

Once you have submitted all the documents & complied with all the relevant formalities, the approval process will begin. Upon approval, the instant loan amount will be directed towards your bank account & upon receipt, you can use them as you like.