Have you heard about a personal loan or ever thought of availing one for your financial needs? Are you also hesitant in applying for online loans fearing a scam? Or are you afraid of the high interest rates and the collaterals being involved in borrowing a loan? If your answer to any of these questions is yes, this article will help you clear your dilemma concerning instant personal loans and let you borrow your first personal loan with ease. If you are also wondering how to get an instant loan, you must read ahead to know more.
Applying for a loan is often assumed to be a tiresome task involving long queues, heaps of documentation and collateral. But not anymore, instant personal loans online, are a great solution to this problem. You can avail an instant loan from the comfort of your homes, with just a few clicks and minimal paperwork. Within a few minutes, you can apply for a personal loan online, get it approved and receive the required amount of cash.
Choosing a personal loan has its benefits. Personal loans are usually offered at low-interest rates for shorter periods of time and no collateral is required. Your lender need not know the reason for borrowing the amount and the borrowed cash can be used for a variety of purposes. Not much documentation is required for borrowing an instant personal loan. The eligibility criteria are simple and you can avail of instant cash for any urgent needs. In this article, you will get to know how to get an instant loan in India.
If you are new to the concept of personal loan or wish to borrow a personal loan, this article is the right place for you. In this article, we will share with you how to get an instant loan online, the typical amount and the time periods of online personal loan, when should you opt for an instant personal loan and also answer for you a few mostly asked questions.
Table of Contents
You can read about the following topics related to how to get an instant loan in this article:
- What is Loaney?
- How to get an instant loan?
- What is the typical amount and loan period of a personal loan?
- When should I choose a personal loan provider?
- How do I choose the best loan offer?
What is Loaney?
In the recent past, financial services have made a major shift to the online world providing users with a hassle-free and comfortable experience. Personal loans can be applied for both offline and online. Offline methods are conventional and known to more people. Online methods, on the other hand, are fairly new and more common among the present generations. The online methods of borrowing personal loans have various advantages over offline methods. Online personal loan borrowing platforms let you apply for and get your loan approved sitting at home. You can upload a few easily available personal documents and within a few clicks, easily apply for a personal loan. During the life-threatening times of a pandemic, such a service is a lifesaver, where an urgent need for cash can arise at any time, and stepping out of the house is dangerous.
One such online platform is Loaney. Loaney is a top online personal loan provider. You can use Loaney’s services to apply for and get your instant personal loan approved, hassle-free. Loaney offers a convenient method of borrowing an instant personal loan that lets you borrow money without submitting collateral or presenting a guarantor. Client information is kept confidential by the platform and Loaney never asks for the reason for borrowing the personal loan.
Loaney offers an instant personal loan to its clients up to Rs. 15,000. It is a completely digital platform where you can go through a simple registration process and get immediate loan approval. The application procedure is easy and with just a few readily available documents, you can avail your instant personal loan within a few minutes.
How to Get Instant Loan
Now that you have some idea about an online platform for borrowing an instant personal loan, let us help you find out how to get an instant loan online. Before we jump on to how to get an instant personal loan, let us understand why people opt for a personal loan.
The reason why most people these days are opting for a personal loan is that it provides instant cash in times of emergencies. It is also the type of loan that can be used for a variety of purposes like funding a business, renovating your dream home, higher education, investing in a vacation and a lot more and your provider need not know the reason for your borrowing the amount.
Personal loans can be beneficial in times of insufficient funds in their savings. This is a great alternative to tide over financially difficult situations. The benefits of an instant personal loan include:
- Instant cash
- Affordable interest rates
- Shorter repayment tenors
- Minimum documentation requirement
- No need for a collateral
- Simple eligibility criteria
Let us now dive into the steps of how to get instant loan for your financial needs. On Loaney, you can apply for an instant personal loan online following just a few easy steps and complete the procedure.
- To begin the procedure of applying for an instant personal loan, you need to fill out an application form. You must fill in a few essential details about yourself such as your name, date of birth, personal mobile number, and a bit more relevant information to apply for the loan.
- The site will then review your details and check the eligibility criteria to determine your loan approval. The application forms are reviewed immediately to further proceed with the loan procedure.
- The final step is lending money. Post the loan approval, Loaney releases your loan amount to you within the period of a few minutes.
Following these quick steps, you can apply for your instant personal loan, online. Before we move ahead let us help you figure out a few dos and don’ts while applying for an instant loan.
- You must be a citizen of India, who is above 18 years of age.
- You must possess a Pan Card and Aadhar Card
- You should have a monthly income of 25,000 INR to 30,000 INR per month.
- Your source of income should be certified and approved by a verified organization.
- You shouldn’t have a CIBIL score below 750.
- You should not have been on the CIBIL defaulter’s list
- You should not enter fake information on the application form.
What is the Typical Amount and Loan Period of a Personal Loan?
Loaney offers its clients a personal loan of up to Rs. 15,000. The minimum amount of personal loan that loaney provides is Rs. 500. The amount lent by Loaney is offered for a period of about 2 months. Loaney offers this amount to its clients at very affordable interest rates. Compared to other instant loan providers, Loaney offers a very low-interest rate and a minimal processing fee, for the seamless online procedure.
When should I choose a Personal Loan Provider?
A personal loan can be borrowed by you for any financial emergency that might arise. It can also be used for any of the following purposes:
- Business expansion
- Higher Education
- Vehicle Financing.
If you wish to withdraw cash for any of the above reasons or any possible reasons of your own, it is a good option to look for personal loan providers online and research how to get instant loans online. Once you have learnt the previously mentioned points, you are good to go to choose your personal loan provider.
How do I choose the Best Loan Offer?
As loan borrowing has made its place in the online world, there are a lot of lenders and providers offering their services via different platforms. These platforms offer different rates of interest and loan repayment tenors to attract their clients. While choosing the best offer, you must keep in mind that the amount has to be repaid within a fixed time duration and with an interest. While you choose the best loan offers, you must look for affordable interest rates and a loan offered for a time period within which you can surely pay back the amount.
To help you clarify any further doubts about how to get instant loans in India, we have answered a few commonly asked questions.
How can I get a loan instantly without documents?
Loaney offers its clients a personal loan with only the following readily available documents:
- Pan Card
- Mobile Number linked to an Aadhar Card
- A picture of the applicant
- A bank account with internet banking.
How can I get my first loan?
You can get your first loan by fitting into the eligibility criteria for applying for a loan in India. You must fulfil the following required conditions:
- You must be a citizen of India.
- You should be 18 years or above.
- You must possess a PAN Card and an Aadhaar card.
- Your mobile number must be linked with the Aadhaar card.
- You must have an income of INR 25k-30k per month from a verified source.
- You must not be on the CIBIL defaulter list.
How can I get a Rs. 20,000 instant loan?
You can get an instant personal loan online. You can avail your instant loan using Loaney’s convenient method. This allows you to apply for an instant loan of Rs. 20000 using a few readily available documents and provide the amount in a few clicks.