Is loan approval a major worry that keeps you from applying for a loan during times of need? Do you know about personal loans and their instant approval? In this article, we share with you details about applying for a personal loan and getting it approved instantly.
If you are looking for instant loan approval, an online personal loan can be a great option for you. A personal loan is an unsecured debt, that is it can be borrowed without collateral. The interest rates of a personal loan are affordable and the loan repayment tenures are short. Minimal paperwork is required and the eligibility criteria are simple.
A personal loan can be borrowed for multiple reasons and the reason need not be known to your lender. Personal loans can be borrowed online with readily available documents and by registering on a platform. If you are looking for personal loan instant approval, you must read this article for more information. In this article, we will help you understand how to get online loan instant approval and share with you important tips that affect your instant loan approval.
Table of Contents
Instant loan approval isn’t a task as hard as it is assumed to be. To help you get your personal loan approved, hassle-free, we will be discussing the following topics:
- What is Loaney?
- Understand how instant loan approval works before you apply
- Important factors affecting instant loan approval
- Tips to get quick instant loan approval
- Loaney instant personal loan
What is Loaney?
Banking and other financial services have made their space in the online world providing their users with utmost convenience along with world-class facilities sitting at home. In such a scenario, loan borrowing online is also a great service for users who wish to seek personal loan instantly for their financial needs.
Online loan borrowing is a simple procedure that can be completed within a few clicks and by submitting a few readily available documents. In a few minutes, a personal loan can be applied for and get approved online, providing you instant cash for any needs.
One such online platform for instant loan borrowing is Loaney. Loaney is a completely digital platform offering instant personal loans to its clients at low interest rates for a shorter period of repayment. You can register on Loaney and get loan instant approval. Following an easy application procedure and filling in basic personal information along with a few documents, you can get your personal loan approved in a few minutes, within the comfort of your homes.
Loaney offers its clients an easy personal loan of up to Rs. 15,000 for almost 2 months. This loan is offered at affordable interest rates. You can use Loaney’s services to avail of an instant personal loan without submitting collateral or presenting a guarantor. Your information is kept confidential by Loaney and the platform does not ask for the reason for your borrowing a personal loan.
Understand How Instant Loan Approval Works before You Apply
Before we jump into the tips and tricks of getting online loan instant approval, let us understand the benefits of an instant personal loan and how you can apply for an online personal loan on Loaney to get your instant loan approval.
A personal loan can come in handy when you need instant cash. A financial emergency can be a valid reason to apply for and borrow a personal loan but is not the only reason to choose it. Personal loans can be used for a variety of purposes like higher education, business expansion, investing in a vacation, a new home or even a wedding.
Your lender need not know the reason for your borrowing and you can use the borrowed amount the way you want. The benefits of borrowing an instant personal loan include:
- Low-interest rates
- Shorter repayment tenors
- Minimal documentation requirement
- Simplistic eligibility criteria
- No need for collateral or a guarantor
- Instant cash
Let us look at the procedure of applying for and getting a loan instant approval on Loaney. Following these few steps, you can apply for a personal loan and withdraw instant cash for your needs.
- The first step to applying for your instant personal loan is filling out the application form. You will be required to fill in certain personal details like your name, date of birth, mobile number and some more information. Make sure that the information filled in by you is accurate.
- Once you have filled in the application form online, Loaney will review your application and check your details. Your eligibility to borrow the loan will be determined by the site. The review process happens immediately post the form is filled.
- Finally, Loaney releases the requested amount which can be then withdrawn by you. The entire procedure takes just a few minutes.
With these steps, you can apply for your online personal loan and get instant loan approval within a few minutes.
Important Factors Affecting Instant Loan Approval
Now that you know how the procedure of online loan application works, let us look at the factors that determine online loan instant approval. Your loan instant approval depends on the eligibility criteria of borrowing a personal loan. If you meet the eligibility criteria you can easily get instant loan approval from the platform of your choice. The following is the eligibility criteria for borrowing a personal loan:
- The first and most important is your income, you must have a monthly income of INR 25k to 30k from a verified source to be able to apply for a personal loan.
- Next is your CIBIL score which will determine whether you are eligible to borrow a personal loan or not. You must have a CIBIL score of at least 750 to be eligible for instant loan approval. Further in this section, we will discuss why a high CIBIL score is important and how to maintain a high CIBIL score. We will also share with you tips to get a personal loan with a lower CIBIL score.
- You must be a citizen of India and be above the age of 18 years to be able to apply for an instant personal loan online.
Let us now discuss why CIBIL scores are important, how to maintain a high CIBIL score and how to get online loan instant approval with a lower CIBIL score.
A high CIBIL score ensures the lender that you are willing to pay back the borrowed amount within the specified time. CIBIL scores are determined by your credit card history and a good CIBIL score can be maintained by doing the following:
- Timely bill payments
- On-time loan instalment payments
- Maintenance of regular payment period.
A low CIBIL score does not necessarily mean that you will not be eligible for loan instant approval, but you might face a few challenges in doing so. If you are on the CIBIL defaulter list, you can keep the following in consideration while applying for your loan:
- Borrow the amounts wisely
- Do not exceed your credit card limit
- Payment timings should be in check
- Close a defaulted account
- Opt for loan options backed by a guarantor.
Tips to Get Quick Instant Personal Loan
- You must be a citizen of India, who is above 18 years of age.
- You must possess a Pan Card and Adhar 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 organisation.
- 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.
Loaney Instant Personal Loan
Let us look into some reasons as to why you Loaney is the right choice for your personal loan needs and instant loan approval.
- The best feature about Loaney is that it offers small personal loans to its clients.
- Loaney is a trustworthy platform that keeps your personal information confidential.
- Loaney ensures great customer support to all its clients at every point during the loan borrowing procedure.
- Loaney offers a pre-generated repayment schedule to avoid any chaos for the users.
- All the legal protocols are followed with authenticity by Loaney.
- There are no hidden protocols or charges.
- The entire system is built to offer efficient services to the clients without wasting their time.
- You no longer need to get in long queues at a loan provider and can avail of the facility at low-interest rates from the comfort of your homes.
We understand your dilemma as you go ahead with the procedure of choosing a personal loan and applying for the same. While we have tried our best to provide you with maximum information about instant loan approval, you might still have a few questions. We have answered a few commonly asked question for your convenience.
When should you opt for a personal loan?
A financial emergency can arise at any time in life. A personal loan can be borrowed for a variety of reason. You should opt for a personal loan if you need instant cash for your personal needs like higher education, a vacation, home renovation, investing in a business or even buying a new vehicle.
What are the basic requirements to get a personal loan approved?
To get your loan approved you must meet the eligibility criteria mention in this article and have with you the following documents:
- Pan Card
- Mobile Number linked to an Aadhar Card
- A picture of the applicant
- A bank account with internet banking.