There are many instances in one’s life where you will be in urgent and dire need of funds. It could be for anything, be it a medical emergency or paying off debts. You might be one of those people who doesn’t like borrowing money from friends or family. Well, an instant personal loan is a perfect option for you.
What is an instant personal loan?
Before delving into the details, let us first understand what an instant personal loan is. An instant loan is a type of loan that doesn’t require a lot of documentation and collateral. One of the key features of instant loans is that the process of availing it is minimal and hassle-free. Hence, it is also termed as a quick loan.
The eligibility criteria vary from salaried individuals and self-employed individuals:
- If you are opting for a personal loan, the enterprise you work at, be it public or private, must have a basic turnover in line with the policies set by the enterprise.
- Your age must be between 21 to 60 years for salaried employees and up to 65 years for self-employed individuals.
- The minimum income for availing an instant loan should be Rs 15000 – Rs 25000
- You must have a minimum work experience of 6 months to 1 year in that enterprise.
According to your salary slab, how much instant loan can you avail for?
Well, now that you know what an instant loan is, the next question that pops in your mind is – how much loan can you apply for?
This decision is up to the salary slab that has been set by the lender. It varies from lender to lender. Some may approve high instant loans such as Rs 3 lakh with a minimum salary requirement of Rs 20,000 whereas some others may set their salary slab to Rs 25,000 for higher loan approvals.
Documents required for availing instant loan
Before applying for a personal loan, after checking all the boxes of the eligibility criteria, you must ensure that you have the following documents:
- Six months financial bank statement, which will prove your credit score and financial morale
- PAN card
- Age verification ID – Aadhar Card, Driver’s License, etc.
- Income statement that proves your minimum salary is not below Rs 15000
How to calculate your loan?
Instant personal loan EMI can be easily calculated with the help of a personal loan EMI calculator that is available on various banks portals where you just have to enter the loan amount, interest rate and the loan tenure.
In conclusion, if you have an immediate requirement for money and are not able to produce any collateral at the same time, then instant personal loans are the best option for you. However, keep in mind that it will become quite challenging if you’re unable to repay the loans at the right time or abide by the rules set by the lender. If you abide by the above eligibility criteria, then you can easily apply for instant loans and fulfill your requirement.