New Delhi: Unplanned expenses and emergencies can occur without warning. To ensure that you address these situations without making any compromises, arm yourself with an instant personal loan.
With a personal loan, funding problems are a thing of the past, and you can use it to handle any expense. However, availing of these loan instruments takes planning. To ensure everything goes without a hitch, take a look at these 5 tips to get approved for an instant personal loan.
1. Compare offerings and shortlist lenders
Researching the market is the first important step to getting an instant personal loan. While many lenders will advertise such a product, you need to find one that best suits your requirement. The promotional instant personal loan is often available only to a certain type of borrower or financial profile. So, to ensure you don’t face delays when applying, compare lender offerings.
Check the rate of interest offered, loan criteria, and other requirements, along with the processing fees applicable (if any). You can then shortlist the best options and start filtering down until you find the right one. Pick lenders with digital provisions and those who have a good reputation in the market. These usually have quick underwriting provisions and maybe your best chance at getting a truly ‘instant’ personal loan.
2. Meet the lender-specific instant personal loan criteria
Once you finalise the lender, the next step is to check and meet the eligibility criteria. These will be different for each lender, so make sure you check them beforehand. In most cases, you may have to meet criteria related to your:
- Annual income
- Employment type
While these are general categories, lenders will certainly have a few specific requirements, and it is best to check these before you apply. If you apply for a loan without meeting all the criteria, you may face unnecessary delays and probably not get approval. Aside from the eligibility terms, do check the documentation requirement too. Top lenders will require minimal paperwork, and some may even have a completely paperless process. So, if you’re looking for the quickest financing solution this festive season, look for a lender that offers such digital provision.
3. Maintain an excellent CIBIL score
An instant personal loan is usually an unsecured offering. As such, lenders rely on your credit profile to assess your capability to clear your debts. Most lenders require you to have a CIBIL score of at least 750 to qualify for an instant personal loan. This is considered an excellent score and is the mark of a reliable borrower. If your score isn’t high enough, you may still be able to avail of a loan. Still, you may have to furnish additional documents or show additional sources of income to validate your eligibility.
4. Check for a pre-approved instant personal loan offer
The best way to get an instant personal loan is to avail of a pre-approved offer. Lenders usually offer these to borrowers with strong creditworthiness and those with an existing relationship with them. Pre-approved offers are usually quick and only need you to verify your details and authorise disbursal. So, before you apply for a loan, check if you have such an offer available for you. Such deals will save you a lot of time in case of an emergency.
5. Apply for the instant personal loan online
Lenders now offer a wide range of tools that help you plan better. Some, like the EMI calculator and eligibility calculator, make loan planning a lot easier. Others, like the digital loan application provision or smartphone app, reduce the turnaround time. As such, for an instant personal loan, applying online is your best bet. All you have to do is fill an online form, upload basic documentation, and await approval.
The best personal loans to meet your unplanned expenses are those you can avail of without breaking a sweat. After all, the last thing you want is to run around town trying to get a loan when you should be managing the crisis.
These tips should help you do just that, provided you pick the right lender. For a truly effortless experience, while availing of an instant personal loan, you can always rely on the Bajaj Finserv Personal Loan. Loaded with features, this offering addresses your financing needs during an emergency with ease. It has a range of online loan provisions and minimal requirements, making it very easy to avail. You can get approval in just a few minutes and enjoy same-day disbursal too. Moreover, Bajaj FinServ also offers Flexi Personal Loan, which gives you the liberty of borrowing as much as you need from your pre-approved sanction.
Depending on your profile, you can even get collateral-free funding up to Rs. 25 lakh at a competitive rate spread over a flexible tenor of up to 60 months. You can also access the online personal loan interest calculator, which helps ensure that your EMIs never exceed your budget. To get started, check your pre-approved eligibility today to avail of a hassle-free instant personal loan.
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