When used properly, loans are a great addition to many tools you can use to leverage your finances. Loans enable you to elevate your standard of living, meet emergencies with ease, and provide yourself with financial freedom to achieve your goals. To answer the question, ‘How can I get a small loan fast?’, you can rely on a personal loan. Personal loan finance has no end use limitations, making it a flexible means to any end. Right from financing a vacation to consolidating existing debts, this loan can provide funding you need.
With the advancement of technology, you can save time by applying for your personal loan online. So, if you’re wondering ‘How can I get an instant loan online?’, here are a few tips to keep in mind.
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Meet Lender’s Eligibility Criteria
It is imperative that you meet personal loan eligibility criteria. Since this is an unsecured loan, lender’s take every aspect of your profile into careful consideration. Generally, to be eligible for a personal loan, you need to be a salaried or self-employed citizen, residing in India, and aged between 23 and 55 years. Further, you must have a good credit score. A score of 750 and above is preferable and can give you substantial funding at affordable interest rates. This is the basic criteria you must meet. With regard to your salary, the minimum requirements vary across different cities and lenders and you must do your prior research to ensure you meet the mark.
Gather All Necessary Documents
Having all the documents ready before you apply ensures smooth processing. You also need to ensure that all information you submit is genuine to avoid any issues during verification. Generally, the documents required are:
- Passport size photographs
- Bank account statements: 3 to 6 months
- KYC documents: These include Aadhaar card, PAN card, voter’s ID, passport or driving license.
Ensure You Don’t Have Too Much Existing Debt
Before learning how to apply for personal loan, you need to ensure that you can accommodate added credit to your name. Every existing form of credit is reflected in your credit report and lenders are less likely to loan money to you if you’ve got too much on your plate. This is because you seem credit-hungry and run the risk of defaulting due to other financial obligations. Further, credit-hungry individuals pose higher risks of non-payment and lenders generally avoid sanctioning such applications.
Check Your Pre-Approved Offer
Alternatively, you can also view customised loan offerings and choose a personal loan from it. This way, you are aware of the amount you are eligible to borrow. Wondering how to apply for a personal loan in this manner? Simply avail personal loan through Bajaj Finserv. Check your pre-approved offer for a pre-determined loan amount against your name and apply for it online. This hassle-free process significantly reduces the amount of time and effort put into the application of a loan.
Choose a Lender With Fast Disbursal
When picking a lender, ensure that they offer instant personal loans online. This ensures that you get maximum benefit out of your loan and enjoy added features as well. The Bajaj Finserv Personal Loan provides approval within 5 minutes with minimal documentation. It also promises a loan disbursal within 24 hours. This means the money is ready to use in your bank account at the earliest. Additionally, Bajaj Finserv offers nominal personal loan interest rates and the flexi loan feature, which allows you to reduce loan instalments up to 45%.
With all these tips, you can get an instant personal loan via an online application. In case you are wondering, ‘Which is the best app to get instant loan?’, keep in mind that while there are numerous apps that offer instant loans, the interest rates and other charges and the repayment tenor should always be kept in mind.