At any point in life, you could face a financial emergency when you need instant cash. There are many online loan financing facilities through which you can take instant cash loans and have the money credited to your bank account. You can also take a personal loan disbursal between Rs.5,000 and Rs.1 lakh in 24hrs and by following a 100% Paperless Process.
The monthly interest rate can range between 1.50% to 2.25%, depending on age, location, credit score, and occupational details. You can apply for instant cash loans even if your credit score is low with minimum documentation.
How to Apply for an Instant Cash Loan?
You can get an instant cash loan by following some simple steps:
Step 1 - Visit the loan financing/lender website or download the app and provide all the relevant details to check your eligibility. Then, use your details, such as your name, age, email ID, address, mobile number, etc., to create a profile.
Step 2 - Select your loan plan.
Step 3 – You will be able to gauge your repayment term and loan amount depending on your eligibility within minutes.
Step 4 – Fill the form with your personal and professional details and upload the required documents.
Step 5 – After the verification process, which 100% paperless and hassle-free, and submitting the loan agreement, the amount will be credited to your account within 24-48 hours.
Step 6 – To enable the auto-debit facility from your bank account, you will have to fill, sign, scan, print the NACH form, and send it back to the lender.
Eligibility Criteria for instant cash loans
You must meet the following eligibility criteria to avail of a personal loan from the financial institution -
The age group required should be between 21 and 57 years, with a minimum credit score of 600 -650.
The monthly earning should be a minimum of Rs. 15000 or more (depending on the city and the amount applied for), and it should be credited directly to the applicants’ bank account.
You should have cleared all your financial liabilities in the last 2 years, and all the documents provided should be authentic.
You should be employed for a minimum of 6 months.
Documents Required for Instant Cash Loan
The procedure to avail instant cash loans requires minimal documentation as given below:
Identity Proof - Aadhaar Card, Valid Indian Passport, Valid Voter ID, or Valid Driver’s License.
Address Proof - Any 1 of the following - Utility Bills (Electricity, Water, Gas) dated within the last 60 days.
Income Proof – For Salaried Applicants - The last 3 months’ bank statements of your salary account in PDF format show salary credits or the previous 3 months’ bank statements in PDF format if you are self-employed.
Fees for Instant Cash Loans
Your loans are most affordable with competitive interest rates and have no hidden charges. The applicable fees are -
Interest Rate: Starting from 1.33% per month.
Loan Processing Charges: Between 2% to 8% of the approved loan amount.
Interest on Overdue EMIs: 2% per month on the overdue EMI/Principal loan amount.
Cheque Bounce: Rs.500/- each time.
Features and benefits of Instant cash loans:
Let’s look at the advantages of applying for instant personal loans:
1. Minimal documentation and processing
The instant cash loans can be applied using a few clicks of a button and submitting minimal documentation within 24-48 hours.
2. Online application
You can either use the lender’s website or mobile application to fill in the application form, know your eligibility and instantly apply for your personal loan.
3. Flexibility
There is no restriction to the end-use of the amount disbursed, and you don’t need any collateral to apply for these loans. You can use the money to fulfill your personal needs like shopping, going on a vacation, dealing with medical emergencies, etc.
4. Instant Approval
If the documents are verified, the loan application is approved depending on your eligibility, and the credit score/repayment record is acceptable, you may get instant approval with the loan amount credited to your account within 24-48 hours.
In Conclusion
While availing of instant cash loans is possible now within 24 hours, you must make sure to look for the best lender who can provide you with the personal loan at flexible repayment tenures and competitive rates of interest. Financial emergencies can be easily dealt with such provisions, and life can be much easier.