You face some situations in life where you require funds urgently. Half of the population is not prepared for medical emergencies. When you own a small business and require machinery or need to pay your staff, you need instant cash flow to fulfil your needs. It can become difficult to gather funds on short notice.
Applying for an Instant Personal Loan seems like a viable option, but how soon do you receive approval? With the evolution in the banking sector, seeking financial assistance has become easy and quick. These Loans can be lifesavers in getting you out of any urgent financial jams.
What are Instant Loans?
Instant or Same Day Loans are funding solutions which Indians can avail of if their need for financing is high within a short period. These are usually unsecured, short-term, and largely work like Personal Loans. You can access funds on the same day or within two to three business days from the date of application.
Features of Instant Loans
- Immediate disbursal:Fund disbursal is either done on the same day or within two to three business days maximum. Instant Personal Loan is the most sought-after option for fulfilling urgent money requirements. The maximum amount you can avail of varies based on the scheme. There is no need to go to the bank for hours of paperwork, undergo the stress of documentation, and wait for your turn.
- Online application:You can apply for Same Day Loans online from the comfort of your home using your PC or smartphone. This feature helps you save time, commute expenses, and effort. you can complete the application process within minutes, get Loan approval within a few hours, and receive the money immediately.
- High-interest rates:Personal Loan interest rates are comparatively higher than those of other types of borrowing. While they may seem manageable, they skyrocket when annualised. To put that into perspective, many Personal Loans charge 4% to 36% interest to borrowers.
- Minimal documentation:The primary requirement to avail of a Same Day Loan is to open a Bank Account and share minimal personal and financial details. These do not require as extensive documentation as traditional counterparts. You also need not disclose the purpose of borrowing, which further reduces the documentation.
- No collateral:These Loans require no credit checks, collateral, or guarantors. Anyone can avail of them irrespective of their financial background. It is highly favourable for borrowers.
Application procedure
If you want to apply for an Instant Personal Loan, you need to assess your requirements, check the eligibility criteria, and analyse how you will use the amount. Since there is no end-use restriction, you need not provide the purpose for the application. You can simply log in online, search for the relevant Loan option, check the eligibility criteria, enter the details on the application form, and submit it to the bank for verification.
