Check if You Can Apply to Get an Instant Loan Online

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Planning a surprise, home renovation or an international trip?

One of the greatest benefits of an instant loan online is that borrowers can secure the loan online even through their mobile phones. When used correctly, such loans can be a blessing.

There are several factors associated with instant loans which borrowers must know before applying for a Personal Loan online. Read on to learn all the crucial points of instant loans.

What is an Instant Loan?

An instant loan is a type of short-term loan provided by a lending institution. It is amongst the most accessible loans to avail and requires minimal documentation.

Other types of loan applications may involve branch visits and lengthy processing time. Instant loans, on the other hand, are quick, and borrowers can use them in an emergency.

People apply for an instant loan online for the following reasons:

  • To buy their favourite things
  • Balance transfer
  • Home repair
  • Debt consolidation
  • Travel expenses
  • Wedding expenses
  • Medical expenses

What are Personal Loans?

Personal Loans are unsecured loans availed by borrowers who need quick funds to achieve their personal, business or financial goals.  No collateral or security is required to avail of unsecured Personal Loans. You can get Personal loans ranging from INR 50,000 to up to INR 10 Lakhs. The loan amount is based on your eligibility criteria.

Due to the flexible tenure, loan repayment is relatively easy.

Instant Personal Loan Features

You should apply for a Personal Loan online for the following reasons:

  • No Collateral: Borrowers will not have to submit any collateral or security when applying for an instant loan.
  • Quick Processing: The processing time for an instant loan is significantly less than any other kind of loan.
  • Customizable Tenures: Borrowers are offered flexible terms when they apply for an instant loan. In other words, they can choose the repayment tenure according to their convenience.
  • Competitive Interest Rate: Borrowers can secure an instant loan at competitive rates from NBFCs. You need an Experian credit score of 630 or higher to secure the best terms and interest rate.
  • Paperless: There is no need for physical documents when it comes to Personal Loans. You can submit your information and the complete approval process is carried out online, making the process paperless.
  • Flexible Loan Amount: People apply for instant loan can choose the loan amount according to their need. However, the final loan amount offered by any lender will depend on multiple factors including the borrower’s current income, credit score and other credit related information.

Best Time To Apply For Instant Loan Online

Any time is good to apply for a personal loan online. However, people generally apply for instant loans online in the following instances:

  • You can apply for a Personal Loan online to get cash quickly. An instant loan saves time since you don’t have to go through the traditional loan process.
  • An instant Personal Loan is the best option if you want a loan for a short tenure.
  • When you have a financial crunch and need urgent money, instant loan funds are disbursed quickly.
  • You can apply for an instant loan if you do not have or want to submit collateral.
  • If you have a not-so-good credit rating history, obtaining an unsecured instant loan is easier than other loans. You can also use it to enhance your credit score by repaying the loan diligently.

What Are the Eligibility Criteria For Instant Loans?

Instant loan eligibility criteria are not as severe as other loans. You can apply for an instant loan online through Clix Capital if you are:

  • Over 21 and under 58 years old
  • Working in a company for more than six months, along with one year of total professional experience
  • A minimum income of INR 20,000 per month
  • An Experian credit score of 630 and above

If you fulfil the criteria mentioned above, you can apply for a Personal Loan online without hassle.

What Documents Are Needed For Instant Loan?

If you want to apply for an instant Personal Loan online, you must provide the following documents:

  • Completed application form
  • Passport-size photo
  • Identity proof such as PAN, Aadhaar Card, or government ID if you are working in a government job.
  • Address proof: Aadhaar card is a go-to document. If your address is not updated on the Aadhaar card, you can provide other IDs, such as your passport, driving license, or voter ID.
  • Proof of income: you can provide your latest one-month pay slip or business income proof or Form 16 for the current year.

What Factors Affect Instant Loan Interest Rates?

When applying online for a Personal Loan, it is essential to consider the factors affecting instant loan interest rates. The interest rates of the loan amount approved to the person depend on the following:

  • Credit Score
  • Income of the borrower
  • Loan amount
  • Repayment capacity

Conclusion

Applying for a personal loan online is the most convenient way to secure considerable funds. Clix Capital is a leading loan provider offering flexible loans at competitive interest rates. They allow borrowers to choose loan tenure depending on their repayment capacity and budget. Make sure to use their Personal Loan EMI Calculator to understand your repayment schedule before applying for a loan.

HomeMoneyFinanceCheck if You Can Apply to Get an Instant Loan Online