Instant loan is one type of loan that does not require too many documents and is approved really quickly without any assets. This process is minimal and convenient compared to traditional bank loans. Instant loans are also called personal loans OR fast loans. How to apply for an instant loan in India?
In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting the personal loans in India, to get more information people can read the article There are a lot of types of personal loans in India to choose. Now, let find knowledge about the India instant loan in the post today.
INSTANT LOAN IN INDIA
Just like a lot of article posts such as unsecured personal loans bad credit, small loans online, unsecured loans for people with bad credit, loans for bad credit history… this post about an India instant loan also includes some main parts. They are:
1. Some requirements to get an India instant loan
The instant cash loans are loans which are provided in just some minutes. After you submit your application, you get an instant decision. There are no long wait times and usually no back-and-forth conversations asking for extra documentation. Instead, you put in the application and get a credit decision without waiting.
Obviously, everyone wants to get instant loans in India to handle thoroughly their work. So fast loans are the choice of many people. Every form of loan has its own advantages and disadvantages that are suitable for certain borrowers.
- Customers need to have ID proof such as voter ID, Aadhar card, Pan card, Driving license, or any Gov. issued id card.
- Customers need to have address proof such as Passport, water bill, Telephone bill, Electricity bill, Rasan card, Bank statements.
- Customers need to have age proof such as Voter ID card, Passport, Aadhar card, Driving Licence, or any school leaving certificates.
- Customers need to have proof of Business experience.
2. Some benefits and disadvantages of instant loans in India
Here are the benefits of instant loans:
- You can use the loans for any purpose such as paying bills, house repairs, traveling or simply getting through a financial rough patch.
- You can still apply with a bad credit score. Most direct instant cash loan providers focus on the ability to repay, instead of the customer’s credit rating.
- You will get the money quickly within minutes
- Better value, no hidden charges
- Fast and easy, quick decision
- Convenient, straight to your bank
Here are the drawbacks of instant loans:
- You must pay higher fees and interest. Because quick loans tend to charge considerably higher interest when compared to conventional loans. Therefore you could be penalized with additional fees if you forgot to repay your loan on time.
- You will get stuck in a cycle of debt. Because it is a short-term solution, you typically have to repay on or before your next payday. You should consider an installment loan instead of a temporary loan.
3. The interest rate and fees of India instant loan
- Interest Rate: 10.50% to 35.00%
- Loan Term: 12 months to 60 months
- Age: 23 years to 58 years (at the time of loan maturity)
- Minimum Loan Amount: ₹50,000
- Maximum Loan Amount: ₹5,000,000
- Processing Fee: 1.50% to 2.00% + GST as applicable
- Lock-in Period: 6 months
- Prepayment / Pre-closure Charges: Up to 5% per annum of the principal outstanding plus service tax
This post is about an India instant loan. We provide this information to offer you some of the necessary information that is useful for getting an instant loan. Also if you are looking for information about SBI personal loans, please refer to the Max SBI personal loans amount Rs 14 lakh for applicants below 72 years link we just provided in the previous article.
Hillary (Team Content) – Info Credit Free