It often happens that even when we save regularly, sometimes we might come across several unexpected personal expenses. The instant personal loan is an unsecured loan for up to 60 months without collateral to avail of funds. Salaried and self-employed individuals can apply for personal loans online. You can utilize the funds for any monetary need. There is no restriction on the end purpose of the loan amount.
Getting an instant personal loan is the best option in such a condition. It will help you get quick cash with minimal application procedure and documentation. Moreover, it is trusted as the last moment saviour by many people. There are a variety of instant personal loans options that you can choose. NBFCs offer different amounts and interest rates according to different loan eligibility criteria.
Here is a list from which you can select the best instant personal loan that suits you according to your requirements
Short Term Personal Loan (STPLs)
Recently, the STPLs has gained popularity in India. STPLs provide loans as low as Rs. 1,000. This loan is popular for meeting month-end financial crisis and is opted by a majority of households in India. A lot of digital lenders and NBFCs offer short term personal loans. The procedure to apply for an STPL is simple; you need to visit the lender’s website or app and upload the required documents to check the personal loan eligibility. The money will be disbursed into your account instantly or in a few hours.
Loan against Credit Card
You can get a loan if you have a credit card. This type of loan is provided based on your loan repayment history. It requires minimum processing and the funds are disbursed into your account quickly. You can contact the lender of your credit card to check your loan eligibility and apply for the same. It is a quick method and can help you avail the loan quickly.
The most common loan among the people of India is personal loans. It is availed by a majority of people to compete with the financial crisis. The amount of credit offered in these loans ranges from Rs. 30,000 to Rs. 40 lakhs. Several NBFCs and banks sanction this amount based on the applicant’s loan eligibility. The interest rates of these instant personal loans are generally higher than that of secured loans, but it offers flexibility in loan repayment tenure according to your convenience. You can apply for these loans online.
Loan Against Insurance and Savings
NBFCs offer loans against different saving instruments like FD, insurance policies, or National Saving Certificates (NSCs). These loans are provided by the name of demand loan too. However, the credit amount that you are eligible for depends on the maturity value of your NSCs or policies. In case you have a good loan repayment record in the past, the lender might offer you an amount up to 90% of your savings value.
If you already possess an existing personal loan or home loan, then you can avail extra funds easily through a top-up loan. The only thing you need to do is to fill out an application form and complete necessary formalities. As the NBFC has verified your documents and details in the past, you would get your loan disbursed in your bank account quickly.
In a nutshell, there are many options for you to choose from for an instant personal loan. Every loan option features its uniqueness; you can avail a personal loan in India by checking your eligibility and requirements. After reviewing the personal loan eligibility, you can opt for the best personal loan according to your needs. The amount of the loan and interest rates might vary in various options of instant personal loans. So, choose the right loan option for you and fill and an application form to avail your loan.