Instant loans are highly popular today. Instead of utilizing credit cards these days, most people prefer availing an instant personal loan. But do you have any idea about what is instant personal loan?
Well, look no further! We are here to tell you just that.
Instant loans are a type of personal loan given by financial lenders within a short approval process. As the name suggests, the loan amount is disbursed almost instantly to your bank accounts. These loans fulfill your short-term financial requirements.
Here is your in-detail guide to instant loans
Compared to traditional bank loans, instant loans are simpler and faster to avail. Since they are unsecured loans, you are not required to provide any collaterals such as your home or vehicle.
Wondering how to apply for an instant personal loan?
Well, you can get an instant personal loan in different ways. There are many NBFCs that offer instant loans with a much easier online application process. This way, you can simply apply for a personal loan from the comfort of your home or office. The loan application approval process is also much faster.
However, you need to fulfill certain eligibility criteria so that you can apply for instant personal loans. Apart from this, the process is hassle-free and requires minimal documentation.
Instant Personal Loan Eligibility Calculator
When applying for a personal loan, you first have to determine your eligibility. For this purpose, a personal loan eligibility calculator is used. Following pointers will help you check your personal loan eligibility:
- You need to be an Indian resident.
- You should be a salaried individual between the age brackets of 23 years to 58 years.
- Your lender’s website will have a loan eligibility calculator, open it.
- Select your city of residence, date of birth, monthly income and monthly expenses.
- Once all the requested fields are filled, the tool will show you an amount that you are eligible for.
- You can apply for the same amount and get your loan application approved almost instantly.
The Eligibility Criteria for Instant Personal Loans
If you want to qualify for Bajaj Finserv Personal Loan from Finserv MARKETS, you need to meet the eligibility criteria and submit the requested documents.
- You should be between the age range of 23 years and 58 years
- You need to be an Indian citizen
- You need to be working for an MNC, a private or a public limited company
- KYC documents
- Your employee ID proof
- Previous 2 months’ salary slips
- Previous 3 months’ salaried bank account statement
Apart from this basic information, your lender will also consider your CIBIL score and repayment history to determine whether or not to accept your loan application.
A Final Thought
Applying for an instant personal loan has become simple and the loan approval process has become faster.
With a Bajaj Finserv Personal Loan available on Finserv MARKETS, you can benefit from several features like EMI, quick disbursement, minimal documentation and much more. In fact, they offer bespoke loan solutions taking your personal requirements into consideration. The loan application is approved in under 3 minutes and the loan amount is credited to your bank accounts within 24 hours!
So, don’t think twice. Apply for Bajaj Finserv Personal Loans with us, today!
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!