Imagine yourself in a situation that requires your urgent financial support, but unavailability of funds makes it difficult for you to cater to the expenses. At such times opting for an instant cash loan is what you can think of to ensure you can step through the financial hassles swiftly without having to wait longer. Getting a cash loan in India is a simple process that enables you to cater to a financial emergency quickly. Be it requiring urgent funds for catering to medical expenses or paying off wedding expenses, availing a cash loan helps you quickly overcome financial hassles. Read on to know about the benefits of getting an instant cash loan in India.
What is an instant loan?
An instant loan is a personal loan that can be availed online in just a few seconds. The loan amount is disbursed instantly in your bank account without having to wait much. This type of loan is of unsecured type and does not require you to keep any collateral or guarantor. In India, you can avail of this type of personal loan online from banks, NBFCs, P2P lenders and fintech companies:.
Benefits of instant cash loan that you probably are not aware of
Convenient: This is one of the primary reasons why people have started opting for instant loans. You can now apply for a loan online from the comfort of your home. With the digital revolution, the finance and banking sector in India too has undergone a major change that has made it possible for loan seekers to make loan applications in a simple way. You can make a loan application online through the lender’s app or the website. KYC documents and bank statement verification can be done online that further help loan seekers save time and reduce effort. Since every step can be done online, getting a loan online is now convenient.
Quick access to funds: On successful approval, instant loan is disbursed immediately just in a few seconds or hours depending on the lender you are availing the loan from. This loan is of an unsecured type that is simply offered based on your eligibility criteria i.e. credit score, age, income, job type, and other factors. You also don’t have to arrange for any collateral and only have to submit basic KYC details and your salary slip to avail the desired loan amount.
No collateral: To get an instant loan, you don’t have to pledge any of your assets like jewellery, mutual funds, insurance, car, property and others. This loan is of unsecured type and does not require you to keep any guarantor as well. Thus, this benefit ensures that you get quick access to money without having to risk any of your belongings.
Minimal documentation: Since the entire loan application process for an instant personal loan is done online, you get the benefit of uploading documents online. This saves time and also does not require you to do any paperwork. Unlike traditional lenders, you also don’t have to submit a lengthy list of documents. To avail the loan, you will have to submit identity proof, address proof, salary slip, and bank statement.
Easy repayment options: Earlier, loan EMIs were paid through cheques, but now with the changing times, you can simply pay the EMI online. Fintech companies now offer you easy repayment options that allow you to set up auto-debit of EMIs through the NACH mandate.
Utilize the amount as per your wish: The instant cash loan amount can be utilized for catering to any type of requirement. Be it paying off the wedding expenses, education fees, home renovation, credit card bills, travel expenses, buying a mobile or computer or even medical bills, you can use the amount to fulfill your personal financial needs. Availing this type of loan does not require you to give the lender any explanation. Unlike a car loan that is sanctioned only to buy a car, a personal loan can be used for any purpose.
Build credit score: Availing a personal loan helps you build your credit score if the loan is repaid on time as per the schedule given by the lender. Repaying the EMIs on time increases your credit score that further makes it easy for you to avail more loans in the future. However, getting too many personal loans i.e. a form of unsecured credit can dent your score. So, you must strike a balance between unsecured and secured loans to ensure a healthy credit score.
Online lenders now understand your financial requirements and offer you simple, easier and flexible access to cash that makes it easy for you to address urgent situations. Before making a loan application online, check on the features and benefits of the loan to ensure you are given quick access to funds.