In the fast-paced digital world, having quick access to funds has become increasingly crucial for covering financial emergencies, including medical, travel, or even educational expenses. Obtaining an instant personal loan has become a go-to solution for many users, as it provides major relief by providing fast funds without requiring collateral. Thanks to digital platforms, people can now apply for a loan online from the comfort of their own homes, without having to worry about managing lengthy documents or standing in long queues.
However, this application process can become quicker if you are prepared with the right updated documents. In this article, we’ll know more about this loan type, the necessary documents required and some tips for quick loan approvals.
What is an Instant Personal Loan?
As the name suggests, an instant personal loan is a type of loan that is quickly availed to applicants via digital platforms, and sometimes they even receive same-day approval and disbursement of funds, making it convenient for borrowers who need immediate access to funds without any hassle.
Key Features:
- Funds are disbursed in the applicant’s account quickly, sometimes within hours of approval.
- Applying for an online personal loan is easy – you can do it conveniently from home on online platforms in just a few clicks taps.
- Apps sometimes require basic Know Your Customer (KYC) documents as proof.
- It’s an unsecured loan, so you don’t need to provide any security collateral.
- Some apps provide flexible repayment options, enabling you to choose the term that suits you best.
- The terms and conditions are completely transparent, and online platforms ensure your data privacy.
Essential Documents Required for Instant Loan Application
Here are some of the documents that you should be prepared with when applying for a loan via a loan app:
- Identity Proof: These are the basic government-issued documents that serve as proof of your identity:
- PAN Card (Mandatory)
- Aadhar Card
- Passport
- Driver’s License
- Voter ID
- Address Proof: The documents that are used to verify your current residence:
- Utility Bills (not more than 3 months old)
- Passport or Aadhar Card
- Rent Agreement
- Income Proof: To analyse your repayment capacity, the loan apps require the following:
- Salary slips for the past 3 months, Form 16 and bank statements for those in salaried employment.
- Last 6 months’ bank statements, income tax returns, or any other documents to verify the business individual’s income.
- Passport-Size Photograph: Some lenders require the applicant to submit a recent passport-size photograph or a digital photograph for online applications.
Please note that the documents mentioned above are subject to change depending on the platform you choose. For more detailed information, please check the app or website.
Tips for Quick Loan Approvals
Consider the following tips for obtaining swift online personal loan approvals:
- Keep a digital copy of all the documents ready, preferably as PDFs, to upload them whenever needed without any delays.
- Make sure all documents include the correct information and that there are no discrepancies.
- Maintain a high credit score (potentially more than 700) to increase your chances of speedy approvals.
- Search and compare your options, then apply for a loan through a trusted and reliable loan app.
- Make sure that you qualify for the eligibility criteria of the loan application.
Conclusion
It is concluded that applying for a loan allows you to cover all financial emergencies without any hassle. The process involves a straightforward application, swift fund disbursement, the convenience of digital application, minimal paperwork, and transparent terms and conditions.
Make sure you apply for an instant personal loan through a trustworthy platform like Bajaj Finserv. It is a one-stop, user-friendly, and safe loan application that charges no hidden fees, requires no collateral, offers competitive interest rates, and provides quick loan approvals.
So, stay prepared, follow the above tips and make your financial move with confidence.
