Are instant personal loans available to everyone?
If you are talking about a spot loan, it may not be available to everyone. Spot loans are usually given to customers who already have a relationship with the bank. Even here, it might take some time to process your loan. You might only know the amount you will be eligible for. However, anyone can apply for a paperless Personal Loan. You can get this loan pretty quickly when compared to Personal Loan applied through the normal channel.
In order to avail paperless Personal Loans through a loan aggregator or from a bank you do not have ties with, you need to apply for the loan and submit scanned copies of the required documents online, following which the bank verifies the documents and sanctions the loan. This process is carried out quickly without much human intervention.
The benefits associated with paperless loans include:
Reduced turn-around time: As the entire process is carried out online, there is no need to visit the bank or submit documents manually, which usually takes a lot of time. With little human intervention, the loan gets sanctioned in the shortest possible time. In case of pre-approved loans, the bank is well-versed with the customer’s profile and the loan is pre-approved. Disbursement is then carried out in a few minutes.
Fewer hassles: The paperless loan approval process is hassle-free since there is exhausting paperwork or running around to get the loan sanctioned. You can sit at home and compare loans from different banks and get a loan sanctioned with a few clicks.
Documents are safe: With your loan documents stored online, there is no fear of losing or misplacing them.
Looking for a paperless Personal Loan? Click here to compare and apply.
Yes, Instant personal loan is available to everyone who meets the eligibility criteria.
To get a personal loan common eligibility criteria
The applicant’s age should be minimum 21 years and maximum 60 years at the time of applying for a personal loan if the applicant is a salaried employee. However, some lenders require a minimum age of 23 years.
Salaried applicants should have a minimum monthly income of ₹23,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities.
The salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company.
CIBIL Required (750-900)
Yes, Instant personal loan is available for every person. You can avail the instant loan facility provided by many banks and NBFCs (Non-Banking Financial Companies) and Banks. You just have to fill the easy loan application form and apply for the instant personal loan. Once this is processed, loan will be approved and disbursed on the same day. You can apply for instant personal loan from bajajfinserv.in