Instant cash loans have become quite popular in India in recent years. These small, short-term loans provide quick access to cash to meet urgent needs or expenses. The application for this instant loan process is simple and quick, requiring minimal documentation. Funds can be paid within 24 hours of applying in most cases.
With the quick approval and disbursal of instant loans make them suited for short-term cash needs or unexpected contingencies where accessing funds rapidly is key. But responsible borrowing is advisable. Before making any decision know how to apply for an instant loan.
Some of the vital steps in applying for online instant loan in India:
But before applying for the instant loan you need to check for the following points:
Step 1: Check Eligibility for loan
The first step is to check that you meet the basic eligibility criteria set by lenders. This usually includes:
– Being an Indian citizen over 18 years of age
– A regular source of income
– You need to have valid ID & address proof
– Having an active bank account
Depending upon lenders they may have additional criteria like minimum monthly income requirements.
Step 2: Select a Lender
There are many lenders and online lending platforms that offer instant cash loans in India. Compare interest rates, loan amounts, repayment terms, processing fees and other charges before zeroing in on a lender. Read reviews and check credentials to avoid dealing with unscrupulous lenders. One of the fastest personal loan providers is Fibe. You can download the Fibe app to get an instant loan.
Step 3: Apply Online
Most instant cash loan applications are done online via a simple application form on the lender’s website or app. The form will require you to fill in your personal details, income and employment details, bank account information, and loan amount and tenure desired. The entire online loan process can be completed in 10-15 minutes through an instant loan app. You can easily research for different lenders & the one with better reviews & platform can be idle for your loan.
Step 4: Upload KYC Documents
You will need to upload digital copies of identity and address proof documents like Aadhaar, PAN Card, voter ID, passport, utility bills etc. as per KYC requirements. Some lenders may require income statements or bank statements as well. Ensure you have soft copies of all documents required. Completing all the processes digitally will help you in multiple ways. Thus doing online KYC saves your time & effortlessly you can get a loan directly to your bank account.
Step 5: E-sign the Loan Agreement
Once your application is verified and approved, you will need to electronically sign the loan agreement and other documents shared by the lender. Remember to go through the terms and conditions carefully before moving onto the next step..
Step 6: Account Verification and Approval
The lender will do certain account verifications like checking your credit score, past credit behavior, employer credentials etc. once you accept the agreement. If everything works out fine your loan will be approved by the lender. Nowadays there are different criteria which you need to look for and after reading about them you need to make the decision whether to take a loan from the xyz lender or not.
Step 7: Loan Amount Disbursal
Once approved, the loan amount will be instantly credited to your bank account digitally within 24 hours in most cases. Some lenders may offer even faster disbursal within a few hours or minutes. If you have already taken a loan from a particular platform then chances are high that you will get a loan in a few minutes as you already cleared the verification process.
Conclusion
Applying for instant cash loans in India is now a quick and convenient process that can be done entirely online. Ensure you compare options from different lenders before applying and provide accurate information and documentation for fast processing and disbursal.
Instant loans provide fast access to funds for emergency needs through a quick and convenient application process, at low interest rates. Repayment period is short or can be customised.Therefore this type of loan provides an easy way to meet urgent cash needs pending your next paycheck. Do understand the need of personal loan & try to avoid over debt which can harm your cibil score in the long run.
