Running short on cash and struggling to survive the month-end financial crunches? If you are the one with very little savings and in need of some urgent cash, there are a host of options for you. An instant cash loan can save you, and as the name suggests, it’s instant!
Whether you want to go on a vacation or want to surprise your loved one on his or her birthday or planning to buy your favorite guitar, instant cash loans give you the flexibility to use the money as you want. You can repay it in easy installments over as long or as short a tenure as you can manage.
What are Instant Cash Loans?
An instant cash loan is a quick cash loan that can be availed for a short period of time, usable for multi-purpose financial necessities. Once it is approved by the lender, you would get the money credited instantly in your bank account. Instant cash loans are very helpful, especially for students or low-paid workers, in situations of budget shortfalls. The loan amount can be used for personal expenses such as paying bills or household repairs.
Who to Approach?
Banks and other Non-banking Financial Companies (NBFCs) provide instant personal loans if you meet certain minimal eligibility criteria. You can get a loan amount of as low as Rs. 3,000 or as high as Rs. 5 lakhs. Banks usually take up to 3-4 business days to process your loan application, while other financial institutions do provide instant approvals within a single day. For a hassle-free experience, you can look for lenders offering instant cash loans online.
What is the Eligibility Criteria?
To apply for an instant cash loan, you must meet the following eligibility criteria –
- Must be a resident citizen of India
- Must be at least 25 years of age
- Must be a salaried or a self-employed person for a good amount of time, with a minimum of Rs. 25,000 per month. Many companies, however, provide cash loans at a lower salary scale as well
- Must have a good credit score
- Must be able to repay the money within the fixed tenure
- Must not furnish false or unverified documents
Documents Required For Getting Instant Cash Loans
You must keep the following documents handy while applying for an instant cash loan –
- Passport sized photo
- Address proof – usually Aadhar Card and Voter Id
- PAN Card
- Bank statement
- Last 3 Months Salary Slip
If you are applying through a website or mobile application, you might also require to upload scanned copies of the above.
What Do You Need to Do?
The following simple steps should get you an instant cash loan easily –
- Check your eligibility – If you meet the above-mentioned eligibility criteria, a lender will start the initialization process
- Fill up the application form – Many financial companies offer paperless application on their web portals, like a website or a mobile app. Make sure that you submit correct information of all your personal details, such as full name, current address, active phone numbers, guarantor name (if required), and so on
- Submit the necessary KYC documents – Make sure that all the documents are genuine and verified
- Get your approved limit – After you have submitted all your documents, the lender will study your CIBIL score and past payment histories with the help of your PAN card. Depending on your score, the lender will decide and approve your loan limit, along with the maximum tenure you can choose to repay it – which might be from 1 – 36 months depending on your credit score, the loan amount and the policies of the lender
Once your loan is approved and all your documents verified, the lender will instantly transfer the amount in your bank account and save you from financial deficits.