A Brief Overview
Personal loans are issued to individuals by lenders who provide them with an unsecured line of credit, implying that no collateral is required to avail of the same. To be eligible for the same, you are required to have a good credit history.
If you have a good credit history, you can easily avail yourself of an instant personal loan. Loan applications for the same are approved instantly, and the amount credited to you can be transferred to your bank account in under 24 hours.
You never know when you might need this money, and emergency scenarios can arise at any time. To avoid being caught unaware, it is essential to understand what these loans entail.
Understanding the Features Relevant to Personal Loans
Several nifty features pertain to personal loans, the more prominent of which have been explored below.
The efficiency with disbursing the money
Provided you are an existing customer with your lender and your credit score reports indicate a responsible attitude towards money, you can avail of the borrowed money in under 24 hours.
Only a handful of documents are needed.
An advantage of pre-approved personal loans is that they are relatively straightforward and don’t require ample documentation, implying that they are easy to avail.
The processing time is minimum.
A personal loan can be availed of with only a limited amount of time spent processing your application.
Collateral or security is not required.
To avail of a personal loan, you are not required to provide any collateral or security when you apply for your loan.
The terms of repayment are flexible.
Those who avail of personal loans can be secure in the knowledge that they can repay the same with a level of flexibility. Furthermore, you can select the amount you repay and the tenure applicable to your repayment, making for a convenient and personalized loan.
What Determines your Eligibility for an Instant Personal Loan?
To be eligible for an instant personal loan, you are ordinarily required to have a good credit score. You have a history of paying any credit extended to you within the time stipulated for the same.
That being said, those who have no credit history can also avail of an instant personal loan. In such instances, their income and savings history are considered when their application.
To understand where you stand, consider using a personal loan eligibility calculator.
Conclusion
Owing to the flexible nature of instant personal loans, you have the right to choose a tenure best suited to you and the amount you would like to repay each month. By and large, the maximum amount loaned under this method amounts to INR 25 Lakhs but is entirely dependent upon your credit history and the loan repayment cycle, which can last anywhere between 12 to 60 months. To better acquaint yourself with personal loans available in the market today, visit Finserv MARKETS.
