Instant personal loans are one of the best ways to meet your urgent financial needs. Earlier, getting personal loans required extended documentation and lengthy approval processes. Fast forward to today, and you can apply for personal loans online and get funds credited into your bank account instantly.
Several banks offer instant personal loans with minimal documentation, even with comparatively low CIBIL scores. If you need a quick loan, the article below will help you instantly apply for a personal loan.
What is an instant personal loan?
Unlike a traditional personal loan with extensive documentationand a long waiting period for approval, an instant personal loan is quick and convenient to obtain. Several other advantages are linked with instant personal loans, such as minimal documentation, fast approvals, direct credit into your desired bank account, and more.
To acquire an instant personal loan online, you need to visit your preferred bank’s portal or use the mobile app and fill out an online application form. Most banks require only your Aadhaar and PAN details to process your application as documents.
However, before applying, you need to check a few factors, such as interest rates, ease of application, and the flexibility of loan disbursement, etc., that the lender offers. Among various organisations, IDFC FIRST Bank personal loans are the easiest to acquire, with instant online approvals and easy documentation. Moreover, you get a loan amount of up to ₹1 crore based on your eligibility with attractive and competitive interest rates starting at 10.49%.
How to apply for instant personal loans?
Instant personal loans offer the most convenient ways to apply online. You need to visit the bank’s portal or download the mobile app and follow the below-mentioned steps. However, ensure to keep your Aadhaar and PAN card handy before proceeding.
- Application via the bank’s online portal
● Visit the official website of your preferred bank
● Navigate to the loan section and choose the personal loan option
● You can find the loan details along with the personal loan calculator.
● Use the loan calculator to get an idea of the loan eligibility and the EMI that you would pay.
● Subsequently, you can fill out the online application form mentioning your address, contact and personal details.
● Once you fill out the form, you need to upload your supporting documents in the prescribed format.
● The bank goes through your documents and approves the loan.
● After approval, you receive the loan amount directly into your bank account.
- Application via mobile app
● Download the preferred bank’s mobile app and register using your email ID or mobile number
● After entering the app, visit the loan section from the main menu
● Choose the instant personal loan option and go through the loan details
● Subsequently, fill out an online application form including your contact, personal, and address details
● Upload your documents as per the terms and conditions
● Wait for approval from the bank
● Once the bank approves your loan amount, you will receive it in your bank account.
Documents required to apply for an instant personal loan
You must keep the following documents handy while applying for instant personal loans online:
● Proof of identity – Aadhaar card, voter card, driving licence, PAN card
● Proof of address – Aadhaar card, voter card, Passport
● Bank statement (In case you are applying to a different bank where you don’t have a bank account)
A PAN card is an essential document when applying for personal loans online.
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