Step-by-Step Guide to Applying for an Instant Personal Loan

Many people rely on a personal loan to tackle emergencies such as home renovations, wedding expenses, hefty medical bills, or job loss. A personal loan bails you out of such situations. These are collateral-free loans without end-use restrictions, helping you take on emergencies with confidence and determination. The only catch here is that approval and disbursal may take time.

How does one arrange for money immediately when confronted by an emergency? The answer to this conundrum is an instant personal loan online. There are many Loan platforms that offer competitive interest rates on online personal loans with flexible repayment terms. Borrowers in need of emergency funds can get an instant personal loan and manage expenses swiftly.

Get an Instant Personal Loan in 5 Easy Steps

Getting an instant personal loan is not as difficult as most people believe it is. Borrowers can get an instant personal loan through any of the loan apps available, with OneScore being one of the premium and most sought-after ones. Borrowers get instant approval for a personal loan, and the disbursement happens within minutes.

Follow these 5 easy steps given below to get an instant personal loan:

• Visit the lender’s app
• Check eligibility criteria, interest rates and other charges
• Calculate your EMI
• Submit required documents
• Wait for loan approval

Eligibility Criteria for Instant Approval for Personal Loan

Every lender has certain eligibility criteria when it comes to giving instant approval on a personal loan. Given below are the most common eligibility criteria for instant approval for a personal loan:

• The borrower must be 21 years old (minimum).
• They must not exceed 65 years at the time of loan closure.
• The borrower must be an Indian resident and citizen.
• They must have the necessary documents ready required for a personal loan

Additional Read: Understand Your Credit Score

Documents Required to Apply for an Instant Personal Loan

As mentioned above, there are certain documents that borrowers must furnish on the loan app to get instant approval on a personal loan. Only once the borrower has all the documents ready for submission can they proceed with an instant loan application online. Documents required to apply for a personal loan include:

• KYC documents like a passport, PAN card, voter ID card and Driving License
• Address proof like a ration card, rent agreement, electricity bill, telephone bill, or passport
• Income proof like salary slips, ITR, Form 16 and salary account statements

Features of Instant Personal Loans

Planning to apply for an instant personal loan online? Get an instant personal loan by knowing what these features are before applying:

• 24/7 availability
• Avoid doing branch visits
• 100% digital loan procedure without any paperwork
• No collateral requirement
• Direct disbursal into your bank account

Frequently Asked Questions

1. How to Apply for an Instant Personal Loan Step by Step?

To apply for an instant personal loan online, the step-by-step procedure includes comparing the loan offers, filling out an online application form, deciding on the loan amount and tenure, getting approval and disbursal, and planning for the repayment efficiently.

2. What Is the Fastest Way to Get a Personal Loan?

Applying online using the 5-step loan procedure is the fastest way to get a personal loan, as it does not involve any physical branch visits or paperwork.

3. How Do Instant Personal Loans Work?

When you apply for a loan online and get approval, you receive a loan offer by email. You must review and accept the offer to get disbursements directly into your bank account. Your repayment period starts the following month. You must pay one EMI each month for the selected loan tenure until you pay off the borrowed amount with interest.

4. What are the advantages of instant loans?

Some major advantages of instant Personal Loans include high loan amount, flexible repayment terms, competitive interest rates, instant approval and disbursal, no paperwork, and 100% loan procedures.

5. Do Instant Loans Affect Credit Score?

Yes, instant loans affect the credit score. Timely EMI repayment that you choose according to your affordability improves the credit score, while missing the EMIs may reduce it.

Stay informed on all things credit management with OneScore.