Personal Loans are considered as a saviour in times of desperate financial crises. In a situation of emergency, it is often hard to get a loan easily, which is why most of the banks recently offered an instant personal loan that acts as a shield in this vulnerable situation. These types of loans provide instant financial assistance and require minimum documentation, which makes processing time much shorter than normal loans.  

In this world of unpredictability, it is not unusual to face sudden emergencies, but not all of us are prepared mentally and financially to handle them without a sweat. Many people will say that the main purpose of their savings is to handle such situations. But the reality is different as with growing cost and inflation, and you can’t be sure how much this sudden emergency will cost you. So in such cases, it is wise to apply for an instant personal loan as they involve a mortgage and have low-interest rates. 

Why Should You Depend On Instant Personal Loans?

During a time of crisis, it is natural to get emotionally, and money should be the last thing to worry about. It can help to get out of a situation by applying more logical solutions. The instant personal loan can be termed as one of such solutions as it can deal with most financial crises. The Instant loans are available to you within a few hours of application, only if you fulfill the eligibility criteria laid by banks. These loans are repayable in small amounts every month or through the EMI system, which relieves you from the burden of quick repayment or repayment at once. 

Features Of Instant Personal Loan Which Are Beneficial For You 

Instant Approval

The prime benefit of the loan is its easy online access, quicker approval, and less documentation. The step involved in processing the loan is done online, so it gets faster approval than general personal loans. The communication and documentation are done through either call or email, so you don’t have to visit the bank personally for approval. 

Application Time Is less Than 5 minutes

While you are facing an emergency, it is unimaginable to go through a hefty documentation procedure that is 5 pages long. The financial institutions are well aware of such difficulties, which is why they demand minimum basic documents for approval of the instant personal loan. Thus the time you have to spend on the application procedure is considerably less. 

Amount Of Loan You Can Get

The instant personal loans available can range up to ₹25 lakhs, though it depends on your profile which includes your income stability, job conditions, age, etc. The monthly interest charged on personal loans is way cheaper than interest on credit card loans. And you easily repay the amount as monthly EMIs for a predetermined tenure. 

Pre-approved Loans

It is also possible to avail of a pre-approved personal loan from a few lenders or banking institutions. However, it is only available if you are an existing customer of such an institution or lender, which is why no extra documents are required. The lender offers you the facility of the pre-approved loan after checking your repayment ability as they already have all your bank details. 

Competitive Interest Rates

In a situation of desperate need, you don’t need to pay a hefty amount of interest on the loan. As the market of personal loans is highly competitive, the interest rate charged on quick personal loans is lower and reasonable. However, it is always wise to compare the interest rates before applying for any type of loan. 

No Additional Charges

In sudden emergencies, a common mistake made by most people is that they forgot to check the inflation and charges involved with the loans. But in the case of instant personal loans, you don’t have to worry as it doesn’t involve any hidden charges or inflation. 

Repayment Tenure

Another crucial advantage that instant personal loans offer you a flexible tenure between 12 to 60 months. So you can choose any tenure which is suitable for you. The Calculation of EMI has also become easy with personal loans EMI calculators, which are available online. These calculators help you to get an approximate estimate of the EMIs before you apply for the loans. 

Though before selecting any lender, it is crucial to analyze and compare various banks or NBFCs. This analysis will save you from the trap of Low EMIs, which end up becoming way costlier for you.