Banking practices are quickly evolving in the modern day. The procedure is now becoming quicker and paperless. The need for instant loans or easy personal loans online is expanding along with the ever-increasing need for instant money for medical emergencies, the purchase of substantial assets, wedding or travel expenses, vehicle or house maintenance expenses, or any unforeseen incident. Easy personal loans are becoming more and more popular because of their speedy application procedure and processing times.
What is An Easy Personal Loan?
Instant loans or easy personal loans are ones that do not need a lot of paperwork and are quickly accepted without requiring an asset showcase. Compared to regular bank loans, the procedure is simple and convenient.Â
Personal loans and quick loans are other names for instant loans. Without going to a bank or filling out a long application, you can apply for an easy personal loan online. Both the lender and the borrower benefit from the time savings. The interest on personal loan will differ with the tenure of the loan.
Features of an Easy Personal Loan include:Â
- These loans might span anywhere from 62 days to 1.5 years.
- The loan amount may range from INR 9,000 to 4 lakhs rupees.
- Compared to bank loans, the procedure is quicker.
- The same day that an application is submitted, instant loans or easy personal loans online can be authorized.
- You can apply for these loans while sitting at home or work.
Eligibility to Apply for An Easy Personal Loan
- Almost everyone is qualified to apply for an easy personal loan, even those with a poor credit history or no guarantors.
- You must live in India and work as a salaried employee for a registered company.
- To be eligible to apply for a personal loan, you must be between the ages of 23 and 58.
Documents Required for Easy Loan Application:
The documents you will need to apply for an easy personal loan online are listed below.
- Identification proof: You must present an Aadhar card, Pan card, driver’s license, or passport.
- You’ll need utility bills, such as those for power, water, or phone service, or your passport as your address verification.
- Photographic evidence: a photo of you as photographic evidence.
- Your most recent pay slips from your employer must be submitted.
- Bank statement: You must present the bank statements showing how your salary is credited.
Modes of Loan Disbursal
Within a few minutes of your quick loan application being approved, the money will be transferred to your personal savings account.
Fees And Charges
- The amount and duration of your loan will determine the interest on personal loan.
- The offered interest rates are very competitive.
Advantages of Easy Personal Loan Over Regular Personal Loan
- Disbursal
Both regular personal loans and instant loans are unsecured lending products offered by banks and non-banking financial institutions to meet borrowers’ needs for personal financing. However, there is a significant difference when it comes to the disbursal time. While regular personal loans can take up to 4 or 5 days to disburse, easy personal loans get disbursed in few minutes. Therefore, easy personal loans are the best option if you need money right away and you can’t wait around for it to be disbursed.
- Online Processing
Online processing is one of the main advantages of choosing easy personal loans over regular personal loans. Every stage of the processing of an easy personal loan is done online, from application to disbursal. So, customers can submit an online application for a quick loan. Moving on, the approval procedure is also carried out by automated software, which accelerates it compared to personal loans. This benefits people who are pressed for time and require money right now as well.
- Documents
There is minimal documentation involved with an online loan or instant loan. As previously stated, applying for this is simple. The online documentation procedure comes next. Just upload the required paperwork and your application form to the lender’s website. The required documents include proof of identity, proof of address, proof of income, and proof of age. Personal loans, however, call for paperwork that entails detailed documentation.
Conclusion
Compared to a traditional personal loan, an easy personal loan offers a considerably simpler application process. The best feature that makes it convenient for borrowers is its online processing. Since one can apply for it quickly from their home or place of business. The procedure is completely hassle-free because it doesn’t require any strain or laborious effort. The interest on personal loan will differ with the tenure of the loan and the amount of the loan. home loan informationÂ