What are the Types of Instant Personal Loan?
The process of availing a personal loan has always been time-consuming and tedious ever since the bank started giving out these loans. This gave a rise to new technology is the credit-giving space called as an instant personal loan. This was the solution to the modern age problem faced by young busy professionals.
The instant personal loan is nothing but a quick way of getting a paperless loan within a short period of time. You don’t have to spend hours filling lengthy forms and stand in the queue at the bank or submit any physical documents. As these loans are unsecured, you don’t have to submit any asset ownership documents. You apply can for a personal loan via app online. You can be anywhere in the country and doing whatever you want and can still apply for such loans as long as you have a working internet connectivity. The loan amount and the duration can be flexible depending on your needs and your eligibility.
With today’s demanding lifestyle, the wants are increasing and so is the need for instant cash. Below are some of the types of personal loan people opt for:
1. To buy a new gadget
2. For travel expenses
3. To cover extra wedding expenses
4. For Medical emergencies
5. To pay the undue bills
6. To pay sudden home and vehicle repairs
7. For festival shopping
8. For top-ups and many more
You can apply for a personal loan via app with your smartphone in just 15 minutes. The loan apps like CASHe can be downloaded on your smartphone from Google play store or Apple app store. You can then register yourself with the basic details like Name, Phone number, Address, Date of Birth, your Photo and Bank details. You can take a personal loan ranging from Rs.9,000 up to Rs.3 lakhs. You will know the amount of eligibility once you enter all your details. The duration of your loan can be 62 days to 1 year. You are then required to upload your documents like identity proof, address proof and income proof from your smartphone. Once you submit all the documents the app will review your request. Once the loan is approved the amount is disbursed in your personal savings account within a few minutes.
Eligibility and Documents Required:
As ID proof you need to submit your Aadhar Card or Pan Card or Driving license or Passport. For address proof, you can submit your utility bills like landline bill or Passport or Rental Agreement. You have to be a resident of India to be eligible for an instant personal loan. Your age should be between 23 to 58 years old. As an income proof, you need to submit your bank statements and salary slips for the last 3 to 6 months.
Repayment of Instant Personal Loan:
You can repay the loan via the app. On the due date, you can do a bank transfer. The app will send you alerts as your due date is near.