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Give A Thoughtful Gift To Your Loved Ones

Personal Finance

Is an instant personal loan a good idea? Can instant personal loans have any effects? What is a safe way to apply for a personal loan?

Giving a gift to a loved one is a wonderful way to express how much you care about them and how glad you are to have them in your life. People with financial problems can get the proper presents for their loved ones with the aid of an instant personal loan.

Obtaining a personal loan through the Internet is quick and simple in every aspect. You may borrow a quantity that works for you.

You’ll have many options for repaying the loan and cheap interest rates. Prepare to deliver expensive and sincere presents to those you care about while we handle the money.


  • Paperwork is reduced.

You need to present a few documents to get an instant personal loan. The simple approach and minimum amount of required paperwork allow applications to be processed swiftly. You won’t have to compile a slew of paperwork or visit the bank only to hand them over. To apply for a loan online, you simply need to submit the necessary paperwork.

  • Processing and payment are completed quickly.

Your loan application will only be accepted in a few weeks. This is fantastic news if you need to purchase brand-name clothing for the holidays at the last minute or if you want to give your family the most current presents.

Instant personal loan funds are often sent to your account within a few hours of applying and meeting the prerequisites. You won’t have to spend time and energy travelling back and forth to the bank for an extended period of time only to obtain your loan funds. Furthermore, the funds may be sent to your account in a few minutes if you get a personal loan that has already been authorized.

  • Modular payment plan

It will be easy for you to apply for a personal loan after the holidays. The time it takes to repay a personal loan might range from one to five years, and your monthly payments can be adjusted to meet your budget.

  • There is full security

You do not need to locate collateral to get an instant personal loan. A personal loan is unsecured, meaning the borrower is not required to put up any collateral to get the funds they need. When considering whether or not to provide you with the loan, the lender will not consider the value of the collateral. Instead, they will consider your credit history and ability to repay the amount.

Because you may not have enough money, you may be unable to provide your loved ones with everything they want. With an instant personal loan, however, nothing can stand in the way of a joyous Christmas spent with family and friends. Take out a loan, but only if you’re certain you’ll be able to repay it. Use an EMI calculator before applying for a personal loan to see if you can afford the payments.

Who can apply for an instant personal loan? 

  • People who are paid

Customers that fulfil conditions for an instant personal loan, such as earning at least Rs. 15,000 per month. If you can present documentation of who you are and how much money you earn, you may speed up the application process and obtain your loan more quickly.

  • Students

Finding a cosigner and applying for a personal loan is the best option for a student to pay for school or a large purchase. This is another option for you. Tata Capital provides several advantages, including speedy clearance and quick distribution.

  • Individuals who have recently retired

People who are retired and get a monthly pension check may be eligible for a loan. Even if you haven’t worked for the government or the military, they can offer you money swiftly if you satisfy their qualifications.

Is a specific CIBIL score required to get a personal loan?

Your payment history is bundled into a single figure known as your CIBIL score. The figure might range from 300 to 900, indicating how well you performed. This score is based on how well you performed across the board. This score is then used to determine if the borrower is a good credit risk and the loan conditions.

Your CIBIL score will play a significant role in whether or not you are approved for a loan that does not need collateral. Applicants with CIBIL scores over a minimum of 700 are usually approved quickly. To be accepted for an instant personal loan, your CIBIL score must be between 720 and 750.

What is a personal loan EMI calculator?

An instant personal loan calculator may be used to determine the total cost of repaying a personal loan, including interest and principal. Using the EMI calculator, you may determine how much you can pay each month over a suitable period. You may use our EMI calculator to see how much you need to pay monthly to repay the loan.

Summing up

The main goal of this article is to provide a detailed description of the steps you must take before applying for a personal loan. You should be aware of all the options available and then take an informed decision.

Consider all of the circumstances before deciding on the best method. It would help if you spent a lot of time thinking about the past because it can teach you a lot. Do visit the Piramal Finance website, and you will come across other articles that are informative and helpful. They discuss various related topics in great detail.