Surat, a major port town of Gujarat, is expected to be the world’s fastest-growing city through 2035. Due to its rapid progress in the last few years, the standard of living in Surat has improved considerably. People want to own the latest gadgets, send children to reputed schools and plan foreign vacations.
Are you looking for quick and easy finance to enjoy this lifestyle in Surat? Then, you should consider applying for an instant personal loan online.
Here is all you need to know about an instant personal loan online and how to apply for it.
Meaning of Instant Personal Loan Online
Whenever you want a personal loan, you usually visit a bank. You have to fill out a lengthy application form and submit several documents. It can take several weeks or even months to approve the loan. The entire process is very time-consuming and difficult.
What if you can skip this process and get a fast loan without trouble? This is where an instant personal loan online can help you.
An instant personal loan is a type of loan you can get quickly. These days, several non-bank lenders offer this loan online in Surat.
Eligibility for Instant Personal Loan Online
The eligibility criteria vary from one lender to another. Usually, salaried individuals residing in Surat are eligible for this loan, provided they meet the following criteria:
- If you are working with a government institution, private sector, public sector, partnership firm, sole proprietor firm or MNC
- If your age is between 21 and 60 years
- If you earn a minimum salary of Rs. 25,000 every month
- If you have a minimum work experience of 6 months
Benefits of Instant Personal Loan Online
These loans give several advantages to borrowers:
1. Minimum Documentation
You need to submit your PAN card, identity proof, address proof and income proof to avail of this loan. You can upload these documents on the website or mobile app of financial institutions. You can also hand the documents to the loan advisor. You can also submit them to the nearest lender branch in Surat.
2. Fast Processing and Disbursal
Since the process of instant personal loans is online, there is less paperwork. This saves the time of both borrowers and lenders. The approvals and disbursals are speedy. You can usually expect the loan amount in your bank account less than a week after sanction.
In most cases, instant loans get approved on the same day or within 3-4 days of application. So, an instant loan comes to your rescue when you need money for a financial emergency.
3. Flexibility of Purpose of Use
There are no specific terms and conditions for using instant personal loans online. You can use this loan for multiple purposes:
- Buy a new car
- Buy a dream gadget
- Pay for home renovation or expansion
- Pay for the down payment on the new home
- Pay for children’s school or higher education fee
- Pay for dream marriage expenses
- Fund your travel tickets and hotel stay
- Meet emergency medical expenses
- Pay for credit card bills
4. No Collateral
Most instant personal loans available online are unsecured loans. You don’t need to put your valuable asset like property, gold or vehicle as collateral. Since this is a collateral-free loan, it means even less paperwork and quick processing.
5. Flexible Loan Amount
Usually, banks are hesitant to give low-value personal loans. They also have strict rules for a higher loan amount.
You can get instant personal loans online starting from Rs1 lakh and up to 10 lakh. If you want a higher loan amount, then some online lenders even consider clubbing of income of joint applicants.
6. Easy Loan Terms and Conditions
Instant personal loans have simple terms and conditions that any commoner can understand.
- Competitive and affordable interest rate
- Zero pre-payment and foreclosure charges
- Flexible repayment tenure between 12 and 60 months
- Pocket-friendly monthly EMIs
Documents You Need to Apply for Instant Personal Loan Online
You must ensure the following documents are ready for an instant personal loan. This will make the processing fast.
- Identity proof such as an Aadhar card, driving license, passport or voter’s identity card
- Address proof such as an Aadhar card, driving license, voter’s identity card, registered leave and lease agreement or telephone/electricity bill
- PAN card
- Income proof such as salary slips and bank statement
If there is a co-applicant, s/he will also have to provide the abovementioned documents.
Application Process for Instant Personal Loan Online
The application process may differ across various online personal loan lenders. Usually, you need to fill out the application form on the official website or mobile of the lender.
You will need to fill in the details such as your name, phone number, e-mail address, location, loan amount, etc. You will then receive a phone call from the loan advisor, who will guide you further.
The lender verifies your application form and documents for eligibility criteria. Some lenders may also check your CIBIL score: the higher the score, the higher your chances of the fast approval.
If you meet the eligibility criteria and the paperwork is complete and in order, loan sanction takes hardly a few hours or 1-2 days. The lender transfers the loan amount to your bank account immediately after that. You can now use the loan for the purpose you have borrowed!
Instant personal loan online is an easy and fast financing option. You can apply for this loan when you need immediate or short-term money for any financial reason.
Piramal Finance is an excellent financing solution for Surat residents looking for hassle-free personal loans. Visit the Piramal Finance website to apply for a personal loan.