When you need money urgently, you may want to consider applying for an unsecured personal loan. When you apply for a personal loan, you will need to select the loan amount and wait for the financial institution to confirm your eligibility. The approval process may take some time, depending on your financial institution. However, if you maintain a good credit history, you may receive insta personal loan offers from financial institutions. These offers are pre-approved, meaning the loan process is much shorter and quicker than a standard personal loan.
Overview of an insta personal loan
The term “insta personal loan” refers to pre-approved loans offered by financial institutions to their existing customers and sometimes new customers based on their creditworthiness. If you repay your debts on time and have a good income, you will likely qualify for a personal loan. Once you accept the insta personal loan fees, complete the loan process, and the lender verifies your information, the money is immediately deposited into your savings account. The insta loan process differs from the traditional personal loan application process, making it easier to avail of funds.
Eligibility requirements for insta personal loans
You will need a good credit score of 750 or above and a stable monthly income at a reputed public, private or MNC firm to qualify for an insta personal loan. Additionally, you will need to be a residing citizen of India between the age of 21 to 67 years. If you meet the above requirements, you have a greater chance of securing pre-approval on your loan. Your financial institution’s mobile app or website will allow you to check the detailed eligibility criteria for insta loans. You can also discuss your insta loan eligibility with your financial institution relationship manager.
Required documentation
A few documents need to be present to attain pre-approval on loan. This list may differ from one financial institution to another. Here is a standard list of documents require to complete the application.
- Utility bills as proof of residential address
- Statements of bank accounts
- Aadhaar card as proof of identity
- Copies of your Permanent Account Number (PAN) and Aadhaar card
- The last three months’ salary slips
Steps to avail of an insta personal loan offer
Insta loan offers indicate that you have met the eligibility requirements of the financial institution and are only required to complete a few additional formalities to receive the disbursement. You can apply for a loan in the following manner.
- Check with your lender or their website to see if you have an insta loan offer available.
- If you are applying for a loan, please submit an adequately completed loan application form.
- Select the loan amount you wish to borrow and the loan tenure after assessing your repayment capacity.
- Make sure you submit all the necessary documents if asked.
- Once your information and documents are successfully verified, the financial institution will disburse the funds directly into your bank account.
You can check for insta loan offers from NBFCs like Bajaj Finserv. You can expect instant approval to access the funds immediately upon meeting the eligibility criteria.
Advantages of insta personal loan
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Faster processing time
Since the lender has already done a background check to determine your creditworthiness, the processing time is shorten. The loan amount is disbursed into your bank account within a few minutes.
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Flexible repayment plan
Since financial institutions see you as a potential retainable customer, it is more likely that they will offer you flexible repayment terms and conditions.
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Attractive interest rates
With insta loan, you can enjoy competitive interest rates and affordable monthly instalments.
Disadvantages of an insta personal loan
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Unnecessary borrowing
When you receive an insta loan offer, it is almost natural to be tempt to avail of it. Despite this, taking out credit involves some responsibility since the debt must be repaid on time, with interest. If you take out a loan even when it’s not necessary, you may end up facing financial hardships as a result.
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Limited period offer
Insta personal loans are offer to you based on your current financial standings. These offers change with any change in your income, credit score, etc. Therefore, these offers need to be avail soon.
Conclusion
Insta loans are becoming increasingly popular due to their quick access to funds. In addition, borrowers also benefit from the shorter application process and lower interest rates. However, it doesn’t mean you should take out an insta loan just because you can, primarily if you can’t repay it. Please take a moment to review all the terms and conditions attached to the offer and then decide if it is right for you based on your requirements and finances.
