Financial obligations can arise anytime, and you might not have the required cash to meet those obligations.
You might want to consider selling your assets or investments to meet those needs during those times. However, selling assets is not the solution. The perfect solution to your problem is an instant loan.
Instant loans by EarlySalary are an excellent way to get the desired cash, quickly and easily.
These loans are designed to provide you with the funding instantly without spending your precious time on paperwork or waiting for approval. They’re perfect for when you need an Rs. 1 lakh personal loan quickly and don’t want to go through the hassle of applying for a traditional loan.
Instant loans have become quite a popular choice among young adults too.
These adults are tech-savvy and want everything on their tips; thus, an instant loan suits their requirements.
Features of an Instant Loan
Features of an instant loan may vary from lender to lender. Some of the standard features are:
- 1 lakh personal loan is typically processed quickly, and you can often get the money you need in as little as 10 minutes.
- These are excellent for emergency use for medical issues or paying off expensive loans
- Further, you can get an instant loan with minimal documentation. Additionally, the interest rate charged on instant loans is very low, making them a more affordable option in the long run. It also has no pre-payment charges.
You can get an instant loan at an interest rate of 1.5%-2.5% per month.
- The loan amount can be used for any purpose, such as higher education, wedding, business expansion, house renovation, travel etc.
- The repayment facility is very flexible, and the loan can be paid at the borrower’s convenience. The loan amount can also be availed for just a few months.
- EarlySalary also provides a personal loan EMI calculator to calculate the monthly cost on your loan, which will depend on the interest rate. It will help in analysing your expenditure for the month.
Steps to Avail an Instant Loan
Getting an Rs. 1 lakh personal loan is very easy, and individuals will not be required to go through a lot of paperwork or wait for the approval.
The steps to avail of an instant loan are:
- Use the app or verify your number on the website.
- Once you have registered, click on apply for a loan.
- Fill out important information about yourself
- After filing the details, you will get instant approval.
- Further, upload your KYC and a few more documents.
- Post KYC you can transfer the required amount. The amount will be transferred within 10 minutes.
Eligibility for an Instant Loan
To get an instant loan, the following eligibility requirements have to be met:
- An individual must be a resident Indian.
- They should be of the age of 21 years to 55 years.
- They should have a minimum salary of Rs. 15,000 per month in non-metro cities and Rs. 18,000 per month in metro cities.
Further, the documents required are:
- A selfie
- Proof of identity: Aadhar card/Pan card/Passport/driver’s license
- Proof of address: A rental agreement/Utility bills/passport
- Proof of income: Approximately three to six months of Bank statements and salary stubs
Instant loans can be a great solution in a hurry. However, it is vital to understand all the implications of this decision before taking the plunge.
It is essential to know the interest rates and fees. Be sure you’re comfortable with the repayment schedule before you commit. Check whether there are any penalties for early repayment, make sure you borrow from a reputable lender, etc.
Also, read the terms and conditions of the instant loan carefully to make sure you understand what you are signing up for and to make an intelligent decision for your financial future.
Further, it is also crucial that you assess your repaying capabilities and the need for a personal loan.
Taking the time to consider all these points can help you avoid any unpleasant surprises down the road.
To get more information on instant personal loans, Visit EarlySalary