Benefits inside : Instant personal loans in unforeseen situations
New Delhi, India: Unforeseen and at times some unprecedented events like the Covid 19 pandemic, can consume a major chunk of your entire life savings, if not almost all of it. What’s worse, as seen in recent times the situations of the pandemic-like magnitude can pose a serious threat to all of us, anytime. A sound and well-planned investments beforehand can help you to a certain extent by helping you carve a way out. However this would also mean that you liquidate your investment assets, bringing a medium-term, or even a long-term halt to your future profits.
Not quite advisable, right? . But then what can be some of the most feasible alternatives to such a scenario? Well, there are not too many but an instant personal loan is one, for sure.
Instant personal loans not only offer easy access to funds but also come with affordable rates and extended repayment tenure. Institutions like IDFC FIRST Bank provide easy online applications, lenient eligibility criteria, and high loan amounts without collateral to meet your financial requirements.
Let us understand every aspect of instant personal loans and how they can benefit you in the case of urgent financial requirements.
What is an instant personal loan?
Personal loans have existed for a long time in conventional banking, and they would require long paper checks and approvals process to disburse the borrowed amount. However, with the advent of digital banking instant personal loans rose to popularity for offering instant access to funds without hassles.
You can apply for an instant personal loan using net banking or the mobile app and receive funds directly into your bank account. For instance, IDFC FIRST Bank offers a simple 4-step online application process, that you can carry out using your smartphone or laptop and receive funds directly into your bank account. Since the process is completely paperless, you can apply for instant loans anywhere anytime, even outside banking hours and on public holidays.
The bank offers high loan amounts collateral-free, and you can choose a suitable tenure of up to 5 years to repay the borrowed amounts.
Why get an instant personal loan?
Along with being easily accessible, instant personal loans offer numerous benefits such as those mentioned below.
· Easy online application
Unlike conventional loans, instant personal loans are easy to acquire via various online platforms. IDFC FIRST Bank offers quick application and approvals through the mobile app and net banking. You can easily apply for the loan using your Aadhaar and PAN details.
· Low-interest rates
Personal loan interest rates are detrimental to the overall loan cost. A low-interest-rate personal loan is economical compared to other loans. However, the rates vary from bank to bank and, you must search for various personal loan options before applying. Instant personal loans from IDFC FIRST Bank come with low-interest rates starting at just 10.49%, one of the lowest in the industry.
· Quick approvals
Unlike conventional personal loans where you need to visit the bank in person, submit documents, and wait for approvals, an instant personal loan is approved digitally, hence it takes less time for approvals. IDFC FIRST Bank offers quick online approvals with minimal documentation, and you can acquire personal loans within a couple of hours.
· No constraint on loan uses
Instant personal loans from IDFC FIRST Bank are not bound by terms & conditions for a specific use, and you can use them for any purpose, such as for funding a wedding, planning a vacation, paying tuition fees, or meeting an emergency medical expense. You can also use an IDFC FIRST Bank personal loan for debt consolidation to repay your running debts without burden.
· No collateral required
Another key benefit of a personal loan is that you need to secure them with collateral. IDFC FIRST Bank offers collateral-free loans depending on your financial requirements and repayment capabilities.
How to get instant personal loans online?
The application process for instant personal loans may vary from bank to bank. While may have longer documentation and approvals, IDFC FIRST Bank offers a simple 4-step process for quick and streamlined application as mentioned below.
1. Apply for a personal loan – Log into your IDFC FIRST Bank Mobile app or visit the IDFC First Bank website
2. Personal loan approval – Based on the entries in the online form, the bank will check your loan eligibility and approve a loan amount
3. Upload documents – Upload the required documents to complete the online verification
4. Instant online disbursal to bank account – After verifying your personal details, the bank will disburse the loan amount directly to your bank account instantly.
Factors to consider when applying for instant personal loans
Here are some factors that you must consider when applying for an instant personal loan.
· Use a loan calculator to plan your finances and know the amount you need that can be easily paid off. IDFC FIRST Bank offers an integrated personal loan EMI calculator tool for your convenience. You can use the tool to calculate your interest and the EMI you need to pay every month
· Compare various lenders before applying for a personal loan and choose the most cost-effective loan.
· Read the detailed terms and conditions of the personal loan to know its exact working.
· Ensure to apply for only one personal loan at a time to maintain a healthy credit score.
In the era of digitised banking, getting a personal loan is quick, simple, and convenient. It helps you meet your urgent financial requirements without hassles. However, some lenders may offer more stringent criteria than others. So explore various instant personal loans online and choose the most suitable one as per your requirements.
IDFC FIRST Bank offers the flexibility to choose the loan tenure at your convenience and a high loan amount to meet your varied expenses. Additionally, you can apply for an instant personal loan anywhere anytime without the need for physical documentation. Apply now!
