Availing an online loan is the best option when you are in urgent need of a small-ticket loan. You can easily apply for an instant loan of Rs. 50,000 through a money loan app. The process is simple, fast and hassle-free.
Today, there are many money loan apps in the market that offers quick loans of up to Rs. 1.5 lakh depending on your eligibility. These apps are best known for their speedy process and minimal documentation requirements. They are also more flexible in terms of eligibility and repayment. In addition to this, due to the lower operational costs of these loan apps, you can avail the loan at a lower interest rate as compared to conventional lenders.
Read on to know how you can avail an instant loan of Rs. 50,000.
Features of an Instant Loan
Unsecured personal loans have quick approval times and a quick disbursal process. Most lenders request a few documents to verify your loan application and the entire process is completed digitally using advanced technology. This makes the loan process much swifter. Instant loans typically have short terms and have significant advantages like:
- Minimum documentation
- Flexible EMI options
- Unrestricted end-use
- No collateral.
Eligibility for an Instant Loan
Although applying for an online loan is simple and hassle-free, it is essential to satisfy the eligibility requirements cited by your lender. Different lenders may have different eligibility requirements. However, the standard qualifying requirements for an instant loan are listed below:
- Age: You should be between the ages of 21 and 60.
- Employment: You must be salaried or self-employed and provide acceptable income documentation.
- Salary: The minimum salary requirement for an instant loan is Rs. 15,000. However, some lenders require a minimum salary of Rs. 25,000. This varies from lender to lender.
Before applying for an instant loan, you must go through the eligibility criteria cited by different lenders. Make a list of the lenders whose eligibility criteria are easy to meet for you. You can do this by visiting the lender’s website or by checking on the money loan app. If you don’t satisfy all the criteria set by the lender, then your loan application would get rejected. Thankfully, it is much easier to meet the loan eligibility criteria set by the money loan apps.
Documents Required for an Instant Loan
Once you have found the right lender, you must check the documents requested by the lender. Before starting your loan application process, make sure you have all the documents handy including your passport photo in the requested format. If you apply through a money loan app, then you will have to submit a digital copy of your documents in the app. So, scan the documents with your mobile and keep them handy.
Since an emergency can hit you anytime and you might find yourself in the need of cash, it is always recommended to keep a digital copy of all your documents in your mail or in the cloud.
Here is a list of the documents that you would need to apply for an instant loan:
- Address Proof: Aadhar card, Driving License, Voter’s Id Card, Utility bills, and Passport.
- Id Proof: Pan Card, Voter’s ID Card, Aadhar Card, Passport.
- Income Proof: In the case of salaried persons, Form 16, ITR, most recent three-month pay slips and salary account statement. For self-employed, ITRs from the previous three years, a balance sheet and profit and loss account for the last three years, and a bank account statement of the operational account.
Instant Loan Application Procedure
The application process for an online loan is very simple. All you need to do is download the lender’s money loan app and follow the below steps.
- Download the money loan app from the app store or play store.
- Enter your personal, professional, and income information that the lender requests.
- The app will calculate your loan amount eligibility and will show the maximum loan amount that you can avail.
- You can use the EMI calculator available on the app to make the right selection of loan tenure.
- Accept the terms and conditions provided.
- When you submit your application, the app will review the information and let you know if you qualify for a loan.
- You must scan and upload the requested documents for processing the application.
- Make sure that you are providing all information correctly and that there is no discrepancy in your loan application.
- Once your application has been processed, you will be notified of its approval.
- The loan money will be sent to your account immediately after approval.
The Bottom Line
Financial emergencies can occur at any time. Rather than breaking your FD or any other savings or investment, you can apply for an instant online loan. Nowadays, obtaining a loan is simple and hassle-free.
You can simply download a reputable money loan app and apply for an instant loan. The entire procedure, from application to disbursal, is done online. The money will be sent to your account in a matter of minutes.
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