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How tough is it to get an instant loan online?
A lot of people think of instant loans as tough to get. It is actually the complete opposite. You can apply and get your instant loan online without any hassles. Many opt for a cash loan when they are caught in a financial pickle. Keeping this in mind, many banks and NBFCs have developed instant personal loans apps to help borrowers. With this, one can now get the loan amount that they want whenever they need it. With the quick application process, one doesn’t have to spend too much time waiting. If you are new to this, here is how easily you can apply for an instant loan online:
Download the app
Look for an instant loan app on Play Store or App Store. If you want to make sure you are using a trusted app, you could check the features and reviews of the app in the app-info section. Once you have made up your mind download it.
You must create a new log-in ID to keep track of your transactions. If you are not big on remembering passwords, there are apps where you have to use a one-time password to log in. So all you have to do is give your contact number where the OTP will be sent.
Choose your loan
All these apps have an instant loan EMI calculator that helps you with your instant loan online. On this calculator, you enter your loan amount, interest rate and tenure. Now because these are unsecured loans (no collateral loans) the interest rate is fixed by the lender. However, you can arrange the amount and tenure that suits you.
The application for an instant loan online is very different from the traditional loan process. With an instant loan app, all you have to do is submit one form. Yes, just one. This will include all the needed information in relation to your identification, spouse/relative, bank details, and identity documents. It is vital that you fill the form precisely to get the needed sanction on time.
Just like the application form, the documentation process is also very short. Within the app, you will be asked to upload images of your official identification documents. Some apps ask for only two documents – your PAN card and Aadhaar Card – for your instant loan online.
Processing of the loan
Once you have submitted all your information correctly, the processing of the loan takes very little time. With the right instant loan app, you can get your loan application process and approved in up to 2 minutes. So, if you find yourself stuck in a monetary urgency, this becomes quite a good option for you.
After the approval of your application, your loan amount is directly transferred into your bank account within 30 minutes.
Now with the more simplified yet protected interface, taking an instant loan online is preferred by almost all. And if you feel that an instant loan app could become your best financial buddy, you should download an app now!