Simple Steps to Get an Instant Cash Loan in India

There are situations when money is required more than anything else to manage. You may need cash for your home renovation, unexpected car repair, settlement of medical bills, wedding, international travel, or to buy a smart gadget.

Whatever your borrowing purposes, you cannot just depend on a standard loan if you need money immediately.

When you visit a financial institution for any loan, it may take a long time to approve, which is a problem if you require quick cash. In addition, you may not get the maximum amount since some lenders have strict eligibility criteria. However, you should not limit yourself to a standard loan during a financial emergency.

Going for an instant personal loan keeps your finances flowing when you experience a short-term cash flow. The approval process for personal loans is quick and with minimal documentation. Many financial institutions offer online personal loan services, which means your money can be disbursed a few hours after the application.

Steps to Get Instant Cash Loan

Today, you don't have to physically visit your lender's office to get a personal loan. You will find many apps online that you can use to borrow the amount you need. Borrowing through online platforms saves you time and cost.

But before settling on any lender, you should check the interest rate they charge, documentation, and amount. You should also check whether your lender has other hidden charges.

Follow the steps below and get an instant cash loan.

Select Your Lender or Lending App

Choosing your lender is the first step toward getting an instant loan. There are many apps online where you can apply. Make sure to research well and settle on a lender with favourable lending conditions-some charge higher interest rates than others.

You should choose an app or lender with the lowest interest rates.

Choose Your Loan Plan

Once you choose an app and register, you are provided with different loan plans. Then, you're required to select the loan amount and repayment condition. However, the loan amount you choose depends on your eligibility.

Remember, CIBIL score, income, and age determine your loan eligibility. You should always maintain a good credit score to improve loan eligibility.

Provide the Required Documents

Lenders require you to provide several documents before approving your loan application. How fast you upload the necessary and correct documents determines loan processing. You're required to prove your identity, and you can provide a PAN card.

Remember, your PAN card should have a quality image. If your card is rejected due to poor image, some lenders may request you to upload a valid Indian passport.

Income proof is another document you need to upload for personal loan approval. If you're salaried, you can upload bank statements. Self-employed applicants can also provide account statements showing their income for the last three months.

A residential address is quite essential during an online loan application. Many lenders require you to provide utility bill documents indicating your address. You may also upload a valid driver's license or Indian passport as proof of your address.

Instant personal loan disbursal

Once your lender verifies your documents, the amount is credited to your account. You can then withdraw your money and use it to cater to your needs. You shouldn't forget to pay equated monthly instalments as required.

Ways to Ensure Your Instant Personal Loan Application Succeeds

Provide Accurate Information

Many lenders allow you to make an online loan application. You should provide the most accurate and honest data required to avoid rejection. Your lender wants to know they are offering loans to the right people to avoid losses.

If you provide inaccurate information during the application, it slows down the underwriting progress. Sometimes, personal loan applications can be declined due to wrong information like your address.

You may provide incorrect information when applying for a loan. However, if the loan is approved based on false information, you can be prosecuted for fraud.

Affordability

Do you have the ability to pay the EMIs comfortably? Before applying for a personal loan, ensure you can pay the monthly instalments without struggling. Remember, you have other financial commitments apart from paying the principal amount and the interest rate.

Make sure to look at your expenses and compare the figure with your monthly income to determine your ability. Once you have that information, you can use the affordability calculators provided by lenders to find the amount and interest rate before application. Lenders will offer you a loan when they are convinced you can repay.

Clear Outstanding Debts

When applying for a personal loan, lenders carry out a background check. Outstanding debts is one of the essential things your lender will be checking. Make sure you don't have significant credit card debts or outstanding cash loans, which may lead to the rejection of your loan application.

All your financial commitments and obligations are considered before your application is approved.

Strong CIBIL score

What is your credit score? While a credit score may appear just like a number, it matters a lot during loan application consideration. Every lender checks your credit score before approving your loan. A good credit score implies you can repay the loan extended to you.

Though CIBIL scores range from 300-900, having a score above 750 is a good strength. If your credit score is below 600, you can improve it by timely repayment of your loans. When your score is lower due to an error, raise the issue with relevant authorities for corrections.

You can also improve your credit score by keeping unused credit cards open. However, keep the cards open only when they don't attract annual charges.

Conclusion

Financial emergencies will face you when you least expect them. Go for a personal loan when in need of an instant cash loan. Many lenders are available and offer loans at an easy personal loan interest rate. Choose a lender or money lending app with the lowest lending rates and with no extra charges.

Clix Capital offers instant business loans; the best part is you can avail of them online! No hassle, no visiting their office, and you don't have to worry too much.

Sounds appealing?

Head over to Clix Capital to get your loan today!

# This is a guest article authored by Clix Capital. For any enquiries or details, you can visit the author's website.