Personal loans can be a helpful financial tool when you find yourself in need of some quick credit. Personal loans can be used for anything from consolidating debt to home renovation.
Personal loan interest rates range from 7.5% to 49% based on the amount borrowed, credit score, and repayment period.
The loan application process has been greatly simplified thanks to fintech innovation in lending. If you're wondering how to get instant loans, a plethora of platforms now offer hassle-free instant online personal loans. In this blog, let us explore an instant personal loan, timelines, and how to get an instant loan.
Let’s understand how to get an instant loan online.
Today, a plethora of platforms will allow you to take out hassle-free instant online personal loans for amounts ranging from ₹5,000 to ₹5 lakh.
Here are the steps to apply for a personal loan online:
Step 1: Register or log into your account with an instant loan platform
Step 2: Choose your loan amount and the loan tenure you are looking for
Step 3: Apply for the loan that best meets your requirements
Your chances of being approved for a personal loan increase if you have a high credit score, typically at least 750. Lenders emphasize credit scores while reviewing personal loan applications since personal loans are collateral-free loans.
A higher credit score also makes it easier for you to receive pre-approved personal loan offers from lenders you already work with. Lenders also tend to provide these applicants with lower interest rates.
You should first approach lenders such as banks or online money management apps you already have an account with since they already have your personal and financial information and will most likely have pre-approved loan offers for you.
For instance, when determining whether you qualify for a personal loan, your bank may consider your recurring or fixed deposits, investments, and transaction patterns and might be able to give you a favourable interest rate.
Fi Money provides instant loans that arrive directly in your savings account. These are pre-approved personal loans made available to select users with good credit scores. On Fi, this process is 100% paperless, and the loans are provided at competitive interest rates — where each user remains in control with complete visibility of all details. Plus, you can avoid EMI late fees by setting up automatic in-app payments. Our licensed partner bank assigns an eligible loan amount to each user (up to ₹5 lakh).
Thanks to digitisation, it's now quite simple to apply for a loan which can take a few minutes, depending on the institution.
The fastest way to get a personal loan is to apply online through the website or mobile app after comparing the personal loan options available.
A paperless personal loan is a type of loan that can be applied for, processed, and approved without the need for physical paperwork. The entire loan application and verification process are conducted online, reducing the need for manual documentation and making it more convenient and efficient for borrowers.
To get a loan without submitting documents, follow these steps: