In the present unforeseen scenario, many expenditures come as a surprise for which you may not be prepared beforehand. In such a case, it is recommended to hit on the personal loan apply option owing to its immediate disbursal feature. Like regular personal loans, these loans do not come with any restriction on the loan proceeds unless used for meeting speculative purposes.
You can hit on the personal loan apply online option for various purposes like meeting your one-time debt, consolidating your debt, funding instant money mismatches in events like marriage, home renovation, any festivity, or a trip abroad. You may even borrow the funds for meeting your urgent medical requirements or achieving your short-term goals.
Explained here are some important reasons to opt for an instant personal loan –
Zero-end usage restriction except used for any speculative reason
Are you one of those looking to purchase high-end products for your home, go on a trip abroad, renovate your home, fund your wedding expenditures, or meet your medical expenses? You can avail an instant personal loan for all such purposes. Your lender will not place any restriction on the proceeds you use. However, note that you are not allowed to use the proceeds for any speculative reason like investing in financial products, gambling, etc.
Security-free option at an affordable personal loan interest rate
Like regular personal loans, the instant personal loan also is unsecured in nature; meaning you do not need to pledge any assets like shares or property to avail the loan proceeds.
No documentation requirement
Unlike regular personal loans that require you to provide documents linked with your identity, address and income, instant personal loan as is preapproved in nature, you do not require providing any documents. This is because this loan option is available to you after reviewing your documents by your existing bank or lender. As your documents are already with the lender, they do not require you to submit them again.
Disbursal of proceeds on the same day of placing the loan application
Loan proceeds of up to Rs 40 lakh can be disbursed on the same day of placing the loan application as the lender does not require evaluating your documents to decide on the approval. The proceeds from an instant personal loan at times may even be disbursed within a few minutes of placing the application for the loan.
Flexible repayment tenure
Same as regular personal loans, instant personal loans even come with flexible repayment tenures of between one and five years. You can opt for any tenure based on your repayment potential and cash inflow. In case you are unsure of the best repayment tenure, then you may use an online personal loan EMI calculator to figure out the ideal tenure as per your affordability.
To conclude, an instant personal loan has revolutionized the manner we look at loans. Technological development has streamlined the process involved in loan application and verification, making it easier and quicker to opt for loans in case of urgent financial needs. However, before you zero in on any loan deal, ensure to compare the same with other available instant personal loan deals. Doing so would allow you to opt for the deal that best matches your affordability and needs.
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