The process of getting instant loan online for people who are either self-employed or are salaried professionals has become quite easy, wherein they can apply for a Personal Loan that starts from Rs. 1000 to any amount, depending upon their requirements.
There is a very minimal amount of documentation procedure to be followed for availing instant loans online, and the complete process – starting from registration on their application to disbursement of the loan- takes around 15 minutes to complete. A full-fledged online application is to be completed, and after approval, the cash immediately gets transferred to the user’s bank account. Since there may arise situations wherein the user urgently needs funds, the platform has eliminated the hassle of waiting in long queues by keeping the entire procedure quick and completely digitized.
Even if the user has not availed of a loan previously or does not have a credit card, the loans can still be easily taken using by accessing the website. The loans are provided in different ticket sizes with repayment durations which will cater to all the unforeseen financial needs of the users. The majority of the time, these circumstances may arise without any warning signs and can be of any type, like an unanticipated medical emergency, festive shopping, paying bills/EMIs, etc.
Due to the emergence of digital platforms, numerous non-banking financial companies (NBFCs) that have obtained a license from the Reserve Bank Of India (RBI) are hosted in it. A group of individuals commenced the instant personal loan platform from reputed institutions like IIT, IIM, and NUS, to name a few, to redress the issue of simple credit among young, working professionals in the country.
The Indian population comprises urban young adults who like to spend a lot, be it through online or offline modes. For serving such a diversified ecosystem, the requirement of urgent finance for buying needs needs needs to be more served. There has to be a proper focus on tech-based credit assessment, which can guide this demographic section tremendously and also serve as fuel for the Indian economy through constantly motivating responsible spending practices among individuals.
There is an option available for the users wherein they can apply for a quick loan virtually at a minimal interest rate starting from a mere 15% p.a. If the user’s credit score is low, he might be able to get a personal loan from a bank or any other lender at a comparatively higher rate.
Also, users can avail Flexi Loan that comes with a ticket size ranging from Rs. 1000 to Rs. 3 lakhs.
However, the credit rates as per the current demand and supply are quite competitive. When applying for a personal loan, users can compare the interest rates provided by various banks and other financial institutions, and other money lending applications, thereby allowing them to make a rational and well-informed decision.