Applying for a personal loan is no longer a hassle, thanks to technology. No more visiting the bank or standing in the queue. All you need to do is download the instant cash loan app, and if you are eligible, you can get a loan in just 5 minutes! Here is a guide to how you can get an affordable personal loan using your mobile phone.
Enter Your Information
After you download the instant cash loan app, enter the required information. You will provide your name, your age, your income, address, and bank details. These instant cash loans are available for anyone in the age group 18 to 60.
Check Your Eligibility
The instant credit loan is only meant for service holders and self-employed professionals; students are not eligible. You need to have a gross salary of Rs. 12000 to apply for these loans. The mode of salary paid by your employer should be bank transfer.
Monitor Your Credit Score
If you have an existing loan, you cannot apply for an instant credit loan. You can be a first-time borrower, but you need to be free of any debt. If there have been delays in payment of your previous dues or default, your credit history will be affected.
A CIBIL score of 690 is needed to apply for these loans. You can check your CIBIL score online. If there are any errors, then you need to report them. If you have a low CIBIL score, then clear your existing loans and control your spending habits. Avoid using the revolving credit feature of credit cards and postponing your payments. Pay your credit card bills within the billing cycle and avoid credit card debt.
You need to upload the required documents through your instant cash loan app. These documents include your address and identity proof. Standard KYC documents that are accepted are your Aadhar card, voter ID card, passport, maintenance bill, and driving license. If you are a service holder, you need to provide your latest salary slip. For self-employed professionals, the last bank statement is required.
An important feature of an instant credit loan is no prepayment penalty. Most loans offered by any bank or financial institution have a prepayment penalty. Loans repaid in full before the due date attract an extra charge. These loans can be paid on the very first day or in 3 months through the EMI facility.
Affordable Interest Rates
Most loans offered by banks or non-banking financial companies charge interest on a compound interest basis. This makes the total loan liability high due to a high interest burden. When you apply for an instant cash loan using the instant cash loan app, you are charged interest on a simple interest basis. Not only is the interest rate low, but with simple interest, your total interest burden is much lower compared to other loans.
The amount of loan you can get through an instant cash loan app is restricted to Rs. 6000. This makes it easier for you to repay the loan. Both the minimum and maximum amounts are the same.
You pay a low processing fee of Rs. 570 if you are applying for an instant cash loan for the very first time. When you apply for your next loan, there is no processing fee.
If all your documents are in order, then you get the instant credit loan is transferred to your account in just 5 minutes!
Getting an instant cash loan is a huge benefit. You never know when an emergency will strike, and having cash helps you to avoid them. All you need for instant cash in your mobile phone. If you have all your supporting documents on your phone, it takes just a few minutes to get the cash you need. Download the app today and start living a stress-free life.