personal loan emi

Benefits of Personal Loans in India

Personal loans in India offer numerous benefits for working-class, self-employed individuals and business entrepreneurs since they are utilized as per the borrower’s requirements. In the article, the benefits of personal loans for borrowers are discussed briefly.

Instant Accessibility

The increasing use of the internet and mobile phones, in general, have ensured quick access to various services. A financial institution’s official website provides ample information for borrowers willing to avail of an emergency personal loan online. Besides, the digital process helps instant loan disbursement with quick loan approvals.

Collateral-Free Loans

Personal loans are unsecured loans offered by institutions based on the financial stability and borrower’s fund requirement. No collateral is required for an emergency personal loan online since the amount is usually lower than for property and home loans. These types of personal loans fulfill the education and marriage purposes of borrowers.

No End-use Restriction

Other loans like loans against property, vehicle loans, and home loans come with an end-use restriction for borrowers, which means they have to utilize the loan funds for specific purposes, or the loan becomes void. Personal loans are adopted for numerous purposes including, education, home renovation, business expansion, marriage, and home appliance purchases.

Instant Approval Process

After evaluating the monthly installment through a personal loan EMI calculator, the loan application is submitted online. The quick application, online document submission, credit score, and mandatory KYC verification process enable institutions to provide instant loans for creditworthy applicants. 

Flexible Repayment Procedures

When the documents and credit score are authentic as per requirements, the loan might be approved within hours of application. The monthly burden due to personal loan EMI depends on the principal amount and the loan tenure. However, institutions offer adjustable repayment procedures to curb penalties on borrowers before the loan matures.

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How to compare personal loan offers?

Exploring and comparing institutions to avail of the right lending partner is crucial for personal loan borrowers. A small comparison mistake might result in higher loan repayment amounts. The best steps to follow while comparing personal loan offers are:

Credit Score

Credit scores are important for borrowers and lenders equally. A high credit score above the range of 700 satisfies most lenders’ requirements with less defaulting probability. Lenders are willing to offer fewer interest rates for borrowers with good financial stability. One must review their credit report and based on their score, apply with numerous institutions to fetch the lowest possible interest rates.

Eligibility and Required Documents

Instant personal loan are applied online with a few easy steps. Applicants must ensure the basic eligibility for loans as per age, location, and residence match according to the institutions. They might save time applying for instant loans by creating soft copies of the required documents before initiating the application process.

Terms and conditions

The terms and conditions mentioned in the loan documents are critical information for the borrower’s understanding. They must ensure they agree to the interest rates, loan tenures, repayment procedures and charges of the instant personal loan mentioned in the agreement.

Interest rate and EMI Calculations

Interest rates are critical since even a few basis points difference can result in huge interest amount differences later with higher personal loan EMIs. The online personal loan EMI calculator facility enables the borrower to pre-calculate an estimated monthly installment amount. Borrowers must ensure they fetch and apply for the lowest interest-paying loan.

Loan Tenure and Early Repayment

Loan tenure is an important consideration since longer loan tenure turns into higher repayment amounts until maturity. During the later years, the borrower might opt for loan refinancing with lower interest rates. Since personal loans are unsecured loans, some lenders might allow early loan repayment without additional charges levied on the borrowers.

Must Read: What is the Minimum Salary to Get a Personal Loan?

5 Proven Tips to Get Your Personal Loan Approval Quickly

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Personal loans are an excellent source of funds that can be beneficial during a financial crunch. The loans have a simple application process requiring minimal documentation. Though personal loans are user-friendly, getting approval for instant loans could be delayed if there are gaps in your application process. Hence here are a few pointers on how to speed up your loan approval quickly.

Check your Eligibility Criteria Before Applying

Applying for quick personal loans without meeting the lender’s eligibility criteria could lead to loan rejections. Loan rejections are bad for credit scores hence lowering chances of getting another loan in the same timeframe. It is also essential to check the maximum loan amount you can apply for using the lender’s loan eligibility calculator. This will help you not over quote the loan amount.

Check Your Credit Score Before Applying

Checking your credit score will help borrowers gauge their eligibility for the loan before applying. If your credit score is above 750, you can rest assured that your application will be swiftly approved. If your credit score is low, you can identify issues in your credit profile and improve it.

Do Not Apply for Multiple Loans

It could be tempting to apply to several lenders simultaneously to maximize the chances of loan approval. But in reality, this leads to application rejection. Too many applications will lead to multiple inquiries in the credit report, leading to a temporary drop in credit score and hampering your chances to get the loan. 

Calculate your Loan EMI

Calculating your personal loan EMI in advance with the help of an EMI calculator will help apply for a loan tenure and EMI that fits your repayment capacity. 

Apply online

Online loan applications are a quick and user-friendly process. The loan documents are digitally verified, which saves time. The loan application is also traceable online. Once approved, the funds are disbursed to your bank account.

Availability of quick personal loans is easy if you follow the above tips. The loan is an urgent requirement. But doing your research and correctly filling out the application form will ensure that you do not get any unpleasant surprises later.

Must Read: 5 Reasons to opt a Personal Loan for Home Renovation

All About Small Personal Loans

what-is-a-personal-loan

Small personal loans are unsecured loans that meet cash shortages. These loans are increasingly popular as the sanctions happen quickly. The application process for small cash loans or mini cash loans is very simple. The application process of availing personal loan online includes filling up an online form on the lender website, uploading documents, and selecting a suitable scheme from the options provided by the lender.

Benefits of Small Personal Loans:

  • No Collateral Required
  • Instant Funds Approval and Access
  • Competitive Interest Rates
  • Quick Approval
  • Flexible Repayment Options
  • 100% Paperless Digital Process

Small personal loans are for personal use. These loans are not for any specific reason, unlike other loans like car loans, home loans, education loans, etc. 

How to register for a small personal loan?

You can register for a small personal loan by downloading the “Fullerton India Insta loan app” Before filling in the application for a small personal loan, it is necessary to arrive at an EMI and repayment tenure to pay back the loan amount comfortably. This calculation can be done instantly using a personal loan EMI calculator. After arriving at an EMI for the loan, you can follow the below steps:

  • Open the Fullerton Insta loan app
  • Register to the portal with your phone number
  • Click “Apply now” under instant loans
  • Fill in basic information and the loan amount required
  • Upload the scanned documents 
  • Submit the application

The lender will notify you of your eligibility. If you satisfy it, the loan process will start. The loan will be sanctioned within 24* hours if the submitted documents are in order.  

Additional Read: What Is A Better Way To Apply For Loan, Online Or In-person?