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About Instant Loan

We can run out of cash, but, not of sudden emergencies. No matter how well we plan our finances, emergencies can pop up anytime with no invitation. In such emergency situations, you will need an instant loan. As the name suggests, the loan is delivered instantly within less than 48 hours.

Technology plays a major role in the process of online personal loan application. Technology is advancing with each passing day and today, it is no surprise to know that one get the loan online as well from the comfort of their home or office. There are several banking and non-banking companies out there in market that offers convenient, affordable, and hassle-free loan services.

Numerous financial technology companies have come into existence and provide customized loans based on individual needs such as medical emergency, travelling abroad, higher educational fee, or wedding arrangements. This has changed the complete lending process, making it quicker, easier and comfortable for the borrowers.

Features of Instant Online Loan

Online Availability :  The primary benefit of such loans is that they are offered online. One can easily apply for these loans by just going online by filling the online application form.

Instant Loan Approval :  When a borrower applies for a personal loan online, they receive instant approval or rejection based on their eligibility and profile. These companies work on risk-assessment algorithms to minimize the risk factor involved. Thus, receiving instant approval or rejection. Some parameters that determine instant personal loan approval or rejection include age, income, current working organisation, and credit score.

Digital Verification :  One of the best thing about choosing an instant personal loan for an instant Personal loan is the digital application process and digital verification. When you apply for an online personal loan from a fintech. Right from start to finish, everything goes online. The borrowers need to upload their identification, income and residential documents online. The documents are then digitally verified, thus saving your time and effort both.

Quick Disbursal :  As all the process with an Instant Loan is online with FinTech companies, if your loan application gets approved then the loan amount borrowed will be disbursed within hours.

Flexible Tenure And Loan Amount :  Most of the banks that offer personal loans don’t use technology and with them one to borrow a minimum of Rs. 50,000 with tenures starting from 12 months to 60 months. But, with Instant loans from FinTech companies isn’t a limit on the maximum loan amount that can be borrowed though, most banks quote a maximum loan amount of at least Rs 25 lakh. Apart from this it is totally unsecured mean no need of collateral or security.

Online Availability :  The primary benefit of such loans is that they are offered online. One can easily apply for these loans by just going online by filling the online application form.

Types of Online Instant Loan

Festival Loans :  Festivals are moments to share joy and love with your close ones, but, festivals come with a share of unavoidable expenses.

Wedding Loans :  Everyone has some set of expectations and desires for their D-day and this is what wedding loans are provided for. Wedding loans are availed by couples and families to manage the expenses such as catering booking, shopping, hotel bookings, decoration, etc.

Holiday Loans :  Such loans take good care of travelling expenses without dipping into your hard-earned savings or disturbing the monthly budget.

Consumer Durable Loan :  As mentioned earlier, technology is advancing day by day and thus, it is important to stay updated with the changing technology. Hence, at times, the need of buying advanced technology lace consumer durable goods occur, where such online loan comes handy with quick and transparent process and loan approval.

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