If you don’t like to borrow money from friends and relatives, no matter how urgently you require the cash. You don’t have to worry anymore because getting a small loan in today’s world is a straightforward process. Earlier, if you wanted to take an INR 10000 loan and apply for it with a traditional bank, it would be a lengthy procedure, and you would have to wait for days. However, it is not the case now, as some multiple options or lenders can give you small loans online in minutes.
What is an Instant Personal Loan?
The concept of an instant personal loan is recent, and it became available over the past decade due to the digital transformation of the financial and banking sector. Every financial institute embraced this transformation and got its presence on every digital platform. Thus, all their products are available online, and you can enrol on them instantly. Even personal loans are instant now, and you can immediately avail of a small INR 10000 personal loan.
Attributes and Advantages of Applying for an Instant Personal Loan
The following are the attributes and advantages of an instant personal loan:
1) Minimum & Paperless Documentation Process:
Since this type of instant loan is available online, and you don’t need to visit a physical office, the documentation process is minimal and paperless. Everything can get done virtually and without any photocopying of paperwork required. Instead, you have to click photographs of your papers and upload them online with the help of your mobile phone. This way, the complete process is paperless, and also, for a small instant personal loan, you have to give minimum documents like your ID and address proof.
2) Choose Your EMI Tenure:
If you want an INR 10000 loan, apply online for it through an instant personal loan, and you will get the flexibility to choose the EMI tenure. Moreover, it helps you to distribute the load of paying your loan amount back over the months convenient for you. This way, you don’t have to face financial difficulty managing your monthly expenses.
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3) No Need for Any Collateral:
You don’t have to provide any security or collateral for such an instant personal loan. Instead, financial institutions will give the loan based on your income and credit rating. It is the best way to handle any urgent cash crunch or financial obligations.
4) Comfort of Choosing the Loan Amount:
The instant personal loan allows you to select the loan amount, ranging anywhere from INR 5000 to INR 25 lakhs, depending on the money lending institution. Therefore, if you require an INR 10000 instant loan, select that amount and apply for the loan comfortably.
5) Competitive Interest Rates:
An instant personal loan provides very competitive interest rates because of so much competition among financial loan providers. Lower interest rates mean that your borrowing money costs significantly less, and the interest amounts for such small loans won’t impact your monthly spending.
6) Instant Approvals:
As the name of the loan itself suggests, it is instant; the speed at which the entire process, from application and approval to disbursement, is swift. It is almost like the internet’s speeds, and getting an urgent loan of INR 10000 is fast.
7) Unlimited Usage:
There are no limits on how to utilize an instant personal loan. For example, buy a phone, pay tuition fees for your child, go for a fancy dinner outing with your family or take care of your urgent medical bills; you can choose when and how to spend the instant personal loan amount.
Qualifying Criteria for an Instant Personal Loan of INR 10000
The qualifying criteria for an instant personal loan of an amount of INR 10000 are fairly basic and simple:
- It would be best to score at least 600 with the credit bureaus.
- Your monthly income should be between INR 10000 and INR 15000, depending on the lender.
- You should be between 21 to 70 years of age.
Documentation for an Instant Personal Loan of INR 10000
The papers required for an INR 10k personal loan are:
- Identification documents like passport, voter ID, PAN card, etc.
- Proof of residence documents like utility bills, ration card, aadhaar card, etc.
- Income proof documents like salary slips and salary account statements.
- If you are a businessman or a self-employed person, give your income tax returns filling for at least two years and your account statements of the current account.
- Business and self-employed persons may also have to give the address proof documents like rental agreements, registration certificates with the authorities, etc.
Procedure to Apply for an Instant Personal Loan of INR 10000
The process of applying for an instant personal loan for an INR 10000 loan amount is easy because it is available online. The steps that you can follow to apply for it online are:
Step 1: You should download and open the app of the loan provider on your phone or the website on the computer.
Step 2: On both platforms, you can go to the personal loan section and enter some basic information like your income, employment status, PAN number, contact number, etc.
Step 3: After entering all the details, click submit to know your eligibility for the instant personal loan.
Step 4: The loan offer from the lender will be available once you qualify, and now you will have to select the EMI tenure, enter the bank details and accept the terms.
Step 5: Submit the acceptance and the next part will involve uploading the necessary documents.
Step 6: Once you finish uploading the documents, submit them, and within a few minutes, the loan amount will get approved and deposited into your bank account.
As you can see, to get an instant INR 10000 loan, apply for it online through any platform available. Many options are accessible to you either from your mobile phone or your computer. Choose your preferred method and get the instant personal loan within minutes into your bank account with the best terms on loan offered to you. Take care of any requirements that may arise with this type of instant personal loan.