The financial condition of the people may vary and with this pandemic situation all around the globe, people require more money. This is why in the market there is availability of some short-term loans that can be processed quickly. These loans are known as instant cash loans that process loans within a few hours.
Earlier, loans used to take 7 to 10 working days to get sanctioned. But now, digital platforms have come up with the facility to get a loan at an affordable interest rate and flexible EMI options.
Features of Instant cash loan
- Online process: The overall process of the Instant cash loan is done through the internet. The person can easily browse the website or the app anywhere and at any time. Just by filling in all the accurate information, the loan can be sanctioned to the person.
- Simple application: The process of applying for a loan was complicated earlier, But today, customers can apply online through a much simpler process. Just that, the borrower needs to make sure that the form is correctly filled so that there are no obstacles in further proceedings.
- Collateral free: Instant cash loan doesn’t require collateral or security against the loan amount. This further makes the procedure very quick and easy.
- Good Credit Score: If the person has a high credit score, it increases the chances of getting an instant cash loan approval. The person’s credit score must lie within the limit of 750 to 900 to get the easy sanctioning of an instant cash loan.
- Low-interest rate: In comparison to other loans, instant cash loans provide a fixed interest rate that does not fluctuate. Even the interest rate is quite affordable, and easy EMIs are available for the loan.
- Flexible repayment tenure: The instant cash loan facility is provided on EMIs. These EMIs are calculated with the use of an EMI calculator. This tool is used to avoid any delay in the payments, and even the loan tenure can be easily selected.
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Considering the benefits of the instant cash loan, the popularity of this loan among the people has increased a lot. But to get this loan, a borrower needs to meet the required eligibility criteria. Here is the list of conditions –
- Minimum monthly incomes: For any person either salaried or self-employed, the minimum monthly income must be at least Rs. 10,000 to get this loan.
- Age limit: The minimum age to apply for this loan is 21 years, and the maximum limit is 58 years. Any person who is either salaried or self-employed falling within this age limit can easily apply for the loan.
- Income proof: To apply for this loan, the person needs to provide 6 monthly bank statements for salaried professionals and a 6-month bank statement with a maximum transaction for self-employed.
This is a loan that a person can apply for online anywhere and at any time. The whole procedure is minimal and paperless. Keep all the details accurate and ready. This is how the person can easily get an instant cash loan online. Along with the application, the person needs to provide a certain set of important documents. The list of the essential documents is given below:
- Aadhaar Card Number that is linked with the mobile number so that it is easy to get the OTP and process the further formalities.
- Pan Card Number
- Address proof like Aadhaar card or Driving License
- Photo ID proof that will include Name, age, gender, and photo
- Income proof of last 6 months from the bank
- Loan requirement details
If you are looking for something quick and easy, an instant cash loan is a great opportunity for every person. Thanks to technology, customers can enjoy a seamless online application process.Related Articles: Instant Cash Loan Without Hard Copies Documents and Credit Checks