A short term personal loan is a loan with high-interest rates but for a short period of time. The rate of interest varies depending on the source. If you are opting for an online short term personal loan also knows as an instant loan then the rate of interest is higher compared to the offline mode like banks and informal lenders.
In this article, our focus will primarily be on the short term personal loan/instant loan and the following aspects-
- Why should you take a short term personal loan?
- Eligibility criteria for an instant loan.
- Benefits of a short term personal loan
- How to apply for a short term personal loan
- Can you get an instant loan with a low CIBIL score?
- How to choose an appropriate lender for you?
Why should you take a short term personal loan?
A person usually takes a instant loan in delhi to manage their multipurpose personal expenses. One can require money for medical expenses, home renovation, buying gadgets for work purposes, etc. Since the loan is expensive, it is designed only for people in an emergency that require money on an urgent basis.
Eligibility criteria for an instant loan.
There are usually three main eligibility criteria for an online short term personal loan-
The person should be a resident of India. It is verified by your residential proof.
The person should be an adult.
Only salaried employees are given an instant loan in Chennai. Why? Because an unemployed person will find it difficult to repay the loan only an employed person’s loan is approved.
Benefits of a short term personal loan
The biggest advantage is that you don’t have to deposit collateral to procure a short term personal loan from an online lender.
Another bonus of an instant loan is a quick service right from the application to the loan disbursal.
You can also follow the social distancing norms and be safe since the application is online and does not require you to step out of your house. In these uncertain times, it’s crucial that social interaction is limited as much as possible.
The interface is so easy that applying for a loan will feel like making a social media account.
It does not require a ton of documentation. Unlike the traditional routes, the online application requires minimal documents.
How to apply for a short term personal loan
Visit the site or the app of your choice of lender.
Check the eligibility criteria of the instant loan.
If you pass the criteria, you can go ahead and fill the application form.
Submit your clear documents on the site or app.
Wait for the approval from the lender’s side.
Can you get an instant loan with a low CIBIL score?
Perhaps the reason for a drastic increase in the acceptance of online lenders is the flexible policies around the CIBIL score of a person. The online lender gives a loan to a person with a low CIBIL score in exchange for higher rates of interest. The rate of interest is charged on a per-day basis. Even though it does result in a hefty amount of repayment you can also choose a flexible repayment tenure. Instead of repaying in a month or so you can pay it within seven days too.
How to choose an appropriate lender for you?
You can choose a lender especially for you by using the below checklist-
Is the company native to your country? During the coronavirus, the harassing and ill-behaving companies that were originally based in China’s operation were shut down in India. If you are a resident of India, choose a company based in India.
Do they provide service in your city? Even though the application is online companies may provide restricted services to some cities due to infrastructural and technical difficulties. Choose a lender that provides the service in your city.
Are they qualified or have a particular certification to lend money. RBI only allows banks or non banking financial company (NBFC) to lend money. Moreover, RBI’s recent regulations obligate the lenders to mention their NBFC status or if they are associated with another NBFC.
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