Due to technology disruption, the banking ways are changing these days rapidly- getting faster and paperless. The growing need for instant money is increasing due to medical emergencies, education, buying a property or huge asset or for any uncalled and unplanned event. Such patterns are opening the doors for instant personal loan online. Knowing more comfortable ways, nowadays individuals aren’t waiting for 1-2 weeks to get their minimum amount of loan sanctioned. Due to its faster and shorter application processing duration, instant loans are gaining its popularity.

If there is a requirement of funds in a short period, personal loans are the best option. Personal loans are not secured loans, and it is approved by the lender basis the demographic details of the applicant such as age, income, existing liabilities, and credit score, etc. The best part of the loan is it can be used for any purpose.

The sudden outbreak of COVID-19 has made us realise that we need to be prepared for unexpected events at any point in life. Finance and economy play a considerable role in such situations. During these unprecedented times, our finances have taken a significant setback because companies have closed down, lakhs of people lost their jobs overnight, and the declined economy has made us rethink our expenses. Many people have also found themselves considering getting a loan to stay afloat with day-to-day activities and expenses. Going online and securing an instant personal loan is the safest and quickest option without having to mingle in crowds and risk catching the virus.

Advantages of Applying For Instant Personal Loans Online

Applying for personal loans by using an online loan app is quicker, and it can save time and exhaustion of the borrowers from running anywhere. There are multiple online loan apps available these days. The apps are so convenient that the borrowers can apply, get approval and receive the loan just sitting at home. Listed below are a few benefits of applying for instant personal loan online.

  • Perfect for Emergencies

People often prefer personal loans during critical and emergency situations where time can be a constraint. Visiting a lender and then applying for a loan and waiting for it at that point of time can be challenging. With the help of online loan apps, a lot of time can be saved, and you can get access to the funds way sooner than usual.

  • Less Documentation

Documentation plays a significant role when it comes to loan application. The hassle of documentation exhausts most of us. But applying for instant personal loans is considerably convenient for individuals as it includes less documentation and hassle. By uploading documents such as ID proof, address proof, and income proof can get your work done in a few steps sitting at home.

  • Quick Approvals

Instant personal loans through online loan apps get approved instantly, and you don’t have to wait for it for several days. Once you submit the correct documents, the loan will get approved the same day. The amount for instant personal loans can be disbursed directly to your account on that day itself.

  • Easily Accessible Online Portals

If you are planning to apply for a personal loan online for the first time, you can go to through help and support or FAQs, articles or blogs present on the website or app which help you understand the process easily.

Getting Your Personal Loan Approved During the Pandemic

Here are some things you should keep in mind to ensure your loan the application gets approved during the pandemic:

  • Keep all required documents digitised so that you don’t have to go searching for them at the last minute.
  • Check for lower interest rates.
  • Go for portals that get your personal loan application instantly approved
  • Only borrow what is absolutely necessary because the EMI should be payable
  • Read up on clauses for subsequent loan applications

Getting an Instant Personal Loan from PaySense

PaySense is an online loan app that has proved to be incredibly helpful during the pandemic. Since maintaining social distancing is the general norm nowadays, staying home and getting your work done online is preferred. PaySense benefits- instant approvals and quick disbursals, affordable EMI plans and one-click subsequent loans – makes the online loan app a suitable lender for salaried individuals.

Applying an Instant Personal Loan on PaySense

Some steps need to be followed if you are applying for an instant personal loan on PaySense. Here’s what you need to know:

Check Eligibility: It is imperative that you include below mentioned details to reach the eligibility criteria for being an applicant of instant personal loan.

  • The applicant should be an Indian resident or hold Indian nationality
  • The applicant should be between 21 years to 60 years
  • Don’t forget to mention the employment type (salaried)
  • The minimum monthly income should be ₹18,000 for salaried
  • Location (PaySense is available in 50+ cities)

It is very crucial to upload KYC documents. Below is the list for your KYC documents needed.

  • Identity Proof (PAN Card or Aadhaar Card)
  • Address Proof (Aadhaar card, Rental agreement, Utility or Postpaid bills)
  • Income Proof (Last three months bank statements)
  • A clear resolution selfie

Don’t forget to link your bank account for loan disbursement. The money will only be transferred post your instant personal loan is approved, and the application procedure is complete.