Getting a loan for a kind of emergency situation is easy these days given you have the option to get instant short term loans. An instant short term personal loan is the updated version of personal loan and is available online. It provides you instant access to funds and requires minimal documentation making it convenient to borrow.

In today’s world, it is natural to come across emergency situations. But not everyone is capable of dealing with those situations. You might think that your savings are enough to help you deal with any situation. But the truth is that you never know what kind of emergency can strike and how much it may cost you. In such circumstances, instant personal loans like consumer durable loans and education loans can be of good use. They are unsecured and come at a friendly interest rate. They can be repaid easily with EMIs.

Here’s how you can take help from short term loans

When you are in an emergency situation, the money must be the last thing on your mind. This helps you to concentrate on the issue and deal with the situation so that you get out faster from it. Instant personal loans can help you deal with most of your financial issues. The short term loan offers you financial assistance within hours after you fit into the eligibility criteria of the lender. The money borrowed by instant personal loan can be repaid in a burden-free manner within a couple of years.

Ways to take an instant personal loan

Several lenders like nationalized banks, NBFCs and digital lenders offer instant personal loan. You can apply with any such lender through their official site for a quick loan disbursement. You just need to visit their website and apply for the personal loan by filling in the application form.

Steps to apply for an instant short term loan

  • Fill the application form after you have decided to take up an instant personal loan. Provide correct information like your age, name, address, income details, loan amount required, etc. Once you are done filling the application form, you will receive a mail to upload all the required documents like your payslip, ITR form, last 6 months bank statement, etc.
  • Use an instant loan EMI calculator to get estimation on your EMI and total borrowing cost.
  • Once you submit the application form and upload documents, you may expect a call within a few hours from the lender. The call is to check about the loan requirements and get your confirmation. Your application form and documents are verified. And based on your eligibility and CIBIL score, you get an approval SMS. Then another call is to you to know about your loan details like loan tenure, loan amount, rate of interest, etc. Check these details and confirm your interest rate for the instant personal loan by signing on the loan agreement form.
  • As you agree with the loan terms, rate of interest, and tenure, you will be sanctioned the loan. The money will be transferred instantly to your bank account on the very same day.

The process may be different for different lenders.

Instant personal loan features

  • Quick loan application:

    When in emergency, you do not want to go through a ten-page long loan application form. Lenders understand this need and so there is a provision of instant personal loan, the application for which is fast and quite simple requiring only your basic information. Thus, in quick time you can fill out the application form online from the comfort of your home.

  • Get big loans:

    You can take an instant personal loan of up to Rs. 25 Lakhs based on your eligibility and profile that includes your income, age, and job stability. The interest rate charged against instant personal loan is lower than credit card loans and hence affordable. The amount availed can be repaid in EMIs over the tenure of the personal loan.

  • Easy approval:

    The main advantages of taking an instant personal loan are its fast approval, easy documentation, and online availability. As the processing of an instant loan is done over the internet, the loan is approved faster as compared to any other conventional loans. All communications are via calls and email and so, there is no need for you to visit the lender or bank to get it approved.

  • Pre-approved loans:

    A few lenders allow you to avail pre-approved instant personal loans. The lenders of which you are an existing customer offer you pre-approved loans. Also, such loans do not need any documentation. Based on your repayment capacity and bank account details, the lenders offer you pre-approved loans. Once you agree to the offer, the loan amount is directly credited to your bank account.

Conclusion

Thus, it is easy to get instant short term loans like consumer durable loans as personal loans. There are many loan apps and websites that offer instant personal loans. Different lenders may use different means to get your loan eligibility. But all the lenders offer loans quickly and easily over the internet.

Before signing the loan agreement with any lender, make sure you go through all the terms and conditions of the instant personal loan properly. Compare different lenders online for best offers and better rates before taking personal loan.