Sometimes, you may find yourself in a financial situation where there is an urgent requirement for a large sum of money. Personal Loans are financial tools designed for requirements just like these. Be it a medical emergency, planning a wedding, funding a vacation, or any other financial need, Personal Loans can be used for multiple purposes, and many banks, as well as non-banking financial companies (NBFCs), offer them in a day.
You may be wondering how is it possible to avail a Personal Loan quickly?
A lot of people take a step back when it comes to getting a Personal Loan as they believe that the process is tedious and there is a lot of running around involved. Well in this article we will show you how it is possible to apply for a Personal Loan and get it as soon as possible. Many banks and NBFCs such as Standard Chartered, ICICI Bank, Citibank provide Personal Loans instantly with the right documentation.
Financial requirements will arise when you least expect it so be prepared by understanding your different options helps. Today, due to the technological advancements and use of Artificial Intelligence (AI), Blockchain and machine learning, banks and NBFCs have become well-efficient to provide quick loans online in a secure manner. The data is well protected, and your personal information is always kept confidential when you apply for a Personal Loan online. Banks such as ICICI, HDFC, Bank of Baroda, SBI, Kotak Mahindra, and others have some of the best Personal Loan offers in the market.
Also, there are many NBFCs that also provide these loans. Bajaj Finserv, Capital First, Tata Capital, Indiabulls – all provide personal financing options to the borrowers.
The biggest advantage of going for a loan in a day is the fact that the money is readily available for use in a difficult situation. As banking services have strengthened their security and transactions, it is possible to avail a Personal Loan in a day. This means that if you are stuck in an emergency, you at least do not have to worry about finances. Some of the top banks that offer instant loan in a day are listed below for your easy reference.
- Standard Chartered Personal Loan: It is offered to both salaried and self-employed individuals online. The instant loan offered has a tenure of upto 60 months. Besides, the loan amount sanctioned can be up to Rs. 30 Lakhs, and the Standard Chartered Personal Loan online processing fee is 50% less than the physical application (which is up to 3% of the loan amount). The interest rate starts from 10.50%. The loan approval is instant,and amount directly comes into your account. The repayment model is flexible and has different methods of repayment.
- ICICI Bank Personal Loan: Similarly getting a Personal Loan with ICICI Bank is super easy as the bank offers two types of loans one called the pre-approved loan and another which is a Personal Loan online. The online Personal Loan gets sanctioned quickly, and the amount gets credited to the account instantly. There are no collaterals required for this loan, and the loan amount ranges between Rs. 50,000 to Rs. 20 Lakhs. The interest rate for this loan varies between 11.25%-22% per annum. A pre-approved loan is another facility that is offered to select customers of ICICI who have a good credit history. It has a similar set-up as the other Personal Loan with a repayment tenure reaching up to 60 months.
- HDFC Bank Personal Loan: HDFC offers the possibility of getting a Personal Loan in a day provided the necessary documents are in place along with the eligibility criteria met. The interest rate for this loan starts at 11.25% and the amount sanctioned is a maximum of Rs. 50 Lakhs. The maximum tenure for this loan is 60 months, and if everything is in order, the loan can be sanctioned as quickly as 10 minutes online.
- Bajaj Finserv Personal Loan: Bajaj Finserv also offers Personal Loans to individuals in India. The interest rate for this loan starts at 12.99% per annum, and they have a loan repayment tenure of 1 to 5 years. The Bajaj Finserv Personal Loan amount sanctioned is within 24 hours provided all the documents are in order, and the eligibility criteria are met. The processing fee for this type of loan is up to Rs. 2,000.
Checking your credit score once in a while to make sure it is healthy is also important. Getting a Personal Loan becomes easy and quick if you have maintained a healthy score. A credit score gives banks an idea of your repayment capacity, your financial records, any default in payments which will ascertain your chances of getting a loan. A good credit score is anything above 700, so make sure you check this before applying for a Personal Loan.
Keeping all your documents handy comes next. Nowadays you can apply for a loan online,so you can upload all the required documents after you check the eligibility criteria and figure out the EMI you will be paying for a particular loan amount. Here are the top documents that will be considered while getting a Personal Loan.
- Proof of residence
- Proof of identity
- Appointment/offer/job letter from the place of employment
- Proof of salary such as salary slips
- Bank statements for last 3 months (of the bank account where your salary is credited)
- Income Tax Returns
So if you are in a hurry to secure a Personal Loan, it is always good to keep your documents ready for this purpose. After thorough research on interest rates, tenure period, loan amount you can go ahead and apply for a loan with any of the banks mentioned above. Go through the offer document for the loan carefully to understand the terms and conditions well. With digital banking revolution in India, it has become much easier to avail a loan through a bank or an NBFC instantly online.