4 Necessary Documents for Instant Personal Loan Approval

4 Necessary Documents for Instant Personal Loan Approval 1

In today’s day and age, these so many types of loans one can acquire and each loan requires a specific set of documents. It is like picking the best dish from a range of delicacies on the menu. This article will help not just clear the confusion but also give insights into the most convenient loan, an instant personal loan. They are the perfect monetary help for anyone who looking for quick money without the hassle of arranging for collateral. Let’s learn more about the benefits of personal loans.

Instant personal loans – a quick, convenient, and digital saviour. Image Source: freepik.com

  • Swift approval and disbursement: Get the loan approved and the money disbursed to the account within 4-7 working days after the required documents are received.
  • End-to-end online procedure: Apply and acquire these loans digitally without the hassle of hard copies and photocopies of documents. 
  • No need for collateral: Unsecured loans save you from the worry of handing over collateral in exchange for monetary help
  • Basic documents required: Submit the most basic documents for verification. Since these are unsecured loans, the documents become extremely important.
  • Flexible tenure options: Repay your loan amount with ease by selecting the tenure you are satisfied with.

With these perks, there is a subsequent increase in personal loan applicants for any and every requirement. The fact that these instant personal loans can be acquired for any amount has also proven to be an icing on the cake. Do note, the amount, interest rate, loan tenure, required documents, and eligibility criteria vary from lender to lender as per their requirement checklist. However, the 4 basic documents that always stay constant for all the lenders are as follows:

  1. Proof of identity: Identity proof serves as the primary document for a lender to verify all the other documents. Aadhaar card, passport, photo pan card, driving license, voter ID card, photo ration card are the various identity documents that lenders accept
  2. Proof of residence: Address proofs help in gauging the ownership of your residence. Documents like passport, telephone or electricity bill, ration card, driving license, rental agreement prove the authenticity and validity of the residence
  3. Salary slips: A salaried employee must submit salary slips of the last 3 months in order to acquire a personal loan. These slips act as evidence that the borrower is getting paid at the end of each month, while the salary amount on them serves as a deciding factor of the loan amount an individual can acquire
  4. Bank statement: Past month’s bank statements give the lender a clear picture of whether or not someone has the ability to repay the loan. The transactions also help the lender gauge the cash inflow and outflow, as well as the balance in your account. More the number of transactions, the better are the chances of acquiring a loan

Documents required for income proof are different for self-employed professionals and salaried professionals. The salary slips are replaced with bank statements of longer duration for self-employed individuals but the differentiation is again subjective from lender to lender. 

Applying for a loan? Do keep the necessary documents handy. Image Source: freepik.com

Whether it is for making a down payment for your dream house, meeting medical needs, or providing your kid’s higher education, these unsecured loans provide an easy way out with their equated monthly instalments, also known as EMI. Repaying these instant loans in a periodic and systematic manner adds a sense of comfort and convenience for every loan borrower. 

A piece of key information, the credit score plays an important in determining the interest rates, making it crucial for borrows to maintain a good credit score. Now that all the insights have been garnered and awareness has been imparted, be quick to apply and harness the true monetary benefits of these instant personal loans.

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