What differentiates instant loans in India from other forms of loans is that they can be processed easily and quickly. You can apply for an instant loan in India with a minimal process and the loan will be sanctioned to you within a matter of minutes.
Even the eligibility norms for instant loans are quite simple.
- You have to be a resident of India
- Your age should be above 18 years and below 65 years
- You should be a salaried individual
With these minimalistic eligibility criteria, you are good to go for an instant loan. Follow this link to apply for an instant loan and know more https://navi.com/ .
Steps To Get An Instant Loan in India
The steps involved in getting an instant loan in India are relatively simpler than applying for a loan elsewhere. If you are looking for an instant loan you should keep the following steps in mind,
Step 1: Learn About The Offers
The first thing you should do for getting an instant loan is to find the offers available out there. Based on your compatibility, choose the lender accordingly. It is always a prudent step to inquire prior to applying for the loan. This is so because by knowing about the different offers and interest rates you can grab the best one for yourself.
Step 2: Download The Lender’s App
Once you have decided to go for a particular lender for an instant loan, you will have to download its official instant loan app. You can easily find this app on Playstore and Appstore. This instant loan app will be the place from where you will be applying for the loan.
Step 3: Registration Process
The next step would involve getting your registration done. Once you are registered on the app you will be presented with the User Interface (UI) of the app. Through it, you can access different information including your CIBIL score.
Step 4: Upload The Documents
Now that you have been successfully registered on the app, the next step is documentation. The good thing about the instant loan is that the documentation required here is much less than the traditional method of applying for a loan.
You will have to upload the photos of the required documents on the app itself. The documents required would be pertaining to your identity proof, address proof and income proof. The loan application will be submitted by entering your PAN number.
Step 5: Verification Process
After you have submitted the necessary documents, the lender will cross-check them for verification.
Step 6: The Details Of Loan
Now would come the most important part. You will be required to enter the loan amount and the period for which you will be taking the loan. The longer the tenure the higher will be the interest amount you will have to pay for the loan. Although the tenure differs according to the lenders, you can expect the maximum period to be around 36 months or 3 years.
Step 7: Take A Selfie
This step would require you to upload your selfie through your smartphone camera.
Step 8: Bank Details
Enter the details of your bank account in which the loan amount is to be sent. Your Aadhar Card will also be required here.
Note that this will also be the account from which the EMI for the loan will be deducted.
Step 9: Approval
Once all the previous steps are completed, your application for the loan will be processed. As soon as the approval process is complete, the loan amount will be credited to your bank.
With these simple steps, you can easily get an instant loan in India. As instant loans are a form of unsecured loans, you will not be required to place your assets as collateral. Your salary will be more than enough.
