How to Get a Quick Personal Loan When in Need?

Approaching an NBFC, installing loan apps and maintaining a healthy credit score are some ways of availing a quick Personal Loan. An instant Personal Loan can help you meet various expected and unexpected needs.

An unsecured mode of finance, Personal Loans have come a long way over the years. Today, they help individuals serve a range of professional and personal needs. However, it’s essential to know how to avail a quick Personal Loan when in need. In this article, we will talk about some simple processes that aid in availing an instant Personal Loan when required.

Approach non-banking financial companies (NBFCs)

The rapid rise of NBFCs in the Indian financial services sector is well-documented. Today, NBFCs are playing a crucial role in disbursing funds to businesses and individuals. When you need a quick Personal Loan, it’s prudent to approach NBFCs.

Application and disbursal of funds by NBFCs is quick and easy compared to traditional financing institutions, where the process is lengthy, cumbersome and involves a lot of paperwork.

You can avail a Personal Loan up to Rs.25 lakh with flexible tenor ranging from 12-60 months. Also, with Flexi Loan facility, you can borrow as and when required from your loan limit, without the need for making multiple applications.

With pre-approved offers from Bajaj Finserv on Personal Loans, availing finance is easy and convenient. Get money in your bank account with 1-step verification without the need to submit multiple documents.

Install Personal Loan apps 

In the digital era, you can easily know the Personal Loan details of multiple lenders within minutes through intuitive mobile apps. You can download apps of loan aggregator websites on your phone to compare offerings pertaining to Personal Loan eligibility, the rate of interest and tenor among others.

Also, several lenders have come up with their own apps that allow you to apply for a Personal Loan within seconds. Based on the details furnished, lenders gauge your eligibility and risk profile using their own set of proprietary algorithms. If your profile fits their eligibility criteria, the loan amount is disbursed into your account within hours. However, make sure you download these apps from either the Google Play Store or the App Store.

Always maintain a healthy credit score

Your credit score plays a crucial role in determining Personal Loan eligibility. A poor score can delay the entire process, making it difficult to avail funds. Hence, always make sure to maintain a healthy credit score to expedite the Personal Loan approval process. A credit score is a three-digit score that tells your prospective lender your creditworthiness.

A good score, higher than 750, showcases you as a responsible borrower, prudent in money-management skills. At the same time, keep documents pertaining to your identity, address income, bank statement, IT returns stored in a place of quick access. These are some of the most common documents required for Personal Loan.

A Personal Loan is your most trusted ally when you need quick funds for meeting planned and unplanned needs. Getting the basics right would help you avail this loan promptly.