There are a number of money needs that one requires to fulfill 24 hours of the same day. Little extravagances in day-to-day life load of joy. Revamping your house, upgrading to a new electronic gadget, purchasing designer dresses, or gifting someone on a special occasion might drain your savings. To smartly tackle this, try getting an instant personal loan.
Opt for a small cash loan and you can refer to instant loan apps. To avail credit instantly tries PayMe India. They provide loans from Rs. 500 to Rs. 2 lakhs in a hassle-free manner and with easy repayment options. The tenure to pay these short-term loans ranges from 6 months to 24 months. The procedure to apply for a loan is fully digitalized and paperless. PayMe India is one the best money borrowing app helping with instant loans within 24 hours. Get the PayMe India app on your phone, download it from the Google play store or visit the site.
Features of Online Instant Personal Loan
Below are some features of Instant Personal Loan Online:
- Paperless Approval: When you apply for a personal loan, you may require to submit to the lender some required paperwork, after which your loan request will get processed. All documents will be uploaded online; the whole process will be paperless. Also, if you reapply for the loan you will be asked for minimal documents.
- No Collateral required: Personal loans are unsecured loans and do not require any collateral to pledge as security.
- Instant Disbursal: If you are looking for immediate funds, it is recommended to apply for an instant personal loan as the approved funds will be disbursed to the borrower’s account quickly.
- Takes Minimal Processing Time: If compared with any other regular loan, personal loans take significantly lesser than the processing time.
- Flexible Interest Rate: If your CIBIL score is high you can negotiate for low and affordable interest rates. This will enable you to keep the overall cost of the loan low.
When you apply for a small cash loan online, it is better to consider your requirements to understand the exact loan amount required. If you have any past loan accounts, modify your EMIs accordingly. Delay in payment of credit dues can impact your CIBIL score drastically.
What are the Eligibility Criteria for Quick Loans?
Below are some eligibility criteria that a borrower needs to meet before applying for a personal loan:
- Credit score: A score above 650 or 700 is generally preferred by the lender. The better is your CIBIL score, the better are your chances of getting a loan at low-interest rates. So it is advisable to maintain a credit score of over 750.
- Age: The borrower should fulfill the minimum age criteria, which depends from lender to lender. The age limits may also vary based on whether you are a salaried or a self-employed individual. Generally, this lies from 21 to 58 years. Always make sure you check the age requirements before you apply for an instant personal loan.
- Occupation: Both salaried and self-employed individuals can opt for a personal loan online.
- Indian Citizen: The borrower must be an Indian Citizen.
Points to consider before getting a Personal Loan
While applying for an instant personal loan, it’s essential to compare the loans offered by various lenders. Here are a few facts that you should take into concern when comparing instant personal loans:
- Processing Fee: Almost all financial institutions offer instant loans and the lender charges borrowers a one-time processing fee. When you are charged with a high processing fee, you will need to pay more for your loan.
- Interest Rate: The interest rate charged affects the total cost of the loan. Thus, be certain to check the interest rate by the lender at which the loan is offered before applying to a particular lender.
- Default Penalty: If you don’t repay the EMIs on time, the lender will charge you with a default penalty. Hence, it is essential and advisable to compare the default charges levied by different lenders.
Ways to avail Instant Small Cash Loan Online with PayMe India
An individual can easily avail of an instant loan up to Rs. 2 lakhs via PayMe India personal loan app. If you fulfill the eligibility criteria and have every document required, your loans will be approved and disbursed within 24 hours in a hassle-free manner. You can also repay the loan in easy EMIs conveniently.
Download the PayMe India app from Google Play Store or Apple store and follow basic simple steps to finalize the loan application process:
- Register with fundamental details – Your phone number, email address, and pin code.
- Complete the KYC process by submitting your Aadhar card and pan card.
- Provide your documents for address verification and income verification.
- The instant loan will be approved in minutes and transferred to the bank account directly.
Both salaried and self-employed individuals can apply for an instant loan at PayMe India without providing any collateral.