What is an Instant Loan? How Can I Get an Instant Loan?

Unlike traditional banking, the way we are banking these days is rapidly changing. The process is entirely online, paperless, and instant and so the demand for an instant loan is increasing day-by-day. The instant loans application process is simple and easy.

What is an Instant Loan?

Instant loans are short-term loans which does not require much of the documentation and are approved instantly without having to pledge your assets. You can apply for a loan online without visiting a bank or filling out long and lengthy forms. Thereby, you can save a lot of time and effort!

Top Features and Benefits of Instant Loan

  • No collateral – An instant loan is a type of unsecured loan, which means you need not submit any security or collateral to get approved for a loan.
  • Paperless approval – When you apply for an instant loan online, all the documents will have to be uploaded online, thus making the entire transaction paperless.
  • Minimal processing time – The processing time for an instant loan is significantly short when compared to the processing time for other loans.
  • Instant disbursal – When you are in dire need of cash, it is always recommended to apply for an instant loan, since the approved funds will be disbursed immediately into your account.
  • No restrictions on how to spend – You can spend the money on anything you need. There are no restrictions on the usage of your approved funds.

Eligibility Criteria for an Instant Loan

Here are the eligibility criteria that you need to meet when you apply for an instant loan:

  • Credit score – If you want an instant loan at an affordable interest rate, then a good credit score is required. It is advisable to maintain a credit score of 750 or above.
  • Age – To be eligible for an instant loan, you should meet the age requirements specified by your lender. The age limits again may vary based on whether you are a salaried employee or self-employed individual. Make sure to check the age requirement offered by various lenders.
  • Occupation – Based on the lender you have chosen, an instant loan is offered to both salaried as well as self-employed individuals.
  • Income – Most lenders offer a loan to individuals with a minimum salary of 15,000. But, at FlexSalary, you can get approved for an instant loan even if your salary is INR 8,000.

Documents Required When Applying for an Instant Loan

Documents that you need to submit are:

  • Identity Proof
  • Residential Proof
  • PAN Card
  • Last 3 months bank statements
  • Passport size photographs

How Can I Get an Instant Loan at FlexSalary?

If you need an instant loan quickly, then just follow these 3 simple steps:

  • Download FlexSalary app either from the Play Store or the App Store.
  • Fill in all the requested information in the online loan application form.
  • Upload the necessary documents and click on ‘Submit’.

EndNote

If you are looking for an easy and convenient financing option, then turn to FlexSalary. You can apply for a line of credit from INR 4,000 to INR 2,00,000 to meet your needs. You can withdraw money from your line of credit at any time and repay the borrowed money in flexible payments.