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This is an unsecured loan and is processed instantly.
These days, there are a number of instant loan apps online that process your loan within minutes. You can borrow as low as Rs.1000 and up to Rs.10 lakhs from these apps.
Note:
- Personal loans are unsecured loans and do not require you to pledge any collateral or guarantee
- They are mostly based on your monthly income and credit score
- They are processed quickly and the loan amount is disbursed within minutes of approval
- The loan amount is highly flexible and you can borrow based on your needs
- The interest rate is highly competitive
- Instant loan apps are completely online and don’t require much documentation to process your loan
- Repayment tenure ranges from 30 days to 12 months and you can repay the loan comfortably
Key takeaways:
- Personal loans are helpful in times of urgent cash requirement
- They have very high processing charges; somewhere around 2.5% of the loan amount
- Ensure to repay the loan on time so that you don’t incur high interest charges, late penalties and hurting your credit score.