Getting Personal Loan Approval in 24 Hrs with Less Documentation & Low EMIs
Financial setbacks do not come announcing the arrival. You have to face them in eye and plan for a better future. Though bank loans are often looked upon as easy financing options for bridging the cash gaps in life, if used judiciously these can serve as ultimate tools to stay financially fit even during the contingency events.
Availing Personal Loan for urgent needs is easier than ever today. You can contact a bank, NBFC or an online app-based lending institution to secure an online cash loan without any hassles. From loan application to verification, to final processing, everything can be fulfilled online, without any need to visit the branch. Most of these online loans take just a few hours for approval and 1-2 days for processing of the loan.
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However, there are times, when your loan requirement is so urgent that you need the fastest disbursal at affordable EMIs at any cost. Loan tenure and Interest rate are not the primary factors but the access to cash is.
So whether you need an Instant Personal Loan for medical emergency or paying out your higher education, we will run you through the process that will ensure Personal Loan approval in less than 24 Hrs requiring minimal documentation and that too, at the affordable EMIs.
1. Use preapproved Personal Loan offers
If you have a good credit history to back your profile, chances are high that you are pre-approved for an unsecured loan offer by your bank. When you seek a loan from your existing bank you do not require regular Personal Loan Documents to get the approval. Being an existing customer the bank already has your KYC documents and thus the processing is faster, subject to meeting the eligibility requirements.
2. Use app-based lending platform
In case you are not preapproved for a Personal Loan with your existing bank, or your EMI/NMI ratio is already high and you require an urgent cash loan, you should consider this option. Rather than searching a financing option through top banks and NBFCs, go an alternative way. You may consider app-based options like Lazypay Personal Loan.
Lazypay offers instant Personal Loans up to Rs 1 Lakh for urgent needs. You enjoy repayment flexibility and fast approval in all Tier 1 & Tier 2 cities. The eligibility requirements are easy-to-meet. All you need to do is install the app and share your loan request. These are instant and hassle free alternatives to regular bank loans.
3. Use instant credit-line offer
Likewise, you can consider app-based credit line offer from MoneyTap which offers fast and flexible credit line for up to Rs 5 Lakh. The best part is that interest is levied only on the amount utilised. This helps you keep the liability low while securing a sufficient back up for emergency situation. You do not require any collateral to avail of a loan from MoneyTap.
4. professional help
Clearly borrowing Personal Loan is a matter of a few click these days. However, it may be easier said than done for some of you. Many-a-time, you may not be able to zero on to the perfect lender for your needs.
The issues could be, such as:
- Errors in documents
- High FOIR or EMI/ NMI ratio
- Rejection of previous Personal Loan application(s)
- Red flag in the Credit Report
- Low CIBIL Score
- Delay in credit bill payments
- Using COVID Moratorium relief
These are some of the many issues that can lead to loan rejection despite having repayment capacity. In these cases, it may not be easier to search for a suitable lender on own. Also, you do not want loan rejection as it will further belittle your score.
Herein a professional loan service such as a DSA or loan marketplace like MyMoneyMantra can come to your rescue. MyMoneyMantra has partnerships with 100+ lenders and can search out among multiple lenders for lending offer suitable to your application. The process is simple & a loan professional will also guide you through this journey.
All you need to do is apply for Personal Loan on the official website. Fill up the form and share your loan requirements. This is perhaps one of the most convenient ways to search out the most affordable lender contactless way.
While using all these options you can successfully find the best loan offer in minimum processing time, it is important to keep following things in mind before applying for a loan:
- Never borrow if you are not sure about repayments. Late payments not only hurt your Credit Score but also attract late payment fee and add to your debt cost. It is thus recommended to borrow for EMIs you can comfortably repay.
- Plan your loan borrowing and repayment to stay financial healthy ever.
- Always compare several deals and choose the best one according to your budget.
- Do not overlook interest cost, even if you are in a real hurry. Borrow only when you are sure of serving the EMIs in time.
- If you have borrowed an OD or credit line, keep maximum cash in the account to reduce your monthly EMI interest cost.
In all, a little precision and financial discipline can verily help you borrow affordably and repay successfully in time.
To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.