06 December, 2024 | 13:54 IST
An emergency can push you into a financial crisis. If you don’t have enough cash in hand or in your savings account an instant loan could save you from mental and financial distress. The widespread availability of quick loans through digital lending platforms has made it convenient to access funds when you need it the most.
Generally through digital lending platforms, you can apply for a loan and receive the money in your bank account even within a few minutes. An instant loan of as much as ₹ 1,00,000 can be availed quickly through these apps.
However in order to do so you must know some key details about the process of availing instant loans and things which can help you in securing the loan easily.
You can apply for a ₹ 1 lakh loan immediately through digital platforms like Moneycontrol. It offers access to multiple personal loan options from five lenders. In a 100% paperless process you can apply for loans up to ₹ 15 lakhs. You can use the Moneycontrol app to avail an instant loan in three simple steps— enter your details, complete the KYC process and set up an EMI payment. Applicants can avail an instant loan with interest rates starting at 12%.
Let’s take a look at how to secure a quick ₹ 1,00,000 loan as fast as possible using your smartphone:
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There are various factors which can impact your loan application and increase your chances of securing a loan on time and getting the loan at a favorable interest rate. Before you apply for an instant loan you should know about these factors:
High Credit Score
A high credit score is an indicator of prudent financial management and a healthy credit profile. The lenders generally rely on the credit score to approve a personal loan and a high credit score is always preferred, as it indicates the borrower’s healthy credit history. You can get quick approval for a personal loan of ₹ 1 lakh with a credit score of 750 and above. You can check your credit score for free through digital platforms like Moneycontrol.
Stable Income
With a stable income, the lenders feel confident in the borrower’s ability to repay the loan. A regular income stream from employment strengthens an applicant’s loan eligibility. Generally, the lenders prefer salaried employees due to their income stability.
Employment Status
Applicants with a stable employment history have a better chance at having their loan approved. Having a steady employment history is a mark of reliability for the lender and adds to the creditworthiness of the borrower.
Debt-to-Income ratio
A debt-to-income ratio compares your borrowings with your monthly income. Financial advisers suggest that a lower debt-to-income ratio is an indicator of good financial health and can increase your chances of having your loan application approved.
Repayment history
An applicant’s repayment history shows the lender the creditworthiness of the borrowers. Generally lenders assess the applicant's repayment behavior on existing loans or credit accounts.
Different lenders require different documents for an instant loan application. However here is a look at some common documents required for availing an instant loan of ₹ 1,00,000 online:
Identity proof
Applicants need to submit an identity proof to the lender. Generally lenders accept documents such as passport copy, Voter ID card, Driving license or Aadhar card as identity proof.
Address proof
Applicants need to submit some type of an address proof to the lender when applying for a loan. Lenders generally accept documents such as Aadhar card, driving license, voter ID, or passport copy as address proof.
Proof of employment
Many lenders may also need a proof of employment or proof of income for approving your application. Applicants can submit the bank statements of the last three months of their salary account as income proof along with information about their employer.
Here’s a look at the steps you need to follow to apply for an instant loan of ₹ 1,00,000 online. While the application process may differ for different instant loan apps, here’s a look at some of the common steps that are a part of the loan application process:
Here’s a look at some of the common eligibility criteria which an applicant must meet to avail an instant loan online:
Instant Loans require minimal documentation and offer fast loan disbursal. Availing an instant loan of ₹ 1 lakh online could be hassle free if you have a high credit score. However, it’s advisable to thoroughly check the terms and conditions before availing the loan.
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