08 December, 2024 | 11:00 IST
Instant loans could be helpful when you run out of cash or need money for some big-ticket expenses. Getting a quick loan in emergency situations may bring you much needed relief without financial distress. While applying and getting approval for a personal loan is a tedious process, the advent of digital lending platforms has made it easy to conveniently borrow money.
You can even get money in your bank account within a few minutes to a couple of hours through a quick loan app, depending on the lender. Generally, most of the banks and non-banking financial companies (NBFCs) are currently offering personal loans between Rs 1 lakh and 5 lakhs through their apps and websites.
Instant loans can be really helpful if you need to make an urgent payment, like during a medical emergency. You can apply for a Rs 5 lakh loan instantly with a few clicks. You just need a good credit score and a stable income.
For instance, you can get access to personal loan offers of up to Rs 15 lakhs through the Moneycontrol app and website. The process is 100% paperless. Moneycontrol offers access to personal loans from 5 lending partners, with interest rates starting at as low as 12% per annum.
Let us take a look at how to secure a Rs 5 lakh loan instantly and the key factors you should take into account before borrowing the amount.
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Do your research
Before you apply for an instant personal loan online, it is important to do your research. What is the repayment tenure? What are the terms and conditions? Are there any hidden charges? What is the interest rate? These are the questions you should ask before you apply for an online loan. This will help you in avoiding defaults and financial problems in future.
ALSO READ: Actual Cost of a Personal Loan: Don’t ignore these fees and charges
Check your credit score
Your credit score is one of the most important factors lenders consider before disbursing a loan to you, be it instant or traditional. The credit score, a three-digit number ranging between 300 and 900, determines your creditworthiness. Lenders look at your credit score before giving you a loan to assess whether you will pay back the money or have chances of defaulting. The higher your credit score is, the better are your chances of securing higher amounts of loans with lower interest rates.
Evaluate your repayment potential
You should always be conscious of your loan repayment capacity before applying for one. A loan of Rs 5 lakh may not sound that big an amount. However, ask yourself if you will be able to pay the EMIs (equated monthly instalments) regularly and on time before applying for such an instant loan online. Ideally, your total EMIs per month should not exceed 40% of your monthly income.
Go through the terms and conditions carefully
Before clicking the ‘Apply’ button for an online instant loan, make sure to check the terms and conditions thoroughly. Check if there are any fees and charges, like processing fees, which may not be visible upright. Loan terms and conditions are important aspects and should be assessed thoroughly in order to avoid any shock or surprise in the future.
Borrow from a reliable lender
This is an important step to follow before taking an instant loan online. As the world digitises, many lenders in India have opened up their doors to instant loans. While most of them are reliable and certified by the Reserve Bank of India, some can be fraudulent. Therefore, make sure your lender is reliable and RBI-approved.
If you want to apply for Rs 5 lakh instant loan, follow these steps to secure it:
Securing a Rs 5 lakh instant loan online is now easy with the availability of digital lending apps and websites. This can help you in emergency situations. However, make sure you take the loan from a reliable lender and pay your EMIs on time. On the Moneycontrol app and website, you can avail instant loans up to Rs 15 Lakhs from top lenders at interest rates starting at 12% per annum.
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