Instant loan: Your essential guide to get Rs 10 lakh loan instantly
07 December, 2024 | 11:01 IST
Life doesn’t always follow a predefined path and unexpected expenses — be it medical emergencies, sudden home repairs or unplanned commitments — can catch anyone off guard. What if you could access funds instantly without the hassle of traditional loans? If you’re looking for a quick financial solution, a Rs 10 lakh instant loan could be your answer.
Thanks to digital lending platforms, securing a loan has become simpler than ever before.
For instance, Moneycontrol provides access to instant personal loans of up to Rs 15 lakhs in partnership with five lenders in a completely paperless process. Availing the loan through the Moneycontrol app is quick, hassle-free and paperless. All you need are three steps – enter your details, complete your KYC and set up EMI repayment. The interest rates start at 12% per annum.
A loan of Rs 10 lakh isn’t just about convenience — it’s about meeting life’s major financial milestones or addressing significant unexpected expenses. Here’s how this substantial amount can make a difference:
Medical emergencies: Critical medical situations like major surgeries, long-term treatments, or advanced care for severe illnesses can quickly exhaust savings. An instant loan online provides timely financial support, ensuring you can focus on recovery without compromising on the quality of care.
Major home renovations or repairs: Whether you are transforming your living space or address pressing issues like structural damages, waterproofing or a complete interior makeover, with Rs 10 lakh, you can finance everything with ease.
Wedding expenses: Indian weddings are often lavish affairs, with costs skyrocketing for venues, decor, catering and guest accommodations. A personal loan of Rs 10 lakh can ensure you have a wedding of your dreams without any stress.
Higher education and career development: Funding higher education, whether it’s at a prestigious university abroad or a specialised certification, often requires significant investment. You can use the loan to pay for tuition, living expenses, or even international study programmes that pave the way for career growth.
Debt consolidation: Managing multiple loans with varying interest rates can be overwhelming. Consolidate your debts with a Rs 10 lakh loan, simplify your repayments and potentially lower your overall interest burden.
Business investment or expansion: Whether you’re a salaried individual venturing into a side hustle or an entrepreneur planning to expand operations, an instant loan of Rs 10 lakh can provide the necessary capital. Invest in new equipment, expand inventory or meet working capital requirements with ease.
Research lenders and compare offers: Numerous banks, NBFCs and digital lending platforms provide instant loans online. To get the best deal, compare interest rates, processing costs and terms of repayment.
Prepare necessary documents: Although the process is predominantly digital, it’s essential to have a few documents ready to ensure a seamless application process. These include Aadhaar and PAN cards for identity verification, a utility bill or rent agreement as proof of address, and bank statements along with salary slips if you are asked to validate your income.
Apply online: To apply online, simply fill out the application form on your selected platform. Upload the necessary documents, complete the KYC process and submit your request. The approval process is quick, often taking just a few minutes.
While eligibility varies by lender, general requirements include:
Nationality: Must be an Indian citizen
Age: Applicants should be in the 21 to 60 age range
Employment status: Salaried individuals with a reputed organisation or business owners with stable income
Credit score: A score of 750 or higher improves approval chances and helps secure better interest rates
Interest rates and processing fees
Interest rates for personal loans generally range from 10% to 24% per annum. The exact rate depends on factors such as your creditworthiness, income and employment stability.
Additionally, lenders may charge processing fees, usually around 2.5% to 3% of the loan amount.
In conclusion, before applying for an instant loan online, evaluate your financial situation. Understand the urgency of your expenses, your ability to repay the loan, and how it fits into your overall financial plan. Getting a Rs 10 lakh instant loan online could be a lifesaver during pressing times, but careful planning ensures it doesn’t strain your future finances. Explore Moneycontrol app and website for loan offers up to Rs 15 Lakhs from top lenders with interest rates starting at just 12% per annum.
Summary
Facing unexpected expenses? Here's how you can get ₹10 lakh instant loan without much hassle. Find the steps to follow, benefits, eligibility and more in this article.
Disclaimer
This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.
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