A decent salary is not enough for financial emergencies. Unexpected situations can happen to anyone. This could be due to a medical emergency, child’s admission, consolidation of existing debt, or wedding expenses. A personal loan is a good option to help cover these costs.
What’s a Personal Loan?
You may be unable to predict some expenses if you do not have enough funds in your bank account. You may find yourself in a temporary fund crunch. Apply for a personal loan if you have a large amount of money to borrow.
The loan can be approved in just a few hours if you are eligible. The amount you will receive is between Rs. You will receive the amount from Rs.50,000 to Rs. 10,00,000. This is for a term of 6 to 60 months.
Eligibility Criteria for Personal Loans
It is important to confirm to determine if you are eligible to apply for a personal loan. To get instant funds into the account, applicants must meet the following requirements:
1. citizens or residents are required.
2. The applicant’s age must be between 21 and 58 years.
3. Salary, self-employed or business owners must have a steady monthly
4. Stable employment is essential.
5. Credit history should be good, and your CIBIL score should be at least 580-630.
Imagine that you applied for an instant personal loan and did not meet the eligibility criteria. Unexpected delays might occur. If you fulfill all requirements, your loan application will be approved.
Documents Requirement for Availing a Personal Loan
No matter what your reason, you can get a personal loan. Below are the documents you will need to attach with your application.
Proof of Identification: Applicants must have a Voter ID/Passport/Driving License/Aadhaar card
Proof of Address: All applicants should have a Passport/Electricity Bill/Ration Card.
Proof of income: A salaried worker should have at most three months’ worth of salary slips. If you are self-employed, you must show proof of income for three to six months.
The Advantages of Choosing Personal Lenders
LoanTap offers many benefits when you apply for a personal loan. Check out the following list to see the benefits of the personal loan in Noida.
- LoanTap offers a simple and easy way to apply for a personal loan. The online application is easy for even beginners. You can do it from your home. It’s over.
- Get instant approval and disbursal of personal loans within minutes. Your application will be approved within hours if you have good credit and all the documents required. The loan amount will be credited to your account once approved.
- There is no need to provide collateral. Personal loans can be used as unsecured loans. Personal loans are not secured by collateral or assets. Most financial lenders won’t ask for collateral.
- You can use the loan amount that you receive for any purpose. The bank or NBFC doesn’t have to keep a record of each transaction. Borrowers may use the money to pay for home renovations, vacations, education, debt consolidation and other personal purposes.
- No documentation is required. An online loan process has made it easy to get a loan without filling out paperwork. Only a few documents are required to obtain a quick loan for business in Noida.
- Flexible repayment terms: Lenders have to be able to understand the needs and want of borrowers. LoanTap provides customized repayment options for each borrower. They can also pay the loan amount at their convenience.
LoanTap will provide financial assistance through financial products. Keep your credit score high throughout the loan process. The interest rate on loans is lower for borrowers. This allows them to take out a loan with lower interest rates in times of emergency when they cannot repay.
How to Get a Personal Loan With Salary
Personal loans can help you realize your dreams, whether a lavish wedding or a higher education. You can easily get the loan by providing the right documents. You will need to take these steps to complete your loan application.
- Step 1: Visit or install the LoanTap app from the Google play store.
- Step 2 – Create your account by entering the necessary details, such as company name, profession, and occupation.
- Step 3 After completing the application form, upload all required documents to verify that your profile is correct.
- Step 4: Wait for the LoanTap team to respond once the KYC has been completed.
- Step 5 After submitting the application verification, the loan will be approved the same day and credited directly to your account.
After your application has been submitted successfully, LoanTap experts will review it. We would approve the loan immediately if the applicant is eligible.
Tips to Improve Your Chances of Getting a Personal Loan
It will help improve your chances of getting approved for an instant personal loan. Here are some tips to help you get it done.
Maintain high credit scores
To get approved for a loan, you will need a credit score. It is a reflection of your credit history and repayment habits. At least 600 is considered a high credit score. Your credit score should be at least 600. This means that you have paid all your debts. A good credit score is a huge advantage when applying for a loan. This increases your chances of getting a loan approved within hours.
Repayment of outstanding credit card debts can delay your loan application approval. Before applying for instant online loans, ensure you have paid off your credit card and loan debts. Multiple debts can increase the debt’s value and make it more difficult to repay them on time. Your monthly EMIs should not exceed 50% of your income. It is also a good idea to clean up your past repayments before applying for a personal loan.
Keep Income Proof intact.
While processing your loan, you will need to submit income proofs and bank statements. This will allow lenders to assess your financial ability. These documents will help lenders determine if you can repay the loan. If you have other income sources, be sure to mention them.