Getting an instant loan these days is easy enough. Depending on what sort of loan you are looking for, there are a few mandatory steps. Several basic steps are required if you are looking for a business loan. Primarily, before documentation, you need to know whether you are eligible for the business loan. The basic requirements are:
- The business has to be in existence and registered for at least 2 years.
- There should be no defaults on any existing EMIs.
- The applicant must be over 1 year of age.
If these criteria rea met, the next part is to apply for the loan. Pick a good bank and go to their online site or their and open the page for loans, or use a third-party website. These give you access to several banks and make it easier to get the best deal.
Once you have zeroed into the proper bank, you will need to get your mobile number verified and registered with the bank you want to take the loan from. If you already have an account, then the whole process becomes easier.
Fill in the form, which is basically a sort of resume of yourself and your business. In this, you should mention the strengths of your business and also the purpose of the loan. These facts are the eligibility criteria, and the lender will use this to decide whether to grant the loan or not. Once this step has been crossed, some documents need to be uploaded. They are -
- Personal KYC document.
- Business KYC document
- Bank statements of the business.
- Personal bank statements.
- Any other relevant document which might help in the loan assessment.
- Address proof.
And the loan approval should not take long. In fact, it could be an instant loan approval.
It is possible that the bank might institute a soft probe into your bank account just to be sure. This may happen or may not happen. The loan you seek can be secured or unsecured. General unsecured loans attract a higher rate of interest which can be as high as 14% p.a.
If the requirement is for a personal loan, then the documentation is easier but almost similar to the business loan requirements. Just go to the financial institution's site from whether you wish to take the loan. To get there, click 'Apply online .'Once you are at the site, fill in the details required, and verify the OTP sent to your phone.
Enter the relevant KYC data and your income particulars. If salaried, then payslips of the previous 2 months is required along with Bank account statements for the past 3 months showing the debits and credits in the account, especially the credits of your salary, which is the basis for the loan.
Put in the loan amount and upload. Someone from the institution will call back and get things going. Personal loans are generally unsecured and given against salaries from MNCs and public and private companies. In any case, the documents required are the same. The age requirement of 21 years exists here too. And, of course, you need a good CIBIL score, preferably in the region of 750. It is also good to remember that the minimum salary must be 22,000. Below that, a person is not eligible to apply for a personal loan.
However, applying for a loan from the bank where you maintain your accounts is far easier and more convenient. The bank already has your details and your KYC. While they may ask for a new KYC, it is much easier since they know you and can easily check what your account entails.
Remember that submitting documents does not automatically mean that you will get a loan. Several factors go into this decision. However, if you meet the criteria and enjoy a good salary, it should not be a problem, and then it could result in an instant loan.
Before submitting the documents, please check what you are submitting carefully. Uploading a wrong document or making mistakes while filling in the form could delay everything. The documentation is simple enough. Just make sure that they are correct. Also, it is necessary to make sure that you are approaching a bona fide institution for the loan. This needs care because you will be submitting several documents of a very personal and private nature. Get it right, and you get an instant loan.