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Here’s everything you need to know for taking an Instant Personal Loan

Here’s everything you need to know for taking an Instant Personal Loan

Guest Post | @indiablooms | 01 Apr 2020, 06:22 am

While keeping aside a small portion of your savings for unplanned and unannounced financial emergencies may seem like good practice, many times, the majority of us aren’t prepared for such situations. Thankfully, there are many financial options available in the market like an instant personal loan that you can consider at such times.

Here you can apply for immediate funds and get it now without any delay. While this is very easy and convenient, often in your haste to access funds, you could make certain borrowing mistakes.

To ensure you have a hassle-free experience of borrowing funds without any hiccups, here is everything you need to know:

Choose a loan with that is easy to avail
While selecting a lender for your instant personal loan, do keep in mind to ensure that they have an easy loan application procedure. For instance, pre-approved customers of Bajaj Finserv can get instant funds in just 2 clicks. All you need to do is review the online process and check their details. Once you verify the details, you can submit it online and avail the funds in your account in 20 minutes. It’s that simple.

Check the time taken for loan approval and disbursal
Another important thing to keep in mind while shortlisting lenders is the amount of time they take to verify your loan application and disburse the amount in your account. Traditionally, the entire process till disbursal could take a few days to weeks, which can be unnerving especially in time-sensitive situations.

But lenders like Bajaj Finserv offer 100% online personal loans with a paperless approval process that requires no documents to be submitted.

In fact, Bajaj Finserv pre-approved customers can review their pre-filled application form and get your loan approval without any lender-side interventions. This results in you getting your funds in your account in about 20 minutes without having to actually step outside your home or meet any representative. They offer a 100% online disbursal on approval which is much quicker than traditional methods.

Check the loan amount offered and calculate how much you need
It's important to calculate the amount you need before applying for a personal loan, keeping in mind your requirement and loan repayment capacity. The good thing is that there is no restriction on the end-use of a personal loan as long as it's legal.

Borrowers can avail a Personal loan with attractive interest rates and without the need of having to pledge any collateral. The amount borrowed can be used to meet your urgent financial requirements without running out of liquidity.

Check for hidden terms, conditions and charges
Before taking a personal loan, it is important to thoroughly read through the loan agreement before signing it to check for any hidden charges or terms that you may not be aware of. These terms and conditions must be looked into carefully as they can later inflate the cost of the loan later. Lenders like Bajaj Finserv are transparent in their dealings. They clearly mention all their charges, terms and conditions on the loan agreement.

Ensure that you plan your finances for loan repayment
Before applying for a loan, it is important that you take stock of your financial situation by considering your income and other financial obligations to ensure that you are prepared to repay your loan without any hiccups. Not taking this into consideration will result in you defaulting in your loan repayment which in turn will affect your credit score and affect your chances of getting a loan approved in the future.

Bajaj Finserv offers customers a flexible tenor for loan repayment of up to 60 months. You can therefore repay your loan at your convenience without it getting heavy on the pockets.  Use the personal loan calculator to plan for your loan repayment.

Now that you are aware of everything you must know and keep in mind before applying for a personal loan, you can enjoy a hassle-free application process from the comfort of your home and get access to instant funds in 20 minutes through a 100% online disbursal today with Bajaj Finserv!