Chandigarh, January 5, 2025 (Punjab Khabarnama Bureau): You may need money at any time in an emergency, and in such situations, an instant personal loan can prove to be a convenient option. Without any collateral or security, this loan gets approved instantly with minimal documentation. However, to ease the loan approval process, it is important to keep a few things in mind.
Whether you are employed or self-employed, your income and credit score play a significant role in obtaining an instant personal loan. Additionally, selecting the right loan amount and tenure, preparing documents, and calculating the EMI correctly also ensure loan approval. Let’s learn how you can easily get an instant personal loan by adopting these tips.
- Decide the Loan Amount and Tenure
Before taking a loan, decide how much money you need and what the tenure should be. Opting for a longer loan tenure will reduce your monthly EMI, but you will have to pay more interest over the total loan amount. - Ensure Stable Income Sources
Most lenders approve instant personal loans only for customers whose income is stable. If you are self-employed, you may need to show documents such as IT returns. - Maintain a Good Credit Score
Your credit score is one of the most important factors for lenders. It reflects your ability to repay the loan. Maintain a good score by paying bills on time and keeping a low credit utilization ratio. - Keep Documents Ready
Although the documentation process for an instant personal loan is minimal, you must have essential documents like identity proof, income proof, and address proof ready. - Use EMI Calculator
You can estimate your monthly EMIs using an EMI calculator. This will make it easier to decide on the loan amount and EMI structure.