Personal loans are loaded with lots of prominent and advantageous product features, making them a popular credit option for many borrowers. Involvement of zero restriction on end-use of loan proceeds, near-instant or quick disbursal, nil or minimum documentation and no security or collateral requirement is amongst the key benefits of personal loans. Moreover, many lenders have been offering instant personal loans, which further add another benefit to the already prominent list of advantages and features of personal loans. Let’s have a look and understand the advantages and benefits of instant personal loan apps.
What is Instant Personal Loan?
Instant personal loans are unsecured products offered as an urgent source of funds to salaried and self-employed people. With instant credit access whenever required, this option proves highly convenient for those in need of quick funds to fulfil financial emergencies or shortfalls. Availing instant personal loans from lenders like paysense can prove to be the saviour for eligible applicants to avail of urgent funds in need of the hour.
Features & Benefits of Instant personal loan
- A paysense loan is an offer for loan amounts generally ranging from Rs 5,000 to Rs 5 lakh, aimed to meet urgent financial requirements.
- Be assured of prompt loan approval and credit of money into account via quick disbursals if eligible.
- EMI plans are structured in a way to ensure affordability for the borrower, and the presence of reminders and auto-debit features ensure you do not end up missing out on any payment.
- Even applicants with no or low credit scores can be eligible for an instant personal loan from paysense. Apart from credit score, several other eligibility criteria, such as employment history, income, etc., are factored in to assess overall eligibility.
- No collateral or security requirement
- No restriction on end usage of funds, except for speculative or illegal purposes
- Minimal one step and hassle-free documentation
Checkpoints to apply for an instant personal loan
The process and key steps to factor in before applying for instant personal loans are key components to understand for a smooth and hassle application and avoiding rejection due to any reason.
- Check instant personal loan eligibility criterion.
The first & foremost step is to check your instant personal loan eligible for paysense. Check the lender’s website, set eligibility criteria like minimum income, age, credit score, etc., and then subsequently fill in these basic details to evaluate eligibility and approval chances. It is usually recommended to contain your total EMIs, including the new loan to be taken, up to 50% of monthly income. For ensuring EMI affordability, keep in mind to choose the tenure whose corresponding EMI is most comfortable to repay as per your financial requirement and existing income and debt obligations.
- Complete Documentation
Apart from filling in the basic eligibility criterion and qualifying for them, it’s equally important to complete the documentation to ensure your paysense loan application goes ahead and you are able to avail of the disbursal in a smooth and hassle-free manner. Remember that failure to give the right documentation timely can result in the application getting rejected.
- Avail quick disbursal
Once you qualify for availing disbursal from paysense for an instant personal loan, be worry-free as the funds are credited in your account very quickly, within a few hours.
Paysense loan should be taken by whom?
- Those who are facing urgent fund requirements due to financial emergencies such as severe illness, accident, or cash flow disruption like a pay cut.
- Those are lacking any collateral/security or margin to provide against the loan amount.
- Those who cannot wait or regular personal loan disbursal, which usually happens in a few days or a week.
Factors that impact instant personal loan eligibility
Minimum income criteria
Most instant personal loan lenders like paysense usually set minimum income criteria for the loan applicants. Upon failure to qualify for these, it can lead to the rejection of an instant personal loan application. The income eligibility criteria may also vary depending on the applicant’s location, like a metro, urban, semi-urban or rural area. When availing paysense loan, remember to check the eligibility criterion to avoid the application getting rejected, which can even harm your credit score.
Employment history, stability and profile
Instant personal loan lenders also tend to factor in the loan applicants’ employment history, job profile and job stability. Since doing frequent job-hopping can generally be considered a sign of career instability by personal loan lenders, they might end up hesitating in lending to such applicants. Hence, one should avoid frequent job-switching, especially if planning to take a personal loan soon.
Minimum and maximum age bracket set by the lender
When applying for a paysense loan, remember that instant personal loan applicant’s current as well as the age at the end of loan tenure should be within the set range of paysense eligibility criterion. Failure to fall within the set range of minimum and maximum age limit set by the lender can lead to the rejection of instant persona loans. Remember that personal loans are unsecured in nature. Hence lenders tend to adopt a conservative approach when approving applications. Those in their 50s and nearing retirement but require instant personal loans can boost their instant personal loan approval chances by opting for a longer tenure to lower the EMI amount payout and/or loop in their earning family member(s) with good credit profiles and stable income as co-borrowers. Doing so would increase eligibility for approving the application with paysense and boost approval chances too.
One of the most crucial factors lenders pay attention to when evaluating instant personal loans is the credit score of the applicant. Those with a good credit score usually have higher chances of loan approval, given that they have displayed disciplined credit repayment history. Hence such individuals are considered to be financially more disciplined and tend to carry lower credit risk for the instant personal loan lenders. At times, some lenders can even tend to offer lower interest rates to applicants with good credit profiles. Whereas on the other hand, having no or low credit score may lower chances of personal loan approval, or one can be given an instant personal loan with slightly higher interest rates to cover for higher credit risk involved in such applicants.