A reality check on how instant an instant personal loan really is?

In a need of quick money? Well, availing loans can be a hectic task. The number of steps and the procedure we have to go through to get a loan is never-ending. That is why most of us might hesitate before availing this option. For urgent sanctioning of the loan, there is a special provision of an instant loan. Instant loans are basically loans that are sanctioned instantly without much paper hassle and a guarantor. These loans are generally applied online and get speedy approval and disbursal. The money is handed out on the very same day if you can possibly provide all the documents. It seems like a nice scheme, right? But how fast the loaned money is disbursed is a matter of concern.

Delhi, being the capital of the country, is swarmed with a huge population. Availing an instant personal loan in Delhi has become very easy now.  As there are a lot of platforms who can offer you a personal loan based on some criteria. You have to submit some documents like your bank statement, credit card statements, etc.

While issuing an instant personal loan in Delhi following factors come into the picture:

  • Extra payable charges: In addition to the interest payable, you are charged to a non-refundable amount on applying for a personal loan. This amount is charged to take care of the paperwork to be processed as a part of the application process.
  • The amount that can be borrowed: The amount that can be borrowed as an instant personal loan in Delhi usually depends upon your income and whether you are a self-employed or salaried employee. It is also considered, if you already have an existing loan running, it will affect the loan amount to be loaned out. In case of a self-employed individual, the bank considers the statement of profit or loss in the last few months and check if you are already engaged in some other loans.
  • High-interest rates: Being an unsecured loan, interest rates are naturally higher than the normal ones. Although NBFCs offer such loans at rates as low as 11.49%, it is only applicable to customers, depending upon their credit card statement, income level, loan amount, etc.
  • Disbursal of loan: Though it is supposed to be sanctioned instantly or at least within 2 days of processing, it typically takes around 7 days to be approved. You receive the loan amount either through a cheque or draft or the money gets deposited in your savings account automatically.
  • Loan approval process: The approval of your loan request is solely under the discretion of the loan sanctioning officer. The entire approval process can take from 48 hours to 2 weeks of time. Once the loan is sanctioned after all verification and approval, it is disbursed within 7 working days. So, it is advisable to keep all documents ready beforehand to avoid delay.

People applying for an instant personal loan in Delhi are increasing day by day. The primary reason for this is less time required for approval and disbursal of loans as compared to old times. Personal loans can help in overcoming many emergency situations like buying a house, higher education or any medical treatment. It is advisable to thoroughly research and read through the terms and conditions if you want to apply for an instant personal loan.

News Reporter