In June 2020, Bangalore Mirror, a leading online newspaper, ranked Bengaluru, Karnataka’s capital, as the fourth most expensive city in India, and although this might arrive as a surprise for some, in reality, for us Bangalorean’s, it is actually true. No matter how stable we are in our careers, living in an expensive city like Bengaluru does arrive with its fair share of challenges, one of them being a financial strain here and there.
In situations such as these, where you need money for your expenses urgently, a good source to rely on is an instant cash loan. But how can you get an instant cash loan in Bengaluru?
In today’s article, we will share with you exactly that. Thus without further ado, let’s get started.
What Is an Instant Cash Loan?
One of the first and most important aspects you need to understand is the meaning of an instant cash loan. In simple terms, an instant cash loan is synonymous with a personal loan, which is a simple financial instrument that empowers you to borrow a certain amount of funds, as per your needs, and pay it back via a flexible repayment schedule while enjoying a competitive rate of interest.
Although the concept of an instant cash loan is not novel in India, it has risen in popularity over the past couple of years mainly due to the fact that they are easy to avail, arrive with a number of features, generally absent from traditional lending instruments, and above all, as the name implies are available when you need them the most.
To meet the rising demand from consumers, there are now multiple lenders in India who specialize in rendering instant cash loans, and in the upcoming sections, we will explain how you, too, can take advantage of this.
How to Get an Instant Cash Loan in Bengaluru?
Now that you know the meaning of an instant cash loan shared below are some of the most significant steps you need to follow in order to avail the services of one.
- Go on to your favorite search engine and search for “instant cash loans in Bengaluru.”
- Immediately upon hitting enter, you will see a variety of offers from different lenders. Go through each one of them and be especially mindful of the total tenure of the loan, along with interest being charged.
- Once you have chosen a lender who meets your needs, navigate to their official website or download their smartphone application to initiate the application process.
- Start by sharing your phone number, email address, and OTP received from the lender. On the next screen, complete your personal information such as your full name, residential and permanent address, PAN card number, Aadhar Card number etc.
- On the next screen, share your employment type and income information with the lender. Depending on your type of employment, you can either select self employed or salaried. In each of the cases, you will be required to share your years of experience along with your monthly in-hand income.
- To complete the application process, upload all the requested documents onto the secured server of the lender and submit your application.
- After successfully completing the application, the lender will assess your creditworthiness, and if approved, you will have the money in your bank account in under 48 business hours.
Documentation and Eligibility Criteria
As you can see from the listicle shared above, the exact process of applying for and getting approved for an instant cash loan is quite simple and straightforward. However, similar to other financial instruments, you will need to share some documents with your lender and meet their eligibility requirements, such that you can swiftly get approved.
Shared below are details of the same.
- Documents Required
In order to get approved for an instant cash loan in Bengaluru, there is a list of documents you will need to share, and some of the most significant of them are as follows.
- Government issued identification documents such as Aadhar Card and PAN Card.
- Permanent and residential address proof
- If you are a self-employed professional, you will need to present your Income certificate, last 6 months bank statements, and last 3 years ITR returns.
- On the other hand, if you are a salaried employee, you will need to present your latest salary slip, last 3 months bank statements as proof of income.
2. Eligibility Criteria
In order to get approved for an instant cash loan, you will need to meet the following loan eligibility criteria.
- Have a minimum monthly income of ₹13,500 in hand
- Be a permanent resident of India for at least the last 5 years
- Have a minimum business vintage of 3 years
- Must have last 3 years ITR files present
- Must have a credit score of above 750 on a scale of 900
- Must be between the ages of 23 and 58 years
- Must have employment experience of at least 3 years
The Best Advantage of an Instant Personal Loan
While there are multiple advantages of availing the services of an instant cash loan in Bengaluru, one of the most significant of them is:
Online Application
One significant reason as to why most traditional loans require an extended timeline to get approved is because these lenders depend on legacy systems to process their applications. More often than not, if you wish to apply for a traditional loan, you will have to either visit the lender’s office or one of their representatives and manually fill out an application form and also submit hard copies of all required documents.
In the midst of our busy day-to-day lives, not only is this process extremely stressful but also time-consuming.
On the other hand, if you wish to apply for an instant personal loan, all you need to do is either download the lender’s mobile application onto your smartphone or visit the lender’s official website to initiate the application process. Since the entire application process is online, you can literally apply for an instant cash loan from anywhere and get the money in your bank account in no time.
In Conclusion:
These days, applying for and subsequently getting approved for an instant cash loan has become easier than ever before, thanks to the many lenders who specialize in this service. Now that you know of the mechanics behind the process, go and apply for an instant cash loan today.
