In recent years, the cost of living has skyrocketed; thus, it has become highly difficult for the middle-class Indian population to manage their costs wisely. Further, at such times, if there arises a medical or financial emergency, then people are left with no other option but to borrow capital from friends and family.
However, thanks to the availability of instant personal loan online, you can easily borrow capital from new-age banks and NBFCs (Non-Banking Financial Companies) at way lower interest rates compared to traditional financiers.
Although, there are a plethora of banks and NBFCs (Non-Banking Financial Companies); however, now every financial institution will provide you with the best instant personal loan option. Thus, through extensive research, our team has come up with a few tips to help you find the best instant personal loan online in India.
1. Compare interest rates online
As mentioned earlier, there are tons of financial institutions that will provide you with instant personal loans; thus, to choose the best form of capital assistance, ensure that you compare interest rates online. Further, thanks to the digital revolution, now you can easily check and compare interest rates online from the comfort of your home or office. All you need to do is use an online EMI calculator and calculate your interest rates based on your principal amount and repayment tenure. Thus, the financial institution that provides you with the lowest interest rates is the one that will provide you with the best instant personal loan online.
2. Late payment fees and other charges
Although, the new-age banks and NBFCs (Non-Banking Financial Companies) charge borrowers interest rates; however, they also earn additional money through late payment fees and other charges. The various charges levied by the new-age financial institutions on consumers are processing fees, late payment fees, and prepayment charges. Thus, to choose the best instant personal loan online ensure that you check the above charges in detail!
3. Financial institution’s online reputation
Even if a financial institution provides you with the lowest interest rates and other charges, it can’t be termed the best! After all, for a financial institution to provide the best instant personal loan, they also have to provide the best consumer service. You can easily check a financial institution’s online reputation by reading online reviews and customer feedback. By doing this, you will not only able to find the best instant personal loan online but will also be able to avoid dealing with a financial institution with bad customer service!
4. Check your financial institution’s eligibility criteria
Even if you find the best instant personal loan, it would prove to be useless if you don’t meet the minimum eligibility criteria set by the new-age banks and NBFCs (Non-Banking Financial Companies). Thus, to find the best loan product for yourself, ensure that you check your choice of financial institution’s eligibility criteria.
Hope you enjoyed reading this article regarding the various tips to find the best instant personal loan online in India. Good luck and all the best with your future endeavours!
An instant personal loan can give you a financial boost in your tough times.
Whether you are a salaried person or self-employed, at certain times you may confront financial crunches.
Yes, a quick & easy personal loan at a reasonable interest rate could be the solution to all your monetary problems.
Being a salaried employee, it can be easier to get the loan approved showing the income proof, but when it comes to a self-employed individual, people believe that it can be difficult to get a loan sanctioned.
Lenders are willing to give loans to self-employed individuals who have their documents ready.
Eligibility Criteria: The borrower should be a resident of India between the age 18 - 65 yearsThe annual turnover or profit has to be 1 lakh or as per the requirement of the lenderThe borrower has to be in the same business for at least 3 years or moreDocuments Required:Proof of age - Birth certificate/passport/PAN cardProof of ID - Voter ID/Passport/Aadhar/PANPhotographsProof of residence - passport/utility billLast 3 months bank statementProof of income - Latest income tax return, the balance sheet of last 2 years, profit/loss certificateCheck with the lender if you need to submit any other documents.
ZestMoney offers instant personal loan with attractive interest rates and flexible repayment options.
ZestMoney provides loan amount is ranging from Rs.
50,000 with a minimum interest rate of 10% and a maximum of 36%.
