What is Instant Micro Loan
An instant loan is yet another popular loan and considered as an unsecured credit, which you can easily apply without requiring any guarantee. In fact, instant loans are those that donât demand a lot of documents and are authorized quickly without the need to show any assets. In comparison to other regular bank loans, the process is simple and easy. Instant loans are also known as speedy loans. By applying for an instant loan online, you can avoid going to a bank or filling out extensive paperwork. Both lenders and borrowers benefit from the time savings.
Things to Consider Before Applying Instant Loan
Prior to obtaining the instant loan at low interest in ajmer it is important to review the loan options offered by various lenders. Here are a few things to consider when looking at quick loans:
Amount of Interest
The rate set by a lender may influence how much the borrower pays for the loan. So, you always need to examine the rate of interest for the loan made available before submitting an application to a particular lender.
Many banks and financial institutions charge borrowers a once-off processing fee. If you’re paying a high processing cost then you’ll need to be charged more for your loan.
Minimum and Maximum Loan Limits
If you are looking at the instant personal loan offers from various lenders, make sure that you consider the amount in consideration. For instance, if you would like to obtain an immediate personal loan of Rs.15 lakh it is best to only be looking at lenders who allow for loans as much as Rs.15 lakh.
Flexibility of Repayment
It’s recommended to choose an immediate personal loan that gives the flexibility of repayment by the ability to make prepayments, or even partial payments to the loan amount, particularly when you plan to repay your loan prior to the expiration of the loan period.
Features and Benefits of Instant Micro Loan
Given are the features and benefits of a instant micro loan:-
If you apply for traditional instant micro loans it is necessary to provide the necessary paperwork to the lender after the loan application is processed. If, however, you apply for a low interest instant loan, each of the required documents is uploaded online making the entire application transaction paper-free.
Loan without Collateral
As said, it is a kind of instant micro loan that is unsecured. Therefore, there is no need to provide any collateral or security in order to get an immediate instant micro loan.
If you require immediate money, it’s the best option because the funds that are approved will be deposited into your account in a matter of a few hours and on time.
Fast Processing Time
Processing time for instant micro loans that are instant is much less than the processing time of regular loans.
Flexible Tenure of Loans
In the majority of instances, you are able to choose the repayment term that suits your preferences, but in accordance with the maximum loan repayment time.
Flexible Loan Amounts
You can apply for an amount of money as per the need, however the amount of the loan must not go beyond the maximum amount predefined by the lending institution.
How to Apply for a Best Instant Micro Loan Online?
To apply for an online best instant micro loan, either you can visit the official website of the lender or perform the following steps:-
Step 1 : If you need a thorough instant micro loan comparison before deciding on the bank, visit rupiloan.com.
Step 2 : Click on the Instant Micro Loan tab.
Step 3 : Fill in the required information like name,contact No,loan amount required,panCard No etc on the form given on the right side.
Step 4 : Click on âSubmit Button’.
Step 5 : At this step, you will be requested to provide a few more details to get customised offers.
Step 6 : Compare your eligible offers and select the one that meets your requirements.
Step 7 : Get assistance from our loan advisors or choose to complete the online journey to get instant loan approval and disbursal.
Documents Required for Instant Micro Loan
You need to be ready with the following list of documents to be submitted at the time of instant micro loan application:-
Identity proof- PAN Card, Aadhaar Card, Voter ID, Passport
Address proof- Passport, Driving License, Election ID card, Utility bills
Income proof- Salary Slip, Bank Account Statement, Form 16
Self-employed professionals are also required to submit last year’s ITR and Bank Account Statement.
Instant Micro Loan EMI Calculator
Instant Micro Loan EMI Calculator is an online tool that helps you to calculate the EMI by entering details about the loan amount, interest rate and tenure. Advanced EMI calculators also build an amortization schedule which gives you a break up of every EMI into interest as well as loan repayment. EMI calculators are preferable over manual calculation due to their instant and accurate results and an ability to do multiple calculations in one go.
Instant Micro Loan Eligibility Criteria
RupiLoan offers flexible instant loan options that could very well meet your unique needs. But in order to apply for an instant loan in ajmer. You need to be ready with the following list of documents to be submitted at the time of instant micro loan application:-
Age : Potential borrowers must be in the range of the age restrictions set by the lender in order to get no-cost personal loans. The requirements for age can differ depending on whether you’re an employee with a salary or self-employed. So examine the requirements for age at the various financial institutions.
Resident of India : You have to be an Indian, and must have residence proof for the same. In addition, if you are salaried then you must be an employee of private limited companies, or public sector undertakings, including local/state/central bodies.
Credit Score : It’s essential to have a high credit score to qualify for the opportunity to get a personal loan in a flash at an affordable rate of interest. It is recommended to keep an overall credit score of 700.
How to Get Instant Approval on Instant Micro Loan?
To get instant approval on a instant micro loan, you need to fulfil the following conditions:-
A good relationship with your existing bank is maintained by paying off dues and instalment on time. If you are a savings account holder, ensure that you maintain the minimum required balance per month. This way, the lender develops trust in you and grants you an instant loan based on your financial credibility.
Make credit card payments on time and maintain a good balance between no use and excessive usage of your credit card.
A good credit score is key to getting a loan quickly. Maintain a good credit score above 650 and get the loan amount sanctioned in the account within no time.
If you are working with top corporations and getting timely salary credits, you stand a better chance of getting a loan.