Unexpected expenses can throw our carefully balanced budgets into disarray, creating significant financial strain. In such situations, personal loans become a lifeline for individuals seeking to bridge the gap between various expenses, whether it is an unforeseen medical emergency, home renovation, or wedding expenses.
Among the various personal loan options available in the market, the two options that stand out are personal loans for professionals who receive a cash salary, and an instant loan, such as the Bajaj Finance Insta Personal Loan.
What is a cash salary personal loan?
A cash salary personal loan is a type of unsecured loan where individuals can borrow money based on their monthly income. This type of personal loan is an appealing choice for salaried professionals who receive their earnings in cash instead of having them directly deposited into their bank accounts.
Let us delve deeper and understand the differences between both
- Financing based on income
Insta Personal Loan is also an unsecured form of personal loan. Unlike cash salary personal loans, this loan option caters to self-employed individuals as well. This larger qualifying requirement makes it possible for freelancers, business owners, and small business owners to also take advantage of this lending option.
- Eligibility and document requirements
Lenders assess your creditworthiness for a cash salary personal loan based on the eligibility criteria that have been set by them. If you meet the criteria, you must submit documents such as proof of income, employment details, identification documents, and bank statements to complete your loan application.
In the case of our Insta Personal Loan, we extend pre-approved offers after making these eligibility checks and verification. Certain existing customers can get an Insta Personal Loan without having to submit any documentation, such as salary slips or bank statements.
- Disbursal time
A cash salary personal loan offers quick application and disbursal processes. Financial institutions understand the nature of personal loans and, therefore, have streamlined procedures to ensure that eligible applicants receive funds within a few days.
The most significant benefit of an Insta Personal Loan is its quick disbursal time. All procedures are expedited to ensure maximum convenience for customers, with funds being transferred into their bank account in as little as 30 minutes* to 4 hours.
- Repayment tenures
Cash salary personal loans offer a degree of flexibility when it comes to repayment tenures. Borrowers are obligated to repay the loan within the tenure that has been decided by their chosen lender.
Bajaj Finance Insta Personal Loans offer flexible loan tenures of up to 87 months, allowing their customers to repay their loans comfortably.
Borrowers can make an informed decision that fits their financial capacities once they have an in-depth understanding of these factors.
You can visit our Insta Personal Loan page to find out more about the benefits of an instant loan, and to check your offer online.
*Applicable for select customers
