5 min read
26 July 2023
Instant is not just a buzzword for everything from noodles to money, but it has grown to become a need in today’s fast-paced, uncertain world.
What is an instant loan?
With just a few clicks, you can apply for a loan online and receive funds in your bank account within a matter of minutes. With increasing lenders and loans available in the market, it is important to keep these factors in mind when you consider instant loans as a financing option.
- Research lenders thoroughly: The internet is flooded with numerous lenders offering instant loans, but not all of them are reputable or trustworthy. Take the time to research various lenders, read reviews, and check their reputation with relevant financial authorities. Look for lenders who have a transparent application process and reasonable terms and conditions. In the case of Bajaj Finance Insta Personal Loan, you do not have to worry about any hidden charges or terms.
- Check for pre-approved offers: Different lenders have varying eligibility criteria for instant loans. Common eligibility factors include age, income, credit history, and employment status. Some lenders, such as Bajaj Finance Limited, extend pre-approved loan offers to existing customers. These offers streamline the entire process from application to disbursal.
- Assess your repayment capability: Analyse your financial situation and determine if you can comfortably repay the loan on time. Failure to do so may result in additional fees and may negatively impact your credit score. Checking your debt-to-income ratio can prove useful in deciding the loan amount you should borrow. Use our EMI calculator to estimate the monthly instalments you can pay for a particular loan and tenure.
- Understand interest rates and fees: When opting for an online loan with low interest make sure you consider all other associated costs as well. Before applying, thoroughly read and understand the interest rate, processing fees, prepayment charges, and any other costs. It is essential to know the total cost of borrowing to make an informed decision.
Why should you opt for an instant loan?
Instant loans come with a host of features, including:
- Quick disbursal
- Hassle-freeapplication process
- Pre-approved offers
- No hidden charges
Before an online loan application, do your research, understand the terms, and assess your repayment capabilities. By making informed decisions, you can make the most of instant loans while avoiding potential pitfalls.
