How to Get Quick Personal Loans if You Need a Loan Now

You have suddenly found yourself in a financial quagmire. This means that you are in urgent need of money and it needs to be fast. How do you address such a financial situation? One of the best options for those looking to solve a financial crisis without losing faith is by applying for a Personal Loan. If you are a student or a salaried person or even self-employed, you can address your financial troubles or even personal goals such as buying a new phone, planning a holiday or a wedding by looking at the various Personal Loans on offer. Personal Loans are also good for consolidating debts as they have a fixed tenure and you can avail a large sum of money quickly.

If you are in urgent need of funds and are feeling stuck, you can move forward by considering loan options. Personal Loans are a great financial solution to meet any quick funding requirements. Get quick Personal Loans today by applying for one through any of these banks which offer good interest rates, loan tenure and loan amount. Most Personal Loans are unsecured loans, which means that you do not have to provide any collaterals to avail this loan.

Yes Bank Personal Loan provides up to Rs. 40 Lakhs starting at interest rates of 10.75%. Get a quick Personal Loan with this bank as the amount gets directly credited into your account once the loan is sanctioned. For salaried individuals apart from the documentation, the minimum required is Rs. 25,000 per month. Yes Bank also offers transfers an existing loan at a rate starting at 11.49%. Once the loan amount gets sanctioned, the amount is disbursed to your account directly making it convenient and hassle-free.

Standard Chartered Personal Loan also offers online loans for both salaried and self-employed individuals. The loan is sanctioned for a period of up to 60 months, and the maximum amount that can be availed is up to 30 lakhs. The repayment options are flexible and can be automated to be directly debited from your account.

Get quick Personal Loans with ICICI Bank for a short or a long term of up to 60 months. The loan amount sanctioned by ICICI can go up to Rs. 30 Lakhs at interest rates ranging from 11.25% to 17.99%. Anyone in the age group of 23-58 years of age can Apply for ICICI Personal Loan. There is no requirement for a co-applicant for this type of Personal Loan.

Similarly, Citibank also offers different types of loans to suit the needs of the customer. Whether it is planning a holiday or clearing off a debt, Citibank allows you to apply for up to Rs. 30 Lakhs. The loan application process is simple and can be done online and depending on the documentation provided the loan gets disbursed in 24 hours.

It is good to consider all your lending options before going ahead and applying for a Personal Loan. Consider comparing the different interest rates, the loan tenure and any other type of charges before deciding on one that suits your needs best.

What are the eligibility criteria for a quick Personal Loan?

Different banks have different eligibility criteria when it comes to getting a quick Personal Loan. However, there are a few common things that one has to consider before applying for one. The person applying for the loan has to be a citizen of India.

  1. Has to be between the age of 21-55 years at the time of applying for the loan
  2. Must be able to provide financial records for the past 3 years
  3. Must be able to provide  proof of employment in the case of salaried individuals
  4. Must be able to provide proof of ownership in the case of self-employed individuals

Make sure to read all the details of eligibility carefully for each bank before applying for a Personal Loan.

How long does it take to get a Personal Loan?

Most banks offer online facilities when it comes to the loan application process. You can apply for a loan online by uploading all the necessary documents and once the loan amount gets sanctioned the amount comes into your account instantly. Repayment can also be made online through equated monthly payments which can get auto-debited from your account. Typically to get a quick Personal Loan it takes between 5-6 working days from the date of application of the loan.

How can I apply for a quick Personal Loan now?

No matter how soon you want to get a quick Personal Loan before, you do anything your topmost priority should be to keep a healthy credit score. A credit score or a CIBIL score will give banks an understanding of your financial situation through your financial records. This will determine your chances of getting a loan instantly. A healthy credit score is dependent on your income, your expenditure, any default on payments and must be in the range of 700-900 for a Personal Loan application.

Applying for a loan online has made the whole process seamless and easy. Many banks such as Yes Bank, ICICI Bank, Citibank, SBI Bank ask for minimum documentation along with the eligibility criteria when it comes to a Personal Loan. Some of the top documents to keep handy while applying for a Personal Loan are listed below for your easy reference.

Documents required

  • Proof of residence
  • Proof of identity: Passport, Aadhaar Card, Pan Card
  • Letter from the place of employment
  • Proof of salary such as salary slips
  • Bank statements for 3 months
  • Income Tax Returns Filed

If you are in a hurry to get a Personal Loan, consider your options carefully and then move forward. Many banking institutions take into account a person’s income, credit score, eligibility criteria and other documents before sanctioning one. Thanks to technological advancements, getting a Personal Loan right into your account has never been this easy. So if you are looking for quick Personal Loans, check out all the options above and then go ahead and apply for the one that suits your needs best.