What Is Quick Personal Loan and Why Is It Beneficial?

You never know what kind of uncertainty life will throw at you or what it has in store for you. Whether you want to get married, go on a vacation, or have a medical emergency, the best way to get additional funds is through a quick personal loan. 

A quick Personal Loan will serve as a helping hand to cater to your financial needs at a time when you are in dire need of immediate cash. 

This article will tell you all you need to know about quick Personal Loans.

Quick Personal Loan Overview

A quick Personal Loan is also called an instant loan and is among those loan types that need minimal documentation. The authorisation process for this type of loan is always hassle-free, and the loan amount disbursement is usually instantaneous.

Instant loans are popular in India because the application process is fairly straightforward and quicker than any conventional loan. Thanks to the internet, borrowers can apply for a Personal Loan without stepping out of their houses or filling out long forms. 

Different Types of Quick Personal Loans

You can apply for a quick personal loan for any reason since there is zero restriction on how you can use the funds. Whether you need immediate cash for your wedding, want to pay for extreme medical bills, go on a lavish vacation, or for any other reason, instant loans are the best option for fulfilling diverse financial requirements. 

The following are the types of quick Personal Loans for which you can apply:

• An Indian wedding costs a huge amount, which can quickly deplete your savings. Fortunately, you can opt for a quick Personal Loan and get up to 10 lakh rupees at competitive interest rates from Clix Capital to cover your wedding expenses.
• Do not allow medical emergencies to drain your savings. You can apply for an instant loan to get quick cash to settle hospital bills.
• Personal Loans can be used to consolidate your current debts. With this, you can save significantly on interest payments by merging all your debts into a Personal Loan. 
• Since you can use the Personal Loan amount however you want, you can provide your house with the makeover you’ve always desired. The interest rate is quite affordable, enabling you to do the makeover without taxing your pocket.
• Quick Personal Loans are easier to get at competitive interest rates, so you can use the loan amount to go to your dream destination for a vacation.

Quick Personal Loan Interest Rate

Before applying for an instant personal loan online for salaried professionals, it is necessary to consider the interest rate, as even a small percentage of interest can significantly affect your EMI payment. 

The interest on a quick Personal Loan differs based on several factors, such as the credit score, borrower’s income, loan amount, previous repayment history, etc. These are some of the factors that lending institutions consider before approving the application. 

You can also use the Personal Loan EMI calculator to check your monthly EMI and interest rate. The EMI calculator is a free-to-use tool available on the Clix Capital website.

Quick Personal Loan Eligibility Criteria

To avail of a quick Personal Loan, there is an eligibility criterion that the borrower has to fulfil. The following are the requirements to be eligible for a quick Personal Loan:

• To get the loan, you have to be an Indian citizen
• The age of applicant should be between 21-58 years
• Your monthly salary should be at least INR 20,000 
• Your Experian credit score must be 630 or above
• You should be employed with a firm for at least six months and should have a work experience of at least 12 months

Needed Documents For Quick Personal Loan

A quick Personal Loan does not require a long list of documents. You should have the following primary documents to secure a Personal Loan:

• ID proof such as Aadhaar, voter ID, and PAN Card
• Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
• Income proof such as the last three month’s salary slip or the current year’s Form 16

A quick personal loan is the best way to get instant funds and pay for your financial needs. Thanks to digitisation, lending institutions like Clix Capital are working hard to make the loan process more streamlined and prompter. So, whenever there is any financial emergency, apply for an instant Personal Loan online for salaried professionals and sort your life out!