Are you in need of immediate cash? Financial emergencies can occur at any time without any forewarning. In such situations, your savings might not be sufficient to cover those costs. As a result, you might start having financial anxiety. Moreover, taking a secured loan is a long process as it requires collateral, and time is the primary constraint when you need immediate financial aid. Here is where get instant cash loan in 1 hour loans come into the picture.
Instant cash loans are nothing but personal loans offered by banks and NBFIs to meet sudden financial requirements. It is an unsecured loan, meaning you don’t have to pledge any assets as security to avail of this loan. It reduces the processing of your application, and you get your loan within a few hours. However, when you apply for a personal loan, lenders will first conduct a credit check to assess your creditworthiness. They consider various factors such as your credit history, income level, and employment status before approving your application.
Hence, read on further to learn how you can quickly get an instant cash loan in 1 hour without documents. This article will give you a detailed guide on the types of instant personal loans, benefits, eligibility criteria and documentation required.
Types of Instant Cash Loans
Instant cash loans or personal loans can be taken for various financial requirements. Here are a few types of personal loans that you can avail yourself:
Medical Loans: If you are in sudden need of funds for any medical emergencies such as treatment, accidents, surgery, etc., you can apply for a personal loan to cover the cost of medical expenses.
Wedding: A simple wedding can cost you somewhere around INR 10 lakhs to INR 20 lakhs which includes venue selection, decorations, catering, attire, invitation cards, etc. Therefore, the best option to cover those expenses is to take a personal loan.
Home Renovation: You can take an instant cash loan to meet expenses such as home renovation, kitchen remodeling, painting, and repair. By doing so, you can also increase the economic value of your home.
Travel: The recent rise in fuel prices has increased the cost of traveling, which can put a financial burden on your savings. Therefore, you can take out a personal loan and make your trip happy.
Business: If you plan to start your own business or expand your existing business, then a personal loan for business needs will help you meet those expenses smoothly.
Vehicles: You can take an instant cash loan in 1 hour without documents if you want to buy a new car (new or second-hand)
Benefits and Features of Instant Cash Loan
Instant personal loans are more convenient compared to secured loans for the following reasons:
No Hidden charges: Instant loans have no prepayment or hidden costs. But it may include charges such as processing fees and a GST of 18%.
Collateral-free: When applying for this loan, you need not submit collateral to get the loan amount.
Instant approval: The verification process takes place online, so when the verification process is complete, your loan application will get approved instantly.
Get the loan within 24 hours: Your loan amount will be credited to your bank account once the lender approves your loan application.
Minimum Documentation: For your KYC verification process, you must submit only minimum documents such as your Aadhar card, PAN card, bank statement, etc.
Flexible tenure for loan: You can make your loan repayment through monthly EMIs. And you can also select the term of compensation ranging from 6 months to 5 years, depending on your budget.
|2||Age||21 to 60|
|3||Employment Status||Employed or Self-Employed|
|4||Minimum Income||INR 20,000 per month|
|5||Work Experience||Min 1 year completed|
|6||Credit Score||Above 750|
|Sl. No.||Particulars||Documents required|
|1||Proof of Identity||Aadhar Card, PAN Card, Driving License, Passport|
|2||Proof of Address||Electricity Bill, Water Bill, Passport|
|3||Proof of Income||Salaried: Bank statement for the past 6 months
Self-Employed: Bank statement for the past 3 months
|4||Work experience||Employment Certificate for a minimum of 1-year experience|
How To Manage Your Payments Of A Instant Cash Loan
Getting an instant personal loan is easy, but you must also consider your financial position before applying. Here is a list of financial factors to consider before you plan to apply for an instant cash loan.
Identify your purpose for taking a loan: You must always know why you are applying for a personal loan so that you will have a clear picture of your repayment ability. You can also plan your budget for the loan amount and the interest you can repay. Doing so will prevent you from taking loan amounts more than required.
Plan your budget: Before you can apply for a loan, do thorough research on the lending institutions available and calculate your EMI beforehand from websites available online. By doing this, you will be able to compare the interest rates and tenure provided by the banks to make a clear decision.
Repay on time: First, check your repayment ability before applying for a loan. The reason is that you have to make payments on time to avoid it. It is essential to pay your dues before the stipulated period. You can also set a reminder to repay your rights. It will help in increasing your credit score and creditworthiness.
Use your loan for debt consolidation: If you have any debts to be paid which are outstanding, you can use a personal loan to repay your pending debts. This way, you can repay multiple debts in a single loan amount at a low-interest rate.
Take financial advice: If you are confused about making the right decisions, you can take professional financial advice from different banks, financial institutions or NBFIs, which will give you solutions to your doubts.
Common Mistakes To Avoid While Availing Of A Instant Cash Loan
Signing without reading the “Terms and Conditions” ultimately: You must make sure that you read the “Terms and Conditions” mentioned in your loan application to avoid getting into any unnecessary legal disputes for which you might have to pay the penalty.
Not calculating your EMI beforehand: You must calculate the EMI you must pay. It will help you to know the interest rates and tenure of different lenders and choose the one with the lowest interest rates.
Submitting multiple loan applications: Avoid applying for loans from various banks or lending institutions. The reason is that each time you apply for a loan, the lender conducts a credit check to determine your credit score. As a result, a hard inquiry will be reflected in your credit report, negatively affecting your credit score.
Taking a loan more than required: If you take a loan more than what is needed, you might miss out on payments due to the debt burden. And this will further reduce your credit score and affect your repayment history.
Not being clear about your purpose: Before applying for a personal loan, make sure you know the purpose of availing of one. It will help you plan and budget the exact loan amount you require and avoid taking loans more than your needs.
Things To Remember When Applying For A Instant Cash Loan
- Check your credit report regularly to keep yourself updated and maintain your credit score above 750, as it represents your credibility as a borrower. You can check your score instantly using Buddy Score and get a full report.
- Ensure that you meet the required eligibility criteria.
- Maintain the Debt-to-Income ratio less than or equal to 50% to get your loan approved.
- Submit the mandatory documents for KYC verification, such as Aadhar Card, PAN Card, and Passport.
- Calculate your EMI beforehand to plan better.
- Fill out the application form with personal and professional details as they will be cross-verified.
In this digital era, everything is available at the tip of our fingers. Likewise, you can quickly get instant cash loans using Buddy Loan at affordable interest rates. Since it is easily accessible without any collateral, it becomes the most instant source of funds when you are in need. Moreover, Buddy Loan is one of the best third-party loan aggregators that offer instant personal loans with no collateral and flexible loan tenure starting from 6 months to 5 years.
People Also Ask
What maximum loan amount can I take for a personal loan?
You can take a personal loan up to INR 15 lakhs.
How long does it take to receive the loan amount in my bank account?
You will get your loan amount within 24 to 48 hours after the KYC verification.
Can I get a personal loan without any documents?
Yes, you can still get a personal loan without any documents. However, you must submit your Aadhar card as it is your base for KYC verification.
Do I have to submit any collateral to get a personal loan?
No, you don’t have to submit any collateral to avail of a personal loan.
Are there any additional charges included for a personal loan?
Yes, the charges include processing fees and GST.