In today’s fast-paced world, unexpected expenses can arise at any moment, whether it’s for an emergency medical bill, funding a vacation, or other financial needs. In such cases, opting for an instant personal loan can be a convenient solution to overcome the financial crisis. These unsecured loans are quick and don’t require any collateral, offering a fast disbursal process to meet your immediate needs.
This blog will guide you on how to apply for a personal loan, its features, and the benefits of opting for quick loans.
What is an Instant Loan / Quick Loan?
An instant loan or quick loan is a type of personal loan that allows you to borrow a specific amount for a short-term period with minimal paperwork. These loans provide you with immediate funds, transferred directly to your bank account, at competitive interest rates compared to other borrowing sources.
Quick loans can be especially useful in situations requiring urgent funds, such as student loans, medical expenses, urgent purchases, or wedding-related costs. They are also ideal for individuals looking to make one-time purchases, such as funding a vacation or buying a bike, and repaying the amount in affordable EMIs.
Steps to Apply for a Personal Loan Online
If you want to apply for a personal loan instantly, follow these easy steps:
Step 1: Visit the lender’s official website or mobile app.
Step 2: Navigate to the Personal Loans section.
Step 3: If you are an existing customer, complete the application form. New customers must first complete the registration process before filling out the application.
Step 4: Fill in the required details and verify via mobile or email OTP.
Step 5: Provide your income and KYC details.
Step 6: Select your loan amount.
Step 7: Upload the necessary documents.
Step 8: Submit your application for approval.
▶️ Calculate your Personal Loan EMI with the Groww Personal Loan EMI Calculator.
Steps to Apply for a Personal Loan Offline
If you prefer applying offline, here are two options for you:
Option 1: In-person Application
Visit the bank branch and submit a completed application form along with all required documents.
Option 2: Through an Agent
Personal loan agents assist in the loan application process. They may offer personalized advice, though they do receive a commission, which can affect your interest rate.
Documents Required to Apply for Personal Loans
Before applying for an instant loan, ensure you have the necessary documents, such as:
- Proof of Identity (Aadhaar, Passport, etc.)
- Address Proof (Utility Bills, Aadhar Card, etc.)
- Proof of Income (Salary Slip, Bank Statement, etc.)
- KYC Documents
▶️ Worried about your CIBIL score? Check out our blog on how to improve your CIBIL score.
Features of Groww Instant Personal Loan
Here are the key features of the Groww Personal Loan:
- No Collateral Required
As an unsecured loan, no collateral is needed, and the loan amount is determined based on your eligibility. - Flexible EMI Repayments
Enjoy flexible repayment options with EMIs up to 60 months, making it easier to pay back the loan in affordable installments. - Minimal Paperwork
Unlike traditional bank loans, Groww loans involve minimal paperwork and can be applied for from the comfort of your home. - Loan Amounts as Low as Rs 50,000
Whether it’s for medical expenses, a vacation, or a wedding, you can apply for an instant loan with Groww starting from Rs 50,000.
Final Thoughts
Personal loans are a great way to manage sudden financial needs or cash flow issues. However, it’s essential to compare interest rates, loan terms, and facilities offered by various lenders before applying for a personal loan.