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Need an Instant Loan of ₹1 Lakh? Here's What You Should Know Before Applying

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Udaipur Kiran Hindipublisher-detail-arrow
01st May, 2025 08:57 IST
Why Choose an Instant Personal Loan?

Unexpected emergencies—medical expenses, travel, home repairs—can arise when you least expect them. In such cases, an instant personal loan can be a convenient solution. Today, digital lending platforms and banking apps can transfer loan amounts up to ₹1 lakh within minutes, provided the eligibility and documentation criteria are met.

However, to ensure quick approval and low interest rates, applicants must pay attention to a few critical aspects before applying.

Key Factors to Ensure Easy Loan Approval

  • Maintain a Good Credit Score

    • A credit score of 750+ significantly increases your chances of loan approval and helps secure lower interest rates.

    • You can check your credit score on platforms like Moneycontrol, CIBIL, or CreditMantri.

  • Have a Stable, Regular Income

    • A consistent income, especially salaried employment, increases your reliability as a borrower.

    • Freelancers or self-employed individuals should ensure regular account credits to improve credibility.

  • Job Stability Matters

    • Lenders prefer applicants who’ve been in the same job or business for a sustained period, typically 6 months or more.

  • Low Credit Utilization

    • If your existing debt is low compared to your income, it reflects strong financial health and repayment ability.

  • Timely Repayment History

    • A track record of on-time loan or credit card repayments boosts your profile and reduces rejection chances.

    • Documents Required for Instant Loan

    While instant loans require minimal paperwork, the following documents are typically necessary:

    • Identity Proof: Aadhaar Card, Voter ID, Passport, or Driving License

    • Address Proof (if different from identity): Utility bill, rental agreement, etc.

    • Income Proof: Salary slips, bank statements, or ITR (for self-employed)

    How to Apply for an Instant ₹1 Lakh Loan

    You can apply through most banks, NBFCs, or fintech apps. Here’s the typical process:

  • Visit the lender’s website or mobile app

  • Go to the ‘Personal Loan’ section

  • Register or log in

  • Fill in your personal, professional, and financial details

  • Complete e-KYC using Aadhaar and PAN

  • Upload soft copies of required documents

  • Enter loan amount and select tenure

  • Submit the application and set up EMI method

    • If eligible, you may receive approval and disbursement within 15–30 minutes.

    Eligibility Criteria for Instant Personal Loan

    • Age: 21 to 60 years

    • Income: Stable monthly income from job or business

    • Bank Account: Must have a savings account with regular credits

    • Credit History: Clean repayment history

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