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Emergencies bring with them unseen financial consequences, especially if the emergency is medical. The amount required to tackle such an emergency is not definitive, which makes it quite challenging to manage the exact fund in time. It can turn into a financial nightmare. To avoid situations like this, you can apply for instant loan.
As the name implies, instant loans are unsecured loans that can be availed easily and with minimal documentation. Let’s see how to apply for instant loan.
To apply for instant loan:
Visit the lender’s official website and click on ‘Apply Now’
Enter your mobile number
Enter the OTP
Enter your PAN details
Enter your monthly income
Enter your KYC details
Confirm your address and take a selfie
Enter the account number
Set-up EMI auto-payment
Review and accept the final loan offer
Complete E-sign
The lending institution will credit your loan after approval
However, before you apply for instant loan, it’s good to know the documents required and the eligibility criteria.
The documents required to apply for instant loan are:
Aadhaar Card
PAN Card
Proof of income
The eligibility criteria are:
Age of the applicant (differs from one lending institution to another)
The applicant should be earning a minimum monthly income (varies from one lending institution to another)
Should be an Indian citizen
You can also take the help of an eligibility calculator to know whether you can apply for instant loan for medical emergencies.
The benefits of an instant loan for medical emergencies are:
Customisable:
The lending institutions offer the flexibility to opt for the loan amount according to your needs, whether for a minor treatment or a major surgery.
Minimal Documentation:
The documents you need to apply for instant loan are minimal. It not only makes the whole process hassle-free but also helps in the quicker disbursement of loans.
No Need for Collateral:
Instant personal loans, like any other personal loans, are unsecured, which frees you from pledging any valuable assets to obtain the funds, even when you don’t have any significant assets.
Easy Application Process:
The application process for an instant personal loan is simple and hassle-free. Just provide the required documents and your loan will be swiftly disbursed after a quick assessment.
Flexible Repayment:
To ease you from any financial strain, lending institutions have provided you the flexibility to repay your loans at your pace and speed.
Apart from medical emergencies, you can apply for instant loan to fulfil your other needs, such as travel, wedding, car, etc.
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