Imagine a situation wherein, at 2 AM, one of your family members needs some medical help.
You quickly rushed to the hospital and were informed by the doctors to make arrangements for money to get an operation done. It is an emergency and not a planned expenditure.
You would need a personal loan to cater to this situation, isn’t it?
However, opting for a bank loan is time-consuming and requires documentation, collateral security, etc. During these challenging situations, we can’t afford to waste time; all that one would need is quick cash.
Alternatively, you may look for lending money from your near and dear ones, which are subjected to higher interest rates, embarrassment, and constant pressure to repay based on their needs.
One may also argue to go for a credit card. However, it is not everyone’s cup of tea to manage high-interest rates charged, managing expenses, and deadlines. Therefore, the usage of credit cards in India is still limited to a few.
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What else can be an alternative to avail funds for such personal emergencies hassle-free?
Here comes an Instant cash loan.
An instant personal loan is for you if you need quick money without much documentation and losing on time. It is to cater to your emergencies, say you need funds to pay a school fee, a medical requirement of your family, or any cash shortage while making an EMI payment. You can avail a personal loan for any and every requirement. There is no restriction imposed in terms of the need for which one is opting for a personal loan.
Why should you opt for quick cash loans?
Now that we understand what an instant personal loan is, let’s understand the advantages of opting for a quick cash loan:
1) Terms and conditions:
It is hassle-free as these loans’ terms and conditions are pretty relaxed compared to traditional loans. The objective behind this is to cater to the urgent requirements; documentation/ imposing stringent terms makes it less user-friendly.
2) Quick loan:
You can avail instant cash loan in 1 hour or even less, making it the best option when you don’t have time. Typically, a loan from a bank may take up to a few days since it is subjected to submission of collateral security, verification, documentation, etc. With the advent of technology, purchasing groceries or electronics can happen with the click of a button. The same is the case with these instant loans as well. Therefore, these instant loans are the go-to option when you need money in almost no time.
3) Interest Rates:
Interest rates applicable on a personal loan are quite reasonable and affordable. The reason is to promote the usage; if the rates are placed beyond the industry standard rates; these loans may turn out to be less lucrative.
4) Ease of access:
The best feature is that you can get an instant cash loan online. You need not run behind banks/ any local money lender to get your loan sanctioned. You can get a loan sanctioned sitting at the comfort of your couch.
5) Easy repayment:
Personal loans provide you with the flexibility of repayment. You are not burdened with immediate repayment. Generally, the repayment schedule varies from 1 year to 5 years.
6) No Limit:
Generally, there is no limit on the amount sanctioned as a personal loan. If you have a decent profile coupled with sound repayment capability, you may also opt for higher loan amounts. Never tend to apply for a loan beyond your repayment capacity (based on your income) because it may lead to rejection of the loan.
Why Navi as your partner?
Navi ensures that your requirements are economical, easy, and relevant. It offers loans up to Rs 20 lakhs cashless. Here are some fantastic features introduced by Navi, making it the most beneficial partner to select for:
1. Instant Loan – The processing time is minimal to ensure immediate disbursement of funds. Fund requirements are catered almost near real-time; you may also avail of a 1 hour loan to cater to your emergencies.
2. Paperless processing – The loan disbursement happens online through a website or app. You would need to submit your PAN and Aadhar card number. All the document verification is done by the Navi team online without needing any physical documentation.
3. Flexible EMIs – You can choose the EMI amount and period of repayment at your convenience
4. 24*7 customer support to answer all your concerns and queries
How to get a loan at Navi?
You can get the funds disbursed in three simple steps:
- Select the loan amount based on your need and the No. of installments in which you would repay the same along with interest
- Comply with the KYC requirements by submitting your PAN and Aadhar card details. Do cross-check while providing your details, as the team verifies the same before approving your loan. Any discrepancies may lead to a delay in the approval of the loan.
- Upload your bank account details such as Account No, IFSC code, branch, etc., and there you go… instant money is credited to your bank account.
Wrapping Up:
An instant personal loan is, therefore, the best way to deal with your emergencies. However, pay due attention to the loan amount you need, repayment capability in terms of regular source of income, prospects of earning income, and the documentation submitted.
With Navi, availing of personal loans becomes hassle-free, economical, and instant disbursement. The next time you need some personal finance, make a smart move to opt for Navi as your support partner.
Also Read: Best Alternatives To Build Your Credit Score Quickly.
