The answer to this question is a big yes! You can take a personal loan to fulfill your entrepreneurial dreams. A personal loan can be taken from a bank or any other non-banking financial institution that lends this kind of loan. One of the best qualities of getting an instant loan online is that it does not restrict the borrower with how the borrowed money can be used; the loan can be put to good use to carry out your entrepreneurial journey or begin it.
Table of Contents
What is a personal loan?
An instant personal loan is a paperless loan that a bank or an NBFC offers to borrowers who can easily acquire it. It does not require a lot of paperwork or documentation. You can apply for a personal loan online; it can be conveniently obtained from the lender’s mobile application directly and does not take a lot of time to process. Any need for emergency cash can be fulfilled through a personal loan as it takes not more than 24 hours to process once your application gets approved. Moreover, unlike traditional loans, the procedure to obtain a personal loan is not tedious or lengthy. You only require a few documents, which get verified within a few hours or a day. Let’s have a look at the eligibility criteria for getting a personal loan.
Are you eligible to get a paperless personal loan?
- You should be between 21 years to 67 years of age.
- You should have a good credit history with a minimum CIBIL score of 750.
- You must be an Indian citizen.
You can also check your personal loan eligibility online with the help of an eligibility checker. The EMI calculator will also give you an idea of the EMI options that will be available to you and the time duration you will get to repay them. Once you have confirmed that you are eligible to get a personal loan, below is the list of documents you will need to proceed with your application.
Requirements to get a personal loan for your entrepreneurial journey
- Residence proof – Aadhar card, passport, voter ID, house registration certificate, and utility bills can be submitted as address proof.
- Identity proof – PAN card, aadhar card, voter ID, driving license, or passport will be accepted as identity proof.
- Income proof – You can submit your salary slips, copies of form 16, bank statements or income tax returns as proof of income.
Once you have gathered all the required documents for the loan, here’s how you can apply in a few simple steps:
How to get an instant loan online?
- Visit the lender’s mobile application or official website to apply for a personal loan.
- Login to the website or the application with your ID and password. If you do not have an existing account with them, start by signing up.
- Visit the loan section and fill in your details.
- Select the loan amount with the rate of interest and the tenure
- Upload all the documents to proceed
- Wait for your application to be approved after verification of the documents.
Once the application has been approved, it does not take more than 24 hours for the instant cash loan to be disbursed.
Advantages of getting a personal loan for starting your entrepreneurial venture
1) Quick disbursal
The best feature of an instant personal loan is its rapid disbursal. It takes as less as 24 hours for the amount to get credited to your account once your application has been verified and approved. This feature makes a personal loan suitable for anyone in need of some urgent cash who does not want to touch their savings.
2) Flexibility
There is no restriction on the usage of the loan amount. It can be used for personal needs too. Whether you are in need of some funds for your start-up, in need of instant cash for some wedding shopping, or you need money to get a home renovation done, you can easily acquire an instant personal loan and fulfil your desires.
3) Paperless with minimum documentation
A personal loan will not require you to provide dozens of documents but only a few. You can obtain the loan with only a few basic documents such as identity proof, residence proof, and income proof. Since the documents asked for the loan approval are fewer, the verification process becomes fast and will not make you to wait for days to get the loan.
4) No collateral is required.
This loan has become a popular choice among borrowers because it does not require collateral. If you take a home or car loan, they require you to provide collateral. However, unlike a conventional loan, an instant personal loan does not require any collateral for you to be eligible for the loan.
How to manage the instant loan online better?
It is always better to plan. If you are planning to obtain a personal loan, you should also plan how you will be able to repay it successfully. Once you have successfully taken the loan, here’s how you can manage your EMIs better.
1) Avoid late repayments
With any delay in the repayment of your EMIs, you will be required to pay a late fee. Late fees are usually charged daily and are fairly high. You can avoid it by simply making the repayment on time.
2) Opt for automatic deductions
Allow your EMIs to be automatically deducted from your account first thing after your salary gets credited so that you never miss a repayment.
3) Pay before time
If you get a bonus or save some extra cash, make it a point to pay some of your loan amounts in advance. It will not only take the burden off your shoulder, but you can end up saving some interest rate money. Paying in advance can also positively impact your credit score, making you eligible to get apply for a personal loan of a higher amount in the future.
To conclude:
An instant cash loan can come to your rescue when you need some urgent cash to get to your entrepreneurial milestones. You can easily attain it within a few hours, with minimal documentation. You can further plan your EMIs, repay the loan with a little disciple, and improve your overall credit score. It, in turn, will make you eligible to get bigger personal loans to reach many more milestones in your entrepreneurial journey.
