An Urgent personal loan is a type of loan that is usually designed to process and approved within a few hours or a day. It is an unsecured loan that can be used for various purposes, including covering unexpected expenses, consolidating the loan, or making a large purchase.
You can take an Urgent personal loan on an Aadhar card. Aadhar Card is one of the documents that lenders may accept as proof of identity and address while processing a loan application. Here, we will immediately find the basics of personal loans, how they work, the types of loans available, and how to apply for Urgent Personal Loan.
Urgent Personal Loan Details
|Article Topic||Urgent Personal Loan|
|Interest Rate||Competitive Interest Rate Starts from 12.75% per annum.|
|Loan Amount||1,000 to 5 lakhs|
|Tenure Time||3 months to 5 years|
|Processing Fee||2% to 5% on the loan amount + GST|
|Age||21 – 60 years|
How to work Urgent Personal loans
Urgent personal loans are designed to be fast and easy to achieve. Unlike traditional loans, which may take weeks or months to process, immediate individual loans can be approved and distributed within a few hours or a day. The application process is usually simple and can be completed online or on the phone.
The lender will review your application and assess your creditworthiness based on factors such as your credit score, income, and employment status. If you are approved, the lender will typically disburse the funds to your bank account electronically. Repayment terms vary depending on the lender and the loan amount, but they generally range from a few months to several years.
Types of Urgent Personal Loans
There are many types of Urgent personal loans available, each of which is its benefits and shortcomings. Here are some of the most common types of immediate individual loans:
Payday Loans are short-term loans designed to repay on your next payday. They are usually introduced by payday lenders and are high-composed rates and charges. While a payday loan can be a quick way to get cash, it can also be very expensive and can give rise to a cycle of debt.
Personal loans are unsafe loans that can be used for various purposes. Personal loans are usually introduced by banks, credit unions, and online lenders. Personal loans may have fixed or convertible interest rates and the conditions of repayment may vary from a few months to several years.
A line of credit is a flexible form of lending that allows you to use money as required. It is similar to a credit card in which you are given a credit limit, but you can draw money as required and only pay interest on the amount borrowed. Credit lines are usually introduced by banks and credit unions.
They are usually introduced by online platforms that match borrowers with investors. The peer-to-peer loan may have fixed or convertible interest rates and the terms of repayment may vary from a few months to several years.
Advantages of Urgent Personal Loans
There are several advantages to getting an Urgent personal loan, including:
- Fast and easy: Urgent personal loans are designed to be processed and approved quickly, which means you can get the money you need in a hurry.
- Flexible: Urgent personal loans can be used for a variety of purposes, which means you can use the money for whatever you need.
- Unsecured: Most Urgent personal loans are unsecured, which means you don’t have to put up collateral to get the loan.
- Competitive rates: While Urgent personal loans can have higher interest rates than traditional loans, they can still be competitive depending on your creditworthiness.
Disadvantages of Urgent Personal Loans
There are also some disadvantages to getting an Urgent personal loan, including:
- High-interest rates: Some Urgent personal loans can have very high-interest rates and fees, which can make them very expensive.
- Short repayment terms: Some Urgent personal loans have short repayment terms, which means you’ll have to make larger payments to pay off the loan quickly.
- Limited loan amounts: Urgent personal loans typically have lower loan amounts than traditional loans, which may not be enough to cover larger expenses.
10 Best Urgent Personal Loan
Here we will provide you 10 Best Urgent Personal loan application names on which you can apply for an emergency loan. Several loan apps in India offer instant personal loans to borrowers using an Aadhar Card as a means of identification and verification.
|Application Name||Credit Limit|
|MoneyTap – Credit Line & Loans||3,000 to 5 lakhs|
|Fibe: Personal Loan Online||8,000 to 5 lakhs|
|Kreditbee: Fast Personal Loan||1,000 to 4 lakhs|
|PaySense: Personal Loan App||5,000 to 5 lakhs|
|True Balance – Personal Loan App||5,000 to 50k|
|CASHe Personal Loan App||1,000 to 4 lakhs|
|NIRA Instant Personal Loan App||5,000 to 1 lakh|
|mPokket: Instant Loan App||1,000 to 30k|
|Privo: Instant Credit Line App||Credit Line up to 2 lakhs|
|Money View: Personal Loan App||10,000 to 5 lakhs|
Eligibility Criteria for Urgent Personal Loan
The eligibility criteria for an Urgent personal loan may vary depending on the lender, but generally, the following criteria are considered:
- The borrower must be at least 21 years of age to apply for the loan.
- The borrower should be a citizen of India and have a Mobile number linked with an Aadhar Card.
- To demonstrate the ability to repay the loan, the borrower must have a steady source of income, whether from a job or business.
- A good credit score is necessary to be eligible for an instant personal loan. Most lenders prefer applicants with a credit score of 750 or higher. However, some lenders may approve loans for low credit scores as well.
- Some lenders may require borrowers to be employed for a certain minimum period to be eligible for the loan.
- There should be an active bank account in the name of the applicants to receive the loan amount.
Documents Required for Urgent Personal Loan
The documents required for an Urgent personal loan may vary depending on the lender and the specific loan product. However, some documents that borrowers may need to provide include
- Aadhar Card: This is the primary document used for verification and identification.
- PAN Card: This is used to verify the borrower’s income and creditworthiness.
- Salary slips or income tax returns (ITR): You will need to provide your income proof, such as salary slips for the last 3 months, bank statements for the last 6 months or IT returns for the last 2 years (if you are self-employed).
- Address proof: This can be any document that verifies the borrower’s address, such as a utility bill, passport, Aadhar Card, Voter ID, or driver’s license.
- Identity proof: You will need to provide government-issued identity proof, such as a passport, Aadhar card, driving license, or voter ID card.
- Photograph: A passport-size photograph of the borrower may be required for identity verification.
How to apply for a quick personal loan
To apply for a quick personal loan, you have to follow these steps:
Step 1: Choose a Lender
Many lenders offer Urgent personal loans in India. Research different lenders and compare their interest rates, processing fees, and loan terms to find the one that best suits your needs.
Step 2: Check Eligibility
Before applying for a loan, make sure you check the eligibility criteria of the lender. Check their minimum age requirement, income level, and credit score requirements.
Step 3: Gather Required Documents
Once you have chosen a lender, gather all the required documents such as identity proof, address proof, income proof, employment proof, and photographs. Make sure all the documents are up to date and valid.
Step 4: Apply Online
Most lenders allow you to apply for a personal loan online through their website or mobile app. Fill out the loan application form with your personal, employment, and financial details.
Step 5: Upload Documents
Scan and upload all the required documents to the lender’s website or mobile app. Make sure the documents are clear and readable.
Step 6: Wait for Approval
Once you submit your loan application and documents, the lender will review your application and verify your documents. If everything is in order, they will approve your loan application.
Step 7: Disbursement of Loan Amount
Once your loan application is approved, the lender will disburse the loan amount to your bank account. The disbursement time may vary depending on the lender, but it usually takes a few hours to a few days.
Tips To Get Approved for a Personal Loan
Getting approved for a personal loan can be challenging, especially if you have a bad credit score. Here are some tips to increase your chances of getting accepted:
Improve your credit score: Your credit score is one of the most important factors that lenders consider while evaluating your loan application. A high credit score indicates that you are a responsible borrower and are more likely to repay the loan on time. Pay your bills on time to improve your credit score.
Lower your debt-to-income ratio: Lenders prefer borrowers with a low debt-to-income ratio, which means your loan payments aren’t too high compared to your income. To lower your debt-to-income ratio, pay down some of your debt, increase your income, or reduce your expenses.
Choose the right lender: Research and compare different lenders to find the lender that offers the best interest rate and terms for your financial situation. Some lenders may specialize in lending to borrowers with poor credit scores, while others may offer lower interest rates to borrowers with good credit scores.
Provide Accurate Information: Provide accurate information on your loan application, including your income and expenses. Lenders may verify the information, and providing incorrect information may result in loan rejection.
Apply with a co-signer: If you have a poor credit score or limited credit history, you can increase your chances of getting approved by applying with a co-signer with a good credit score. A co-signer agrees to repay the loan in case the borrower fails to repay the loan.
Show stability: Lenders prefer borrowers who have a steady income source and employment history. If you have recently changed jobs or have gaps in your employment history, getting approval for the loan can be difficult
FAQs Related to Urgent Personal Loan
What is an Urgent personal loan?
An Urgent personal loan is unsecured loan lenders provide to borrowers. These loans are generally unsecured, and lenders may have different eligibility criteria and interest rates.
Can I take an Urgent personal loan on Aadhar Card?
Yes, you can take an Urgent personal loan on an Aadhar card. Aadhar Card is one of the documents that lenders may accept as proof of identity and address while processing a loan application. Lenders will also consider other factors, such as your credit score, income, and employment status approving your loan application.
How can I get a small cash loan?
To get a small cash loan, you can apply online on the lender’s website and application. You may need to provide other documents like bank details and income proof to support your loan application.
How to get a 5000 Urgent personal loan?
You can apply for a 5000 Urgent personal loan online or offline on the lender’s website or mobile application. You will need to provide other documents and meet the lender’s eligibility criteria to get approved for the loan.
How to apply for an Urgent personal loan without a salary slip?
If you do not have a salary slip, you may provide other income proof documents, such as bank statements or income tax returns apply for an Urgent personal loan. Lenders may have different eligibility criteria for approving such loans, and you should check with the lender before applying.
How can I get a 50000 Urgent Personal Loan?
To get a 50000 Urgent Personal loan, you can apply online or offline with a lender who offers such loans. You may need to provide other documents, such as bank statements and income proof support your loan application.
How much to get for an urgent personal loan?
The Urgent loan amount you can avail of using the loan app will depend on different factors such as your credit score, income, and employment status. There are many urgent loan apps available in India. These apps offer personal loans up to Rs 5 lakh and use an Aadhaar card and other documents for verification.
How can I download the Urgent Personal loan App?
You can download the Urgent Personal Loan App from the Google Play Store or Apple App Store. Search for the app by its name and click on the “Install” button to download the app.
What documents do I need to apply for an Urgent Personal loan?
You will provide your Aadhar Card number as proof of identity and address. You may also need to provide some other documents, such as bank statements, income proof, and a PAN card.
An Urgent personal loan can be a good option if you need to borrow money quickly. However, it is important to carefully consider the professionals and oppositions of each type of loan and research your options to find the best rates and conditions. Remember what you can do only to borrow and pay on time to avoid damaging your credit score. Keeping these tips in mind, you can find a quick personal loan that meets your needs and helps you achieve your financial goals.