Personal loans are so quick and easy, and everybody has some need or the other in their life. In the case of medical expenses, home repairs, personal emergencies, and many more urgencies, many people would question if they can get an instant loan of 1 lakh. Now in this article, we will be looking at how one could get a 1 lakh loan in quick time along with the steps to follow:
Understanding personal loan
A personal loan is money that is borrowed from a bank or financial institution or through some lending apps. This loan has no security; therefore, you never have to give your assets, like your house or car, in return. You can spend this money for multiple reasons, such as paying for education, medical bills, or even a wedding.
Getting Loans- How to Get 1 Lac Loan
There are thousands of avenues that give one lakh as a loan. All the banks give personal loans to the customers based on credit scores and repayment ability. Added to this is the rapid online banking and mobile apps that make getting a loan easier than ever.
There are various reasons why one can obtain a loan fairly fast, including:
- Good Credit Score: Any credit score above 700 is considered good by the lender. Hence, if you have a good score, it will hardly take even a couple of days to get your loan approved.
- Income Stability: The lenders like to lend loans to those individuals who will have a stable source of income either through a job or business.
- Minimal Documentation: Most lenders today request fewer documents, thereby making the process quicker.
Can You Get the Loan Instantly?
Many lenders herald themselves as instant lenders, but in most cases, the duration of approval may be different. How does the process go about? Usually, this is about how it’s done.
- Application: You can apply online or at a branch. Some lenders have mobile apps where you can apply within minutes.
- Verification: The lender verifies your documents, income, and credit score.
- Sanction: If everything goes right, you get sanctioned in some hours or one working day.
- Disbursement: Once you receive a sanction, the money gets credited to your bank account. It might happen even on the same day.
Tips to Sanction Your Loan Instantly
Now here are some tips that will get you that loan in the least amount of time possible:
- Online Modes: The approval procedure for online lenders is comparatively faster compared to traditional banks.
- Keep Paperwork Ready: Ensure you are ready with all the documents required, like ID proof, address proof, and income proof. This will save time.
- Pre-Eligibility Checking: Some banks and financial apps offer you a pre-check on your eligibility while applying for a loan. It lets you know whether you are going to receive the loan or not.
Conclusion
Thus, you can take a 1 lakh loan. However, that depends on your credit score, your income stability, and how the process of the lender is. Online platforms are being used more and more frequently. A loan is easier to get and faster. However, you have to compare options. Be informed of the terms and conditions before applying.
