Fri. Apr 19th, 2024

Get an Instant Cash Loan in Bangalore in an Hour? Here’s How:

Anybody can face the urgent need for money at some point in their lives. Whether it concerns a medical emergency or the need to make an important business investment, such moments can often feel pressurizing.

In such a situation, opting for an instant personal loan can be one of the better options that will serve your purpose with little to no hassle.

What is an Instant Cash Loan?

Instant Cash Loans are loans that can be disbursed instantly within a few hours of application. 

These are usually short-term loans where relatively small sums of money are loaned out instantly with minimal paperwork. You will not need to showcase any asset to apply for an instant loan, as it can be conveniently applied for online from your office or home.

This makes the whole process seamless, quick, and hassle-free. In case of any monetary emergency, turn to the possibility of an Instant Cash Loan.

What are the Most Common Reasons for Applying for an Instant Cash Loan in Bangalore?

There are plenty of reasons for applying for an instant loan in Bangalore. Among them, the following are the most popular reasons:

To pay off existing loans:

Because your only obligation is a monthly EMI concerning a short sum of money, instant personal loans can be used to pay off the existing debts in an efficient manner without incurring further debt.

In fact, an instant loan can be borrowed to improve your credit history and boost your creditworthiness, increasing your chances to obtain a loan of a higher amount in the future.

For small-scale or large-scale house renovations and repair:

A personal loan is a favorable option for house renovation because one can receive additional tax benefits under Section 24(b) of the Income Tax Act, 1961. 

An urgent medical emergency:

Because instant cash loans are disbursed immediately, they are a lucrative option during medical emergencies which require an urgent arrangement of money.

Negligible documentation and a quick application process in case of instant loans make them particularly suited to be used for the reason of a medical emergency.

Meeting education expenses:

Instant loans come with flexible loan amounts and repayment tenures that can be adjusted according to your child’s educational needs.

Financing a wedding or similar large-scale occasions:

Carrying out a wedding with grandeur can be an expensive affair requiring a large sum of money at once. For this purpose, an instant loan may be availed without mounting unnecessary financial burdens on the borrower.

Urgent cash for new business or capital to expand current business:

You can use money from the loan to make much-needed investments in your business to help it flourish. On the other hand, the minimal EMI amount can be easily repaid from the revenues over a long period without incurring any losses.

What are the Eligibility Criteria to obtain an Instant Cash Loan?

Meeting the eligibility criteria for an instant loan is not difficult. The income requirement will vary slightly with respect to salaried and self-employed individuals. 

The age and income requirement will vary depending upon where you take the loan from. Given below are the eligibility criteria at Money View on the basis of income, age, and credit score of the applicant:

  • A minimum in-hand monthly income of INR 25,000 for self-employed individuals. The monthly in-hand income requirement for salaried individuals is INR 20,000 if the borrower has only recently started using credit, INR 15,000 if the borrower’s credit score is over 675, and INR 1,35,000 for all other cases.
  • The applicant must be between 21 and 57 years of age for both self-employed and salaried individuals.
  • The minimum CIBIL Score and Experian Score should be 650 and 750, respectively, for both self-employed and salaried individuals.

How can you apply for an Instant Cash Loan?

Instant Cash Loans require minimum documentation and no guarantor or asset showcase. Moreover, you aren’t required to stand in long queues and do arduous paperwork to get an instant loan.

They are known for their easy accessibility whenever there is an urgent need for a sum of money. By following these steps, you can get yourself an instant cash loan:

Check the eligibility criteria:

At Money View, you can apply for an instant loan if you meet the certain basic age and income qualifications. Apart from this, depending on your credit score, you will be able to borrow any sum between INR 10,000 and INR 5,00,000.

Select the loan amount and repayment tenure according to your convenience:

Upon entering your age and income details, you will be shown the maximum loan amount you can apply for. Choose the required sum along with a suitable repayment tenure. At Money View, you can get flexible repayment periods of up to 5 years.

Submit the relevant documents:

Documents required are minimal and can be uploaded directly to the Money View site or app. The ID proof, Address Proof, and Income Proof are the only three kinds of documents required for verification purposes.

Sign and upload the NACH form:

To ensure the timely payment of EMI without manual intervention, you will have to consent to the NACH form to auto-debit the money at stated intervals. For this purpose, sign and upload the printed NACH form to the Money View app.

Sign the final loan agreement:

You will be asked to sign the final loan agreement, post which the loan amount will be credited to your account shortly. Read the terms of the loan agreement carefully before signing and uploading them to the Money View website in the final step.

What are the Documents Required to Apply for an Instant Loan?

Getting an instant loan is so convenient because it involves no tiresome paperwork and is extremely time-saving, rendering the process economical on the whole. Documents required are minimum in number and can be uploaded directly in the Money View app:

  1. Identity Proof (Any one):

  • Aadhaar Card
  • PAN Card
  • Valid Indian Passport
  • Valid Driver’s License
  • Voter ID Card
  1. Address Proof (Any one):

  • Bank Passbook/ Statement – that’s generated in the last 60 days
  • Aadhaar Card
  • Valid Driver’s License
  • Electricity Bill/ Gas Bill/ Telephone Bill/ Water Bill- Any of the above utility bills generated within a period of the last 60 days
  • Valid Indian Passport
  • Ration Card
  • Voter ID Card
  1. Income Proof:

  • ITR of the last 2 years or bank statement in PDF file of the last 3 months if the applicant is self-employed.
  • Last 3 months’ bank statement in PDF file only if the applicant is a salaried individual.

What are the Upsides of an Instant Cash Loan?

  • Eligibility check is digital, speedy, and can be done in under 2 minutes.
  • No paperwork is required making the loan application process seamless and effortless.
  • Once the lending body verifies and approves the application, the loan amount will be credited to our account within an hour.
  • Since the whole process from application to disbursement is digital, you can apply for a loan from your home or any part of the world.
  • Flexible repayment periods and long tenures up to 5 years ensure easy repayment without mounting any financial pressure.
  • Low rates of interest ensure that anybody having a nominal income can borrow an instant loan.
  • Meeting the eligibility criteria only will allow you to borrow the loan without the need for security or collateral.

Conclusion:

Next time you land in an emergency monetary situation or feel the need for some extra cash to pay off your existing debt to ease off financial pressure, the Money View instant loan option is sure to help you out.

By admin