Several types are categorized for certain purchases. For instance, mortgage loans are provided for buying homes, student loans for paying tuition fees, and more. When talking about personal loans, however, they can be used for any purpose. Whether you want to finance a wedding or buy an expensive electronic item, a personal instant loan online allows you to borrow the required money to achieve your goals. A personal loan can be availed of from financial institutions for amounts ranging between Rs 10,000 and 40 lakh. Many factors will influence your approval process when looking for RS 10 lakh instant personal loan. This article mentioned the features and benefits of India’s Rs 10 Lakh instant personal loans.
Features of Rs 10 Lakh Instant Personal Loan:
The below-listed are some features of a Rs 10 lakh instant personal loan:
1) Documents required for a personal loan:
An individual who is thinking of applying for an instant loan amounting to Rs 10 lakh must prepare and submit important documents such as PAN card, ID proof, signature proof, address proof, ITR / Form 16, bank statements for the past six months, and also last three month’s salary slips. Suppose the borrower is self-employed, then in addition to these mentioned documents. In that case, they will also have to submit business proof, ITR for the last two years, P&L account, balance sheet, and income computation for the past two years, and Form 26 AS, TDS certificate, or Income Tax Challan (Form 16A) for declared income tax.
2) Eligibility criteria:
When it comes to the personal loan eligibility criteria, the borrower must comply with the following mentioned points-
- A borrower must be an Indian resident.
- The minimum age for loan application should be 21 years, and the maximum age for loan maturity should be 67 years.
- The loan amount is offered to salaried or self-employed individuals with a minimum of 1 year of work experience. Also, the minimum monthly income earned should be Rs 20,000.
- Applicants with a CIBIL score of 750 or above can avail of a personal loan amounting to Rs 10 lakh at a comparatively lower interest rate.
3) Interest rate and processing fee:
The interest rate for Rs 10 lakh instant cash loans varies according to banks and NBFCs. Usually, the interest rate charged by different financial institutions ranges from 10% to 25%, depending on applicants’ age, credit score, monthly income, job stability, loan repayment obligations, and other factors. Now that the Rs 10 lakh personal loan will come with significant EMI obligations, it is recommended to compare offers from all financial institutions and select the right one to minimize the interest cost.
Apart from interest, the processing fee is also charged by banks and NBFCs. The processing fee is a one-time fee charged as a percentage of the personal loan amount. Usually, the personal loan processing fee ranges up to 4%.
Benefits of Rs 10 Lakh Instant Personal Loan
The below-listed are some benefits of a Rs 10 lakh instant personal loan:
1) No restrictions on end-use:
A borrower is allowed to use Rs 10 lakh personal loan amount to fund different kinds of expenses. Whether you want to finance the purchase of electronic items or any other durable item, wedding event, consolidate your debts, or medical emergencies, you can use the approved loan amount for any purpose. Banks usually do not interfere or investigate how a borrower uses the approved personal loan amount.
2) Paperless loan application procedure:
In this digital age, you can apply for a personal loan amounting to Rs 10 lakh offline and online. Banks and NBFCs with integrated networks have made it easier for borrowers to access the feature- personal loan online application with minimal documentation. You can undertake the hassle-free and paperless personal loan application process online by providing scanned copies of your PAN, address proof, ID, income proof, and other required documents, along with the completed personal loan application form.
3) No hidden cost:
With banks operating transparently and customers becoming more aware, there is no chance of banks charging hidden costs. Therefore, when applying for personal loans, you can get transparent access to all charges levied by the banks. These charges might include processing fees, personal loan interest rates, EMI charges, the cost associated with late payments, and more. All these details related to different charges can be found in the terms and conditions section of the personal loan application form.
4) Flexible Repayment:
The personal loan repayment tenure usually ranges from 1 year to 7 years. However, several banks and NBFCs offer the flexibility of choosing your preferred personal loan repayment tenure. And it is based on chosen repayment tenure that financial institutions determine the interest rate on the borrower’s Rs 10 lakh instant personal loan EMIs.
5) Quick and seamless loan approval:
Now that borrowers can apply for a personal loan online, you can get your loan application approved within a comparatively shorter duration. Once it is ensured that a borrower meets the eligibility criteria, the personal loan application for Rs 10 lakh is processed quickly, and the approved loan amount is disbursed upon verification of necessary documents. Usually, the personal loan application is approved within 24 hours, and the approved loan amount is deposited into your Saving Account immediately upon loan approval. And for pre-approved customers, the personal loan amount is usually disbursed within hours by the banks.
6) Freelook Period:
You can find some banks that offer the facility of a free-look period. The free-look period implies that you can cancel the personal loan within 48 hours, whether the approved loan amount is disbursed into your Savings account or not. Many banks in India are offering this specific facility to their customers. However, although you can get your loan transaction reversed from your bank account, you still stand to lose the personal loan processing fee.
Personal loans can be useful to hundreds of people, given the right circumstances. For instance, if you can’t afford to pay cash for a big purchase or finance medical expenses, getting an instant loan online becomes necessary. By applying for a Rs 10 lakh personal loan, you can access a speedy personal loan application process with minimal documentation, flexible repayment, no hidden cost, and other benefits.