Instant Personal Loan Eligibility: Myths and Facts

Are you in urgent need of funds but unsure if you qualify for an instant personal loan? With the rise of digital lending, getting an instant loan has become easier than ever. However, there are still many misconceptions surrounding instant personal loan eligibility that can hold you back from applying. In this article, we’ll debunk common myths and lay out the facts about instant loan eligibility. So you can confidently check your eligibility and get the funds you need.

Myth 1: A High Credit Score is a Must for Instant Loan Eligibility

A common myth is that you need a high credit score to qualify for an instant personal loan. While having a good credit score certainly helps, it’s not the only factor lenders consider. Many lenders offer instant personal loan for self employed and salaried individuals with credit scores as low as 600.

So, even if your credit score isn’t perfect, you may still be eligible for an instant loan. Lenders typically look at your income, employment stability, and existing debt obligations to assess your instant loan eligibility. To check your credit score for free, you can use the Airtel Thanks App.

Myth 2: Collateral is Required for Instant Personal Loans

Another common misconception is that you need to provide collateral, like property or gold, to secure an instant personal loan. However, this isn’t true. Most instant personal loans are unsecured, meaning you don’t need to pledge any assets as collateral.

This makes instant loans more accessible, especially for those who don’t own valuable assets or prefer not to risk them. Lenders assess your instant loan eligibility based on your creditworthiness and repayment capacity rather than your assets. So, don’t let the lack of collateral hold you back from applying for an instant personal loan.

Myth 3: Instant Personal Loans are Only for Salaried Employees

Many people believe that instant personal loans are only available for salaried employees with a stable income. However, this isn’t the case. Freelancers, business persons, and professionals, can also qualify for instant personal loan for self employed without ITR (Income Tax Returns).

Lenders understand that self-employed individuals may have fluctuating incomes and may not always have up-to-date ITR filings. Therefore, they offer special instant personal loan products tailored to the needs of self-employed borrowers. These loans may require alternative income proofs, such as bank statements or GST returns, instead of ITR. So, whether you’re salaried or self-employed, check your instant loan eligibility and apply for a loan that suits your profile.

Fact: Instant Loan Eligibility Criteria are More Flexible than You Think

Now that we’ve busted some common myths, let’s look at the facts about instant personal loan eligibility. Contrary to popular belief, the eligibility criteria for instant loans are quite flexible and accommodating.

Here are the typical criteria you need to meet:

• Age: You should be between 21 and 65 years old.

• Citizenship: You must be an Indian citizen residing in India.

• Employment Stability: You should have been employed or self-employed for at least 1 year.

• Income: Lenders usually require a minimum monthly income of ₹15,000 for salaried employees and ₹20,000 for self-employed individuals.

As you can see, these criteria are not as stringent as many people think. Even if you don’t meet all the requirements, you may still qualify for an instant personal loan. Providing additional documentation or explaining your unique circumstances to the lender can help.

The key is to check your instant loan eligibility first and apply with a lender that suits your profile.

Fact: Instant Loan Eligibility Checks are Quick and Easy

Another fact about instant personal loan instant loan eligibility check is that it is a quick and hassle-free process. Most lenders provide online eligibility calculators. Enter your age, income, and employment type to get an instant estimate of your loan eligibility.

For example, let’s say you’re a 30-year-old salaried employee earning ₹50,000 per month. You can input these details into the eligibility calculator. Within seconds, you’ll know if you qualify for an instant personal loan and how much you can borrow. This saves you time and effort in the application process and helps you plan your finances better.

Moreover, checking your instant loan eligibility online does not impact your credit score. Lenders use soft inquiries to assess your eligibility, which does not leave a mark on your credit report. So, you can check your eligibility with multiple lenders without worrying about damaging your credit health.

Fact: Instant Personal Loans Offer Quick Disbursal

One of the biggest advantages of instant personal loans is that they offer quick disbursal of funds. Traditional loans can take weeks to process. Unlike this, instant loans live up to their name by providing swift approvals and disbursals.

The table above shows that instant personal loans are faster than traditional loans at every stage. You can check your instant loan eligibility and submit your application online. Then, the lender will verify your details and provide an approval decision within 1-2 days. Afterwards, you accept the loan offer and sign the agreement. The funds will be disbursed to your bank account within 24-48 hours.

This quick disbursal makes instant personal loans ideal for urgent financial needs. It can be for medical emergencies, home repairs, or business opportunities. You can get the funds you need without waiting weeks or compromising your plans due to a lack of funds.

Conclusion

Instant personal loan eligibility is not as complicated or restrictive as many people think. By separating myths from facts, we’ve found that instant loan eligibility criteria are flexible. Furthermore, the eligibility check process is quick and easy, and instant loans provide fast disbursal of funds. Whether you’re a salaried employee or self-employed, you can check your eligibility for an instant personal loan. It doesn’t matter if you have a high or low credit score; you can still get financial support.

So, don’t let misconceptions hold you back from exploring your instant loan options. Check your eligibility for an instant personal loan with Airtel Finance today and take control of your finances. With quick approvals, minimal documentation, and competitive interest rates, Airtel Finance can help you meet your financial goals. Overall, with this, you can navigate life’s uncertainties with ease.

FAQs

1. Do I need collateral for an instant personal loan?

No, you don’t need collateral for an instant personal loan, as most of them are unsecured loans.

2. What is an instant personal loan?

An instant personal loan is an unsecured loan. It provides quick approval and disbursal of funds, usually within 24-48 hours of application.

3. Is a high credit score mandatory for an instant personal loan?

While a good credit score helps, it’s not mandatory for an instant personal loan. Lenders consider other factors like income and employment stability to assess eligibility.

4. Can I get an instant personal loan if I am self-employed?

Yes, self-employed individuals can get an instant personal loan by providing proof of alternative income. For this, you can use bank statements or GST returns, even without ITR.

5. What are the eligibility criteria for an instant personal loan?

The typical eligibility criteria for an instant personal loan include being between 21 and 65 years old. You also must have a minimum monthly income of ₹15,000 to ₹20,000. Additionally, applicants should have at least one year of employment stability and must be Indian citizens.