An Instant Loan is an unsecured personal loan that has key features of quick approval and disbursal process. Airtel Personal Loan offers both Airtel and non-Airtel users instant loans with flexible loan tenure and EMI options.

Some of the common loan eligibility criteria considered by lenders for an instant loan are:

 

• Stable employment


• Minimum monthly income of ₹15,000 and more (may vary for different lenders)


• Minimum age – 21 years


• Applicant should be salaried or self-employed

Yes, you can get an instant loan without a credit score. However, to show your creditworthiness, you will have to produce relevant documents as directed by the lender. These may include your bank statements, income details, etc.

You can borrow up to ₹8-9 Lacs through Airtel Instant Loan. The amount approved depends on your credit score, payment history, and other eligibility criteria. The maximum amount will differ for other financial services.

As the name suggests, instant loans are approved quickly (approved within a minute with Airtel Personal Loan) and the amount is disbursed right away (within 24 hours with Airtel Instant Loans). Moreover, the process is 100% digital and paperless with minimal documentation. These factors really speed up the process and help applicants who require the funds immediately owing to an emergency.

Following are the features of an Instant Loan:

• Quick approval


• Online Process


• No Collateral required


• Simple Process


• Flexible loan tenure


• Competitive Interest Rates

In most cases, the applicant’s Aadhaar Card and PAN card along with salary slips and bank statements are sufficient to process an instant loan application. However, this may not be the case for every applicant. It is determined on case-to-case basis.

Instant Loans are available for both self-employed and salaried employees through Airtel Personal Loan services. The list of documents required for a personal loan showing your income will differ for a salaried and self-employed applicant.

No, since an instant loan is an unsecured loan, there’s no need to present any collateral or security to apply for an instant loan.

In most cases, lenders allow borrowers to prepay their loan after payment of a certain number of EMI installments. However, prepayment in the partial or full form usually attracts a penalty fee. This fee is charged so that the banks can cover the interest amount to some extent.

Here are a few consequences you may possibly face, in case of non-payment of the loan on time:

• Constant reminders on multiple channels by the lender for payments. If these reminders are avoided, legal action can be taken from the lender’s side.


• Additional Interest is charged on the loan amount increasing your debt burden.


• The credit score will drop, and this will create problems for you in the future if you are planning to take a home loan or a car loan, or even a personal loan.

• Keep your credit score on the higher side and payments on time.


• Credit Utilization should be under 30% of the total credit approved.


• Debt-to-Income ratio should be balanced.


• Updated address and limited credit inquiries.

Yes, a businessman is self-employed and therefore can opt for an instant loan.

Yes, people working as freelancers can get instant loans given that they have all the necessary income proofs and bank statements.

Financial services like Airtel Personal Loan can disburse the loan amount within 24 hours to the borrower as long as all eligibility and document-related criteria are met.

Check with the financial partner to know more about such case-specific queries about instant loans.

The eligibility criteria for ₹1 lakh instant loan include a minimum age of 21 years, salaried or self-employed individual, stable job, minimum income of ₹15,000/month, and a few lender-specific parameters.

The eligibility criteria for ₹3 lakhs are the same as the eligibility requirements for ₹1 lakh instant loan. See above.

It depends on the lenders. Please check with the lender to know more details. However, a stable income and 21 years of age are some common parameters.

Every bank and lender have their own policy for an instant loan of ₹8 lakhs. It is advised to check with the lender before starting the loan application to proceed.