Instant Personal Loan

Instant Personal Loan

Instant Personal Loan is a financial product for salaried individuals in India. You can use the funds to resolve any monetary expense. It is an unsecured loan where you do not have to submit collateral to Loanbaba. The funds can be used for any purpose or emergency expense, such as medical treatment, purchase of a gadget, home repair, educational fees, vehicle repair, travel trip, etc. Without any physical paperwork, you can simply apply online for instant personal loan at loanbaba.com (direct lender of the loan), fill and submit the application form, upload the soft copy of required documents, do other formalities, and you are good to go. The loan is one of the fastest approved and serves all your immediate monetary needs.

• You can get cash in your bank account as soon as 2 hours to 24 hours.
• Approval can be obtained within 15 minutes of loan application.
• We at Loanbaba offer top notch custom borrowing solutions for your financial requirements with quick customer support.

DOWNLOAD THE APP : Loanbaba Android Application is now available for download on the Playstore. On the app, you can apply for an Instant Personal Loan within a minute. The app is available on the Google Playstore and compatible across several devices and is an Ad-Free free to use app. Click Here to download.

Features and Benefits of Instant Personal Loans

Below-mentioned are the features and advantages of quick personal loans by Loanbaba.

1. Available PAN India, Apply from Anywhere!
   Our instant personal loan facility is available in every major city in India, such as Mumbai, Navi Mumbai, Thane, Delhi, Pune, Noida, Bangalore, Gurgaon, Hyderabad, Chennai, Jaipur, Indore, Kolkata, amongst others. You have to provide a government-recognized proof of residence to prove the city you currently residing in to avail the funds.
2. Ideal Funding In Case of Financial Emergencies
   Do you need cash in just a few hours for an urgent expense, such as for a medical reason, vacation, event, accident, etc? Loanbaba strives to disburse cash to your bank account as soon as the loan application is processed, and approved. Thus, instant personal loan is one of the best options to get over any emergency scenario where you are in an urgent need of cash in than a day.
3. Loan Amount Up to Rs. 1 Lakh
   We at Loanbaba understand that everyone’s monetary requirement differs depending on the situations they face. At times you may need a small amount of cash, and at times a bigger amount. So, we have got you covered in time of emergencies, or whenever a need arises, with funding starting from Rs. 10,000 and up to Rs. 1 lakh.
4. Flexible Tenure Up to 12 Months
   Borrowing funds does not have to be about being overburdened with endless EMI payments. We offer short-term loans for 1 month to 12 months, so that you can close the loan early than other traditional loans which extend to years together, and pay an EMI amount suiting your pockets. Short-term loans help in reducing the interest payout. The longer the tenure, higher the interest payout, but Loanbaba believes in saving your hard-earned money with shorter tenure loans.
5. 100% Online Process with No Physical Paperwork
   When you need money immediately, you will certainly like to avail funds in a jiffy without the hassle of visiting banks, standing in queues to apply for a loan, and then wait for fund disbursement. Loanbaba understands the need of the hour, and thus, has an online application process, making the loan process easy and simple.
• All you have to do is enter a few essential details in the online loan application form, upload the soft-copy of documents.
• Link your social media profile (any one – Linkedin/Facebook/Google/Truecaller, and bank account (upon loan approval), proceeding to submit the application.
• You can apply for the loan from your laptop, smartphone, tablet, or computer, no branch visit is required, thus saving you time to focus on other important things.
6. Quick e-Approval and Disbursement
   Loanbaba offers quick e-approval for your small personal loan, with disbursal in as less as 2 hours. If you meet the eligibility criteria of the instant personal loan, have submitted the necessary documents, and completed other formalities, then your application will be processed almost immediately after verification. Thereafter, the customer support team will get in touch with you regarding the loan status.

   • Doorstep Service:
     Loanbaba Team offers free doorstep service in regards to cheque pickups.

   • Terms for EMI Payments:
     These cheques will not be deposited by us on EMI date, until you approve of the same. If you pay EMI through IMPS or NEFT, the unused cheques will be cancelled and we will provide you a snapshot of the cancelled cheques for transparency purposes. You are expected to pay the EMI on specified EMI date to avoid penalty charges.

   • Signing of Loan Agreement:
     Facility to e-sign loan agreement is available, thus, you do not have to step out of your comfort zone to manually sign the loan agreement.

   • Disbursal of Funds:
     The approved loan amount thereafter will be transferred to your bank account the same-day of the final loan approval.

Eligibility Criteria for an Instant Personal Loan

Below-mentioned are the instant personal loan eligibility criteria:

• Age of the Applicant:
  You must be at least 23 years of age to apply for this loan.

• Type of Employment:
  You must be a salaried individual to avail the loan. Self-employed individuals, professionals, businesspersons, and others are not eligible for Instant Personal Loan but can apply for a Loan against Property and Business Loan etc.

• Employment Tenure:
  There is no specific criterion for period of employment or work experience. However, you must be able to present proof of at least 3 months’ salary credit of your bank account.

• Income:
  Your net monthly salary must be at least Rs. 25,000. A regular monthly salary is necessary, which must reflect in your bank account, either through online banking or cheque deposit. Cash salary is not acceptable to grant the loan.

• Repayment Capacity:
  The final loan amount approved depends on your repayment capacity. Lower the financial liabilities higher the chances of getting the desired loan amount and approval of the loan. You must have at least 35% to 40% of your net monthly income as disposable to get the ideal loan amount.

• Credit Score:
  Minimum CIBIL score must be 600+. You can access your free credit report through Loanbaba. At times, Loanbaba may consider your loan application even on a credit score lower than 600, if the reason for delays in earlier repayments were out of a genuine cause, such as a delay in salary credit, a financial emergency, etc. But, it is highly recommended to have a credit score of 600+. Loanbaba will also consider your application in case you do not have any credit history.

Instant Personal Loan Interest Rate, Other Fees, and Charges

The rate of interest applicable on the loan varies between 0.1% per day. The applicable interest rate on short-term borrowings depends on your repayment capacity, monthly income, credit score, loan amount needed, tenure of the loan, and other factors. To boost your loan eligibility and negotiation power for a lower rate, maintain a good repayment record. Usually, loans with a longer tenure apply a lower rate of interest, and vice-versa.

Other Fees and Charges:

All the charges and fees will be mentioned upfront in the loan agreement. Below-given is a list of other charges and fees on a quick personal loan.

• Processing Fee: Rs. 590 inclusive of the GST. Processing fee is the charge for getting verifications, documentation, keeping a record of loan repayments, and other processes in function of loan approval. This fee is non-refundable.

• Late Payment Charges: For the first 5 days from the EMI due date, a late payment fee of Rs. 100 is applicable over and above the EMI amount, after which from the 6th day, the late payment fee climbs to Rs. 200 per day, over and above the EMI amount.

• Cheque Bounce Charges: Rs. 500 is applicable for each bounced cheque.

Documents Required for Loanbaba Instant Personal Loan

To apply for an urgent personal loan at Loanbaba, you need to submit the following documents:

• Age Proof: You can submit any of the government-recognized age proof such as a Birth Certificate, Ration Card, PAN Card, Passport, Voter ID.

• Identity Proof: You can submit any of the government-recognized identity proof such as Voter ID Card, Passport, Employer issued ID Card, Electricity Bill, Ration Card, Driver’s License, PAN Card, Life Insurance Premium Receipt, Title deed/utility bill/municipal tax receipt, Mobile/Telephone Bill.

• Address Proof: You can submit any of the government-recognized address proof such as Ownership and Title Deeds of Property, Electricity Bill, Ration Card, Telephone Bills, Government-issued Employee Residence Proof.

• Photographs: 2 recent passport-sized photographs.

• Employment and Income Proof: Latest 2-3 months salary slips, income statement, etc. You may be asked to drop a test email to Loanbaba from your official email id for employment verification purposes.

• Bank Statement: Latest 6 months bank statement of the salary account.

NOTE: PAN Card is mandatory.

Why Apply for Loanbaba Instant Personal Loan?

Apart from tending to financial emergencies, Loanbaba Instant Personal Loan offers you several other reasons to choose it over other loan products:

• Customer Oriented Service: We offer free doorstep service and provide apt financial guidance for your instant personal loan needs. Our wealth and finance managers are adept in understanding your loan requirement. They can suggest the best instant loan deal for you as per your existing financial liabilities. Also, our customer personnel will guide you through the loan application process and keep you updated with the loan status.

• Tackle Any Monetary Need: Being a multi-purpose loan, a short-term instant personal loan can help tackle any monetary expense. You can use the fund for a single need, or partly for any other requirements. Basically, you have all the freedom to decide where you want to allocate the funds. Loanbaba will not regulate the end-purpose of the loan as long as the funds are not used for any illicit purpose.

• Quick Financial Solution: The loan is popular among masses for ease of access, simple eligibility criteria, minimal paperwork, and on-the-spot processing and disbursement, matching up to the ever evolving fast-paced life and need of financial solutions.

• Transparent Terms and Conditions: Loanbaba is upfront about the terms and conditions regarding any fee or charge applicable on the loan. These charges will be explicitly stated in the loan agreement and conveyed to you at the time of taking the funds. There are no hidden charges. All the laws and regulations regarding repayments and loan closure will be present in the loan agreement. If you have any queries about the loan, we will be happy to provide you with answers.

How to Boost Your Credit Score with an Instant Personal Loan?

Your credit score depicts your credit worthiness. A good CIBIL score of 700+ to 900 depicts that you have been fairly consistent with repayments. A bad or poor credit score depicts, you have been frequently defaulting, delaying, or missing payments. A good credit score indicates to banks and NBFCs that you are a credible borrower – that you will not default on payments, and thus, eligible for a new loan. A bad credit score just proves otherwise to the lender.

Thus, maintaining a good credit score is crucial for any borrower. instant personal loan repayments get reflected on your credit report, thus, the repayments will directly impact your credit score as well. In order to boost your credit score through an instant personal loan, follow the below-mentioned suggestions:

• Strict Monthly Budget: Before you even take out a new loan, be prepared to financially manage your expenses each month. Calculate the EMI and prepare monthly budget in a way that you will be able to take care of necessary expenses along with payment of EMI amount. Make sure to curtail unnecessary expenses to ease any financial burden.

• Do Not Get Too Credit Hungry: If you have an ongoing instant personal loan, do not borrow too many new loans at once. This may prove you to be a credit hungry person, prompting financial institutions to charge a higher rate of interest on the new loans, and even causing rejection of the loan applications.

• Set Reminder for EMI Date: Since there is no function of EMI auto-debit from bank account, you have to manually pay the EMIs through either NEFT or IMPS. Thus, set a reminder of EMI date every month, so as to not miss the payment. Add your loan account as beneficiary as soon as you get the details to avoid confusion or not delay payment on the EMI date.
  As a last resort, if you are unable to pay through Net Banking due to internet connectivity issue or power-cut, etc, get in touch with us, so that we can deposit the cheque on your permission towards loan repayment. This cheque will be the one that you handover at the time of taking the loan.

• Do Not Miss or Delay EMI: Following the previous step is important so as to not miss or delay EMI. Under any circumstance even then, if you miss paying on the EMI date, do not delay further, but complete the payment the very next day. You will have to pay an additional amount of Rs. 100 with the pending EMI amount. Rs. 100 will be applicable every day of missing the payment till the 5th day.

• After missing the payment for 6th day, the penalty charge shoots up to Rs. 200 over and above the EMI amount. Not only will missing or delaying payments increase the total cost of the loan, but it will also adversely impact your credit score. To avoid penalty charges, and to keep your credit score good, pay the EMIs on the EMI date as per the loan schedule. You can make prepayment without penalties..

Frequently Asked Questions About Instant Personal Loan

Given below are some of the important questions you may have about Loanbaba instant personal loan.

• 1. What is the difference between a personal loan from bank/NBFC and an instant personal loan from Loanbaba?

  A personal loan from traditional banks or NBFC will take at least 48 to 72 hours for disbursal. The tenure starts at 1 year and can go up to 2 to 3 years, or more, depending on the loan scheme. The borrowing amount starts from Rs. 1 lakh. You can apply for a simple personal loan at Loanbaba as well, but here, Loanbaba will not be the direct lender, but its partnered banks and NBFCs will be so.

  An instant personal loan on the other hand is a direct product of Loanbaba and not offered by any bank or NBFC. You can get the approved loan amount within 2 hours. It is a small amount borrowing up to Rs. 1 lakh and on a shorter tenure of up to 12 months only. Thus, the loan product is best for instant personal borrowing for a short-term, when you need instant personal loan within a few hours without any delay or a waiting period.

• 2. Do you have to submit collateral for the loan?
  No, Loanbaba does not ask for security or collateral to disburse a instant personal loan. The loan is unsecured and provided based on your monthly income, repayment capacity, and other factors.
• 3. How important are salary receipts for the loan application?
  Income proof is crucial to avail an immediate personal loan. The salary receipts will contain the entire breakup of your monthly earnings, which will help Loanbaba understand your loan eligibility as per income, and ease the decision of determining a loan amount you are capable to borrow.
• 4. What if you receive a part of monthly salary in cash and the other half in your bank account?
  The salary credited to your bank account will be the only one considered as your monthly income. Any cash salary will not be accounted for as your monthly income, or considered to determine your loan eligibility.
• 5. What could be the reason of instant personal loan rejection?
  In case your loan application gets rejected, it could be due to insufficient income, not being a salaried individual, receiving cash salary, low credit score, too many financial liabilities to offer a new loan or too many overdue, lack of documentation and asked proofs, or other viable reasons.
• 6. What if you apply for the loan on a non-business day, how soon the funds will be disbursed?
  If you apply for the loan on a non-business day or on a non-working weekend, then the loan application will be processed the next business day, according to which, the disbursal time and date will be decided. But, once the loan is approved, you can expect the funds within 24 hours.