Need cash urgently? Here is how you can get an instant personal loan

by Sunny Dhawan Banking Professional

Satisfying your financial needs is easy now. Do you need money for travel or buying a laptop or medical emergency or your wedding? You will feel like holding them back due to lack of funds, but that is not the case anymore when you can avail the instant personal loan.

The general features of the personal loan are as follows:

· Improves Credit Score:

Getting a personal loan and repaying it on time without fail increases your credit score as it is unsecured.

· Loan Assessment:

Before disbursing a personal loan, the banker usually looks at your credit history and assesses your repayment capacity taking into account your present financial obligations.

· Documentation:

For the purpose of documentation, you need to submit your address and ID proof as KYC documents and salary slip or produce FORM16 in case of a salaried employee. In the case of the self-employed person, you need to give the latest 3 years Income Tax Returns.

· Loan Amount:

The loan amount of personal loans starts from Rs.10000 to Rs.15,00,000. It is wise for you to borrow the amount only that is necessary for you and repayable easily.

· Loan Tenure:

The tenure of this loan varies from 12 months to 60 months.

· Interest Rate:

The personal loan interest rate usually hovers around 11% to 16% and it varies on a case-to-case basis.

· EMI facility:

Step-Up EMI or Balloon EMI facility is also available which helps you to get a higher loan amount with minimum EMI during the initial period of the loan tenure.

· Pre-Closure facility:

If you wish to close the loan before the end of tenure, you are at liberty to do so but you have to pay some pre-payment closure charges as stipulated by the bank.

For higher loan amounts, a guarantor or a Co-applicant is needed.

· Top-Up facility:

Once you keep paying your EMI’s on time, the bank will propose a top-up loan based on your prompt payments.

· No Income-Tax Benefits:

You are not entitled to any benefits under Income Tax Act for getting a personal loan.

Axis Bank offers a 24x7 personal loan online and if you are a privileged bank customer you can get it within few seconds of applying or you may even get a pre-approved personal loan automatically. Go through the website and upload the necessary documents as prescribed to process your loan online application within a short period of time.