Instant Personal Loan in Kochi, Kerala

Instant Personal Loan in Kochi, Kerala

Online mode is the best way to get the Instant Personal loan in Kochi, Kerala. There are many banks and NBFCs present in the city, best known for offering a quick loan to the needful. Both salaried, as well as self-employed individuals, are eligible to apply for a quick loan. The lenders can check the eligibility of the borrowers on many factors like cibil/credit score, income, employment type, category of the employer, repayment history, etc. An individual needs to have a minimum monthly income of Rs.25,000 to avail a quick loan online in Kerala. Be a smart & calculative borrower and for a smooth personal loan journey always keep a few crucial points in mind. 

What is a Instant Loan? 

A loan that can be given instantly with fewer formalities to meet your multiple financial needs. A quick loan can be availed for a variety of reasons like:

  • Wedding/Marriage
  • Travel/Holiday
  • Credit Card Debt
  • Child Education
  • Home Renovation/Extension
  • Tuition/Course Fee

The best feature of a quick loan is it’s no collateral clause, wherein a borrower doesn’t need to give any kind of security to the lender to avail this loan. The loan amount will be disbursed quickly in your bank account, soon after meeting the required eligibility criteria. A borrower can expect a loan amount of up to Rs.20 lakh for a tenure of up to 5 years. Also, an attractive interest rate of 10.99% per annum can be given to an applicant earning Rs.1lakh(monthly) along with having a good cibil score above 750(out of 900). 

Why Cibil/Credit Score is Important for Quick / Instant Loan in Kochi, Kerala

When it comes to a quick loan, it is nothing but an unsecured personal loan that can be availed instantly. An unsecured loan means no collateral or security needs to be given to a lender. Thus, in such a scenario, the only thing that lenders have is to rely on a cibil/credit score of a borrower. Talking about a cibil score, it shows the creditworthiness or financial history of a borrower. A high score shows a good repayment history of a borrower, which means the lender can trust as far as loan repayment is concerned. In the case of a quick loan, a score of above 750 out of 900 is considered to be fair enough in grabbing the best deal. So, one should always try to maintain a good score to enjoy an uninterrupted loan service.  

This is the reason why a cibil/credit score is always under the radar of banks and NBFCs, just to check the credit health or a three-digit numeric summary of a borrower. 

Benefits of a Good Cibil Score for Instant Loan Kochi, Kerala 

Instant Approval:

The biggest advantage of having a good cibil score is the fact that you can get instant approval. A good score shows good repayment history which helps in increasing the credibility of your credit profile in front of the lender. Thus, it leads to a speedy approval.    

Speedy Disbursals: 

With instant approval comes speedy disbursals. The perks one can get of having a high three-digit summary. With instant money in your bank account, it would be easy for you to use it anytime to fulfill your purpose. 

Maximum Loan Amount: 

Talking about disbursals, the next in line should be the loan amount one can get. A good credit score helps you in availing a loan amount of up to Rs.20 lakh so that your varied needs can easily be fulfilled. 

Flexible Tenure: 

Another benefit of a healthy credit score is flexible tenure options to choose from. Yes, right from 1 to 5 years, the borrower can choose a loan repayment period as per his convenience. With flexible loan tenures, one can repay the loan without hurting his pocket. Yes, the EMIs would be pocket-friendly.   

Lowest Interest Rates:

A healthy cibil score leads to quick loan lowest interest rate Kerala. Yes, if your score is good, higher chances would be of getting an attractive interest rate. After all, a healthy score is a reflection of a good repayment record, thus lenders would be more than happy to lend at competitive interest rates.  

Minimal Documentation:

Your good cibil score helps in enjoying multiple benefits and minimal documentation is one of them. Fewer documents mean less formalities, which means you can expect to have a quick loan process. 

Minimum Processing Fee & Other Charges: 

A borrower needs to pay a one-time processing fee at the time of availing a quick loan. And, if your score is good, you can expect to have a low processing fee. Talking about a processing fee, it is non-refundable and if the amount of the same is less, it will automatically reduce your loan burden. While on the other hand, other charges such as prepayment, part payment can also be reduced, helping you in enjoying a hassle-free journey.  

How to Maintain a good Cibil Score for Instant Personal Loan 

  • Timely Repayments
  • Pay Dues in Full
  • Avoid Taking More Than one Loan/Credit Card(until & unless its an urgency)
  • Do Not Send Multiple Loans/Credit Card Applications
  • Stop Checking Your Score Too Often
  • Say No to Complete Debt Settlement
  • Consolidate Your Loan into One
  • Keep Your Credit Limit/Utilization in Check

Read Also- Top 10 Way to Improve your CIBIL Score

How to Apply for Instant Loan in Kerala?

The best way to apply Instant Personal loan Kerala is online. Yes, with the help of an online mode, you can easily apply for a quick loan. The process is really simple & quick, thus you can expect to have a hassle-free loan journey. The process starts by receiving your query, which leads to quotes, followed by documents submission and finally instant loan disbursals. Quikkloan, being a digital marketplace is the best source from where you can apply online for a personal loan in Kerala and get instant approval & fastest disbursal.

Eligibility Criteria for Quick/Instant Personal Loan in Kochi, Kerala

Eligibility CriteriaSalariedSelf-employed
Minimum Age2124
Maximum Age5865
Minimum IncomeRs.35,000 (monthly)Rs.2 lakh (annual)
Credit/Cibil ScoreAbove 700(out of 900)Above 700(out of 900)
Minimum Job/Business Stability1-2 Years2-3 Years
Minimum Work/Business Experience1-2 Years3 Years
Minimum Profit After TaxNARs.1-2 lakh(annual)

Documents Required for Instant Personal Loan in Kerala

Salaried: 

  • Duly signed application form for personal loan balance transfer along with passport size photograph
  • Identity Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • Age Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • PAN Card copy (Mandatory)
  • Address Proof (Aadhaar Card/Passport/ Landline Bill/ Latest Electricity bill/Rent agreement etc)
  • Last 6-month bank statement
  • Salary slip for the last 3 months
  • Statement of personal loan from a current lender (a loan that needs to be transferred)

Self-employed:

  • Duly signed application form to do loan balance transfer along with passport size photograph
  • Identity Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • Age Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • Address Proof (Aadhaar Card/Passport/ Landline Bill/ Latest Electricity bill/Rent agreement etc)
  • TAN Card
  • Last 3 years Balance sheet along with profit and loss statement pertaining to business
  • Last 6-month bank statement of individual and business entity
  • Statement of personal loan from a current lender (details of the loan that need to be transferred)

Frequently Asked Questions (FAQs)

Who is Eligible for Instant Loan in Kerala?

Salaried and self-employed individuals are eligible to apply for a quick loan in Kerala. There are many banks and NBFCs available in the city, best known for offering the loan to both the applicants.  

What is the Age Limit?

For salaried: 21-58 years

Here, the minimum age of an applicant should be 21 years at the time of availing a load the maximum is 58 years at the time of loan maturity.  

Self-employed: 24-65 years

The minimum age of an applicant should be 24 years at the time of availing a loan and the maximum age should be 65 years at the time of loan maturity. 

What is the Minimum Income Required?

The minimum monthly income of an applicant should be Rs.25,000 to apply for a quick loan in Kochi, Kerala. Though the income criteria varies from lender to lender.

What is Maximum Loan Amount I Can Get? 

A borrower can get a maximum loan amount of up to Rs.20,00,000 based on his eligibility. Before offering the loan, the lenders do check the eligibility of a borrower and then provide the loan. 

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