Getting an instant loan is surely one of the best ways to meet any financial cash crunch. And, if we talk about the lifestyle in tier I cities like Delhi, the cost is higher in comparison to tier II and tier III. And, to meet such needs, an instant loan comes handy. There are many banks and financial institutions that offer instant personal loan to both salaried as well as self-employed individuals. The lenders check the eligibility of the applicants on many factors such as cibil/credit score, income, monthly expenses, repayment history, etc. Do not forget to keep your documents ready for a hassle-free and approved personal loan journey. 

What is an Instant Personal Loan? 

A short-term personal loan that can be availed for a variety of reasons like:

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

Apply Online For Instant Personal loan Online

It is an unsecured loan which means a borrower doesn’t need to give any collateral/security to the lender to avail this loan. This loan can be availed instantly,i.e the loan amount will be disbursed in your account in the least time frame. On meeting the eligibility criteria, one can expect a maximum loan amount of up to Rs.20 lakh for a tenure of up to 5 years. 

Why Cibil/Credit Score is Important in Availing an Instant Personal Loan Online in Delhi

Being an unsecured loan, lenders need to trust the borrower as far as repayment is concerned. And, the best way of doing so is knowing the credit or cibil score of a borrower. It shows the creditworthiness and financial health of a borrower, thus it becomes easy for the lender to rely for loan repayments. When it comes to a credit score, it ranges between 300 to 900. And, in the case of an instant personal loan, a score of above 750(out of 900) is considered to be good enough.

That’s why lenders always keep an eye on the cibil score and look for the borrowers having a good three-digit numeric summary. 

What Benefits You can Get from a Good Cibil Score

Instant Approval: Your good cibil score comes with a lot of benefits and getting an instant approval for personal loan is one such. Make sure that your score should be in a good shape as then it would be easy for you to get the fastest personal loan approval.    

Fastest Disbursals:If you get instant approval, the fastest disbursal comes naturally to you. Yes, a good credit score is the actual reason behind the fastest approval,which ultimately leads to the fastest loan disbursal. 

Maximum Loan Amount: When it comes to disbursal, your next concern would be the maximum loan amount you can avail. Well, all thanks to a good cibil score, you can expect to get a higher loan amount to meet your needs.   

Flexible Tenure: Now that your loan amount is here, you also need a longer tenure to repay the loan easily. Yes, with flexible or maximum tenure, repaying your loan would be easy on your pocket. And, this privilege can be best enjoyed with a fair cibil score. 

Fewer Documentation:A healthy credit score means good credit profile, which leads to minimal documentation. Also, if we go by the concept of instant loan, it can be availed instantly, which means fewer documentation involved in the process.  

Minimal Processing Fee & Other Charges: Another benefit a borrower can enjoy with a good credit score is nothing with the minimal processing fee and other charges. There are higher chances that a lender can reduce the processing fee, if a borrower is having a good credit score. The perks that one can get with a good cibil score. 

How to Maintain a good Cibil Score for Availing 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 Ways to Improve Your CIBIL Score

How to Apply for Instant Personal Loan in Delhi?

Apply online for instant personal loan as it is one of the most easiest and fastest ways available. With many banks, NBFCs and digital marketplaces like Quikkloan availing an instant loan is a hassle-free process. The process starts by doing a complete credit assessment of a borrower’s credit profile and then help him meeting the right lender. 

Eligibility Criteria for Instant Personal Loan in Delhi

Eligibility CriteriaSalariedSelf-employed
Minimum Age2124
Maximum Age5865
Minimum IncomeRs.20,000 to Rs.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 Delhi

Documents required for personal loan in delhi for Salaried Person

  • 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)

Documents required for Personal loan in Delhi for 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

Who is Eligible for an Instant Personal Loan in Delhi?

Both salaried professionals as well as self-employed professionals/businessmen are eligible to apply for an instant personal loan in Delhi. 

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 loan and 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 maximum age should be 65 years at the time of loan maturity. 

What is the Minimum Income Required?

An applicant needs to earn a minimum of Rs.20,000(monthly) to become eligible for an instant personal loan. However, the income criteria varies from lender to lender. 

What is Maximum Loan Amount I Can Get?

The maximum loan amount is Rs.20,00,000, which can be given to a borrower according to his eligibility. However, the minimum loan amount is Rs.5,000.  

Points to Ponder:

There are some more factors that come into play while applying for an instant personal loan.

  1. The higher and more stable your income, the easier it is for you to get a loan. Yes, lenders always look for such applicants as higher-income comes with easy loan repayment possibility.
  2. Too many claims on your disposable income can reduce your loan-servicing ability. Hence, your assets, expenses and liabilities are taken into account to check your repayment ability.
  3. Existing loan obligations may reduce your creditworthiness. So, not having additional debt while applying for instant and easy personal loans helps.
  4. A credit score must be high enough to show your creditworthiness. A good credit score is an indication of healthy credit profile, thus seems less risky as far as lending is concerned.