Suradha is a working professional in Gurgaon who lives from pay cheque to pay cheque. One fine day her landlord told her that he needs her to vacate the house that she had been living in, in a month’s time. Now Suradha was facing expenses that do not seem too much when you look at them individually, but they add up in draining your pocket drastically. The broker’s share, first and last month rent, shifting charges and what not. She was worried about all this when she came across an ad which said-
“Get instant approval on loans starting ₹15,000. EMIs starting ₹1,400.”
Every troublesome thought that had been tormenting Suradha, vanished. She could now pay for everything without any hassles. Like Suradha, there are many people who feel that an instant loan is a great way of fulfilling their money requirements. The instant loan sector primarily caters to the everyday needs of regular people in India.
|Related Article: Personal Loan Rejections And How To Avoid Them|
It is quite known that the instant loan segment is growing bigger with each passing day. A few reasons why the instant loan segment is getting popular in India are-
The number of online lenders and portals that make instant loans available to people has increased considerably over the last decade. Earlier people were also hesitant in taking loans as there was a huge stigma attached to it. Now as they have become more receiving, the number of lenders has also grown exponentially.
A few years ago, getting a personal loan was a strenuous exercise. One needed to stand in long queues to talk to a bank official. Repeat the process with several other lenders to get a good offer. And then do a lot of lengthy paperwork to get approval for the loan. Thanks to digitization, this process has been made easier and quicker.
The EMI options for instant loans start from a very reasonable amount of ₹1400. Not to forget, the tenure of these loans are not too long. Hence, it has become easier to repay these loans thus attracting more and more people to choose it as a feasible option.
Today, the interest rates are far more competitive than they were before. Now you can get a personal loan at interest rates as low as 10.75%. Therefore, the biggest problems that personal loans posed, has been resolved.
|Related Article: Personal Loan Application Checklist|
Payday Loans are small, short-term loans given to individuals looking for money until their salary arrives. The interest rates on these loans are surprisingly high depending on the kind of profile you have. Your profile is decided based on factors like whether you have a stable job, how much money do you earn and so on.
An instant loan, on the other hand, is just a personal loan that is available instantly. It has a proper repayment structure that you have the flexibility to choose. The interest rates are not skyrocketed and are easy on the borrower’s pocket.
The steps to get an instant loan are as follows:
» Log on to IndiaLends website or download the app.
» Fill in your basic details
» Select the amount you wish to borrow and the tenure that you are looking for
» Compare multiple lenders simultaneously
» Choose the best option.
The time today is such that even the government is aiming at digitizing every sphere of the lives of the citizens. With the digital revolution that is now taking place, it is safe to say that the digital lending market segment is going to grow in the time to come. The future looks quite promising for the instant loan segment in India. If there is anything regarding the instant loan segment in India that you wish to ask us, feel free using the comment section below.
Until next time!
|Previous Article: How is EMI Calculated?|