Getting a quick personal loan has become a very simple task these days. With the new-age NBFCs, you can get loans in just a few hours. But what happens when you need to get some urgent funds in an extremely short span of time, say just an hour? The good news is that you can get personal loans up to INR 5 lakhs in just one hour. All you have to do is download the app of your favourite fintech company and get started. Take a look at this article to know more about the instant cash loan in 1 hour and how you can avail it.
What exactly is an instant cash loan?
The instant cash loan in 1 hour, as the name suggests, is a loan that you get within an hour of applying for it. The loan is approved within a few minutes and then the money reaches your bank account in less than 60 minutes. You can get amounts of uo to INR 5 lakhs under such loans with which you can meet the financial emergency you find yourself in. These loans are usually available from the NBFCs. The traditional banks do not readily offer these loans yet.
Features of the instant cash loan in 1 hour:
Take a look at the list of features of the 1 hour loan to understand how it works:
- Eligibility – You need to be an Indian citizen, aged between 18 and 65 years. You need to have a credit score of 650 or more. You also need to have a steady income. Both salaried as well as self-employed people can opt for the instant cash loan in 1 hour.
- Loan amount – You can borrow amounts as low as INR 50,000 or as high as INR 5 lakhs. The interest rate of the personal loan will depend on the volume of the loan. The larger the loan, the higher will be the interest rate and vice-versa. The rate of interest will also depend on other factors such as the credit score of the borrower and his or her income.
- Documentation – The instant cash loan in 1 hour is practically a paperless loan. You just need to scan your PAN and Aadhaar cards and upload them. They act as your ID and address proof. This apart, you also need to submit your bank account statements for the past few months and your salary slips. And finally, you need to click a beautiful selfie of yourself and upload it.
- Process – The entire application process can be completed on the app of the fintech company. The details of the process are mentioned in the next section.
- Repayment – The repayment happens via fixed EMIs. you can select a suitable EMI schedule that matches your financial capacities. Most lenders also offer the facility of loan prepayment so you can clear the loan in one chunk if you are able to do so at any point during the tenure.
These are the important features that define the instant cash loan in 1 hour. If you meet these requirements, you can easily get the loan.
To get the loan, you have to:
- Download the app – You need to start off by downloading the app of your preferred
- Register – Register yourself by entering personal details such as your name, phone number and email ID.
- Enter details – Next, you need to enter the details regarding your loan. These would include your loan amount, the loan tenure, etc. The lender would assess these figures and weight them against your financial capacities and then approve your loan.
- Submit scanned documents – Next, you need to submit some scanned documents. These would include your PAN card, Aadhaar card, salary slips, bank statements and a photograph of yourself.
- Wait for approval – Once you complete the formalities, all you have to do is wait for the lender to approve your loan. Gone are the days when you had to wait for hours and even days just for approval. Here, the approval happens in minutes and you are instantly told about your loan application status.
The fintech company will review your loan application and tell you about the approval status in just a few minutes. After that is done, you will get the loan amount transferred to your bank account in the next 60 minutes.
To wrap it up
It is very easy to get personal loans these days. So if you ever find yourself in an emergency, struggling to pay off the bill, apply for a 1 hour loan. You can use the app of a good fintech company. Calculate the needs and borrow as much as you need as that will make it easier for you to repay the loan on time. This is a wonderful financial aid that you should use when you need to do so.