Must-follow Do’s and Don’ts while applying for an instant loan

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Technology and digital transformation have helped people in a lot of ways. One of the main benefits is that a person can apply for an instant loan of up to Rs. 10 Lakhs, which can be disbursed in just 15 minutes. Many people don’t trust these loan apps, but at the same time, there are a lot of people who benefit from these apps.

Whether you have an emergency or shortage of funds or medical issues, instant loan apps offer cash loans starting from Rs. 10,000. However, the sanctioned loan amount depends on your need and CIBIL score. There is no doubt that these instant loan apps are trustworthy, hassle-free and quick. But to be on the safe side, we have made a list of do’s and don’ts that a person should follow for loan sanction.

DO’s To Apply For Instant Loan

  • Let’s start with checking whether you are eligible or not to apply for an instant loan with the help of a personal loan eligibility calculator available within the app. This will give a clear vision of your loan status and decrease the chances of rejection.
  • Be clear about the amount you want to borrow. Don’t borrow more than what you need, as it can increase the burden.
  • Use the EMI calculator to set the period and interest amount you will pay every month.
  • Fill all the necessary forms and submit all the required personal details during the loan application.
  • Ensure you have an Aadhar card, PAN card and or driving licence before applying for an instant loan.
  • Check the bank account details twice before submitting it, as you will receive the disbursed amount in that account.

Don’ts While Applying For An Instant Loan

  • Don’t submit multiple loan requests simultaneously. Also, don’t apply for a loan immediately if your application gets rejected. Wait for 2-3 days because it shows your credit-hunger behaviour, and it also affects the credit score.
  • Never enter fake details while applying for an instant loan, as it can result in a permanent ban. It can also reject your application during human verification.
  • Check your bank details twice before sharing because once the loan is disbursed, it will reflect under your name, and it doesn’t matter whether you received it or not.
  • Don’t miss EMI dates, as it can harm your credit score.
  • Do not apply for loans with an app that doesn’t follow RBI guidelines, as it can lead to fraudulent activities and steal all your money.
  • Do not set an EMI that will be difficult for you to pay because it can affect your CIBIL score, and you might not get loans in the future.

The Bottom Line

Instant loans are a tough nut to crack. However, if you get your hands on them, they also act like great financial support if you are facing any trouble. Before you apply for an instant loan, just make sure you select a registered loan app to avoid getting into trouble afterwards. Don’t increase your burden by taking extra money. Focus on applying for the required amount and read the terms and conditions carefully. You will be good to go.