Avail Loan in 5 mins - How?
Last updated: May 13, 2021, 06:00 AM ISTNowadays, it is not difficult to apply for a loan in 5 minutes. Since money lending and loan applications started online, applying for instant loans became easy. Whether a credit website, lending portal, or a personal loan app, you can choose either platform to avail loan in 5 mins. The online loan procedure is minimal and user-friendly.
Earlier with traditional ways of a loan application, it is hard to believe that loans can be availed in just 5 minutes today. It is called an instant loan because the loan money is disbursed in the borrower’s bank account within 24 hours after verification of mandatory details.
So, which types of loans are available online in 5 minutes? Predominantly, there are two kinds of loans; secured and unsecured. Secured loans are bounded by collateral in nature where you need a guarantor or an asset against the loan, whereas unsecured loans like personal loans are collateral-free and do not require any asset against the loan. Hence, instant personal loans are quickly approved and disbursed within 5 minutes.
Instant personal loans are more popular among youth and tech-savvy individuals. Instant loan is easily accessible and reachable at the tip of your finger through smartphone apps available on Google Play Store. So, whenever a financial emergency arises, you know how to organize immediate cash in minutes.
There are numerous financial institutions and NBFCs in India offering instant personal loans or small cash loans immediately. One such instant loan app is “SimplyCash” an instant personal loan providing unified financial solutions for all your monetary issues instantly within 24 hours or in 5 minutes with the following features and benefits associated with it:
Instant approval - When you are in urgent need of funds, instant loans are best to avail, as the loan procedure is fast and the amount gets instantly disbursed within a day or 5 minutes of real-time verification.
No physical documentation - This is one major reason why you can avail personal loans in 5 minutes. The documentation required is paperless. This means you only need to verify KYC details through Aadhar and PAN card numbers. Paperless documentation eliminates the paperwork and helps in quick loan approval.
Loan EMI calculator - Instant loan app has an in-built EMI calculator that allows borrowers to flexibly choose the percentage of interest and loan tenure. Once you are clear with the EMI, the loan application is completed in 5 minutes.
Eligibility criteria to avail loan in 5 minutesTo get the loan approval instantly in 5 minutes, your eligibility criteria should meet the lender rules and standards. Mismatch of eligibility criteria can delay the loan approval:
-Borrower must be in an age group of 21 - 58 years
-Borrower must be a citizen of India
-Borrower must earn a minimum income of Rs. 15,000 monthly
-Borrower should submit at least 6 months of salary slip or bank statement
So, yes! With finance and technology coming together, it is possible to avail personal loans online in 5 minutes. SimplyCash is indeed a reliable loan app helping with 5 minutes loans up to 1.5 lakhs.