In the era of digital finance and quick solutions, an instant personal loan has gained worthy attention and popularity. Sometimes people may face urgent financial needs. They often become quite distressed as they are unable to find a way out at the right moment.
But we should express gratitude for instant cash loan because, during times of need, this serves as a protective shield and ready to assist whenever you need. These instant loans are a speedy and hassle-free way to retrieve funds.
However, the ease of qualifying for such loans may vary depending on certain factors. And in this article, we will identify the eligibility criteria and factors that determine whether Indian citizens qualify easily for an instant loan.
- Salaried employment:
One of the primary eligibility criteria for instant loans is being a salaried individual. Because lenders typically prefer applicants who have a steady source of income. For Indian citizens who are employed and receive a regular monthly payment, it means they have more chances to qualify for an instant loan.
- Minimum income requirement:
Lenders usually set a minimum income requirement for loan applicants. So to qualify for an instant loan, Indian citizens must meet the specified income threshold. The minimum income criteria ensure that borrowers have the financial capacity to repay the loan amount.
- Age criteria:
Age is another crucial factor in determining eligibility for instant loans. Indian citizens fall within a specific range. They are often between 21 to 60 years. Then they are more likely to qualify easily for such loans. Younger applicants may have a longer loan tenure, while older applicants may face limitations due to retirement age considerations.
- Indian citizenship:
As the name suggests, instant loans in India are exclusively available to Indian citizens. Non-resident Indians (NRIs) and foreign nationals who are residing in India are typically ineligible for these loans. Indian citizenship is, therefore, a fundamental requirement for easy qualification.
- Credit history:
We have seen multiple times that traditional loans heavily rely on credit history. But instant loans offer a unique advantage that means they are often available to individuals with no or limited credit history. For Indian citizens who have not built a credit profile or have a poor credit score then, instant loans provide a viable borrowing option.
- KYC documentation:
Know your customer (KYC) documentation is mandatory for availing financial services in India. Indian citizens must provide essential documents such as Aadhar card, pan card, proof of address, and bank statement. And meeting these documentation requirements promptly can seriously expedite the loan approval process.
- Lender’s assessment:
Each lender may have slightly different eligibility criteria and risk assessment methods. Some lenders may be more lenient in their evolution, and that makes it easier for certain Indian citizens to qualify for instant loans.
In a nutshell:
Instant loans have become a boon for Indian citizens, and it’s all because of the convenience of a loan app and the simplified application process. These loans provide a field of protection and standing guardian when we face pressing financial needs.
But it is crucial to exercise responsible borrowing and ensure timely repayment to make the most of this financial assistance. And as you already know that digital platforms like nira made this so simple to apply and process, that means you don’t have to juggle.