Technology has advanced over the past few years, as has the application method for a loan. Earlier, when you had to apply for a loan, you had to go through numerous procedures and had to submit countless documents, but not now. You get your loan from your home with an instant loan apply online.
What is an Offline loan?
Unlike the modern method, you must visit the branch to apply for the loan. You must fill out the necessary form and submit it with the required documents. The process used to take a lot of time, and the documentation was tedious, too. People used to visit the branch to apply for a personal loan to have a face-to-face conversation. It was not an easy feat, but with the digital revolution, instant loan apply online has become convenient. Let’s discuss online instant loans.
Nowadays, obtaining an instant loan is not a monumental feat. Instant loan apply online process has become simpler than ever. Let’s see how:
- Visit the lender’s official website
- Click on ‘Apply Now’
- Fill in your mobile number linked to your account number
- Enter the OTP sent to your phone
- Enter your PAN details
- Upload your address proof
- Upload your income proof
- Enter your account number where you want the loan to be transferred
- Enter the IFSC code of your account
- Fill in your office address
- Set up your auto repayment
- Accept the loan offer
- Complete your E-Signature
- Click on submit
The lender will go through your application, and if it finds it satisfactory, it will disburse your loan.
Benefits of Instant Loan Apply Online
The benefits that you get with instant loan apply online are:
- It can be initiated with the click of a button
- It’s ideal for emergencies
- The process of instant loan apply online is digital, and you don’t need to visit the branch physically
- The documentation is minimal
- Your loan will be disbursed upon passing the eligibility without any delay
Since we have discussed the application and the benefits, let’s discuss what documents you need to submit to apply for an instant loan online.
The documents required for instant loan apply online are:
- Aadhaar Card
- PAN Card
- Address proof
- Salary proof
- You also need to submit ITR (if any)
Instant loan apply online is a saviour in need of emergency, but one must be wary not to take it on a whim, or else it can lead to a debt trap that will be difficult to overcome.