You might think that getting a Rs 5 lakh loan requires a very high credit score, lengthy documentation process and a considerable time period. However, none of this is true anymore. You can easily get this loan amount as and when you need. In fact, some lenders can grant you a personal loan in less than half an hour. So, how can you actually get that? Well, check it out!
There are some lenders like Navi loan who provide many benefits which makes it easy for the borrower to choose them over others. The following steps will show you how easy and simple it is to get a Rs 5 lakh loan in just a matter of a few minutes.
- Download the lender’s official app.
- Go for the apply option once the app is installed.
- Enter basic details like your name, address, age, marital status, etc.
- Now enter your employment and income details.
- Provide your PAN card number and click on the option saying ‘Submit application’.
As soon as you hit the ‘Submit Application’ button your application will be sent for verification. If all the information and your credit score are compatible with the lender, the loan amount will be sanctioned to you instantly. Thus, in just a matter of time, you can get a loan without any difficulty.
Benefits of Personal Loan
Providing just a Rs 5 lakh loan is not enough. A lender must also take into consideration your overall experience and should offer various other advantages which render this loan facility to be one of the best options available. These can be listed as follows:
Since everything takes place through the lender’s app on your phone, the documentation process is almost paperless. You do not have to tire yourself by meddling into tedious paperwork. The lenders for the personal loan ensure that the hassle you have to face is next to nil.
Collateral refers to the asset you have to put against the loan. The collateral is used by the bank or any other lender in the situation when you are not able to pay on time. This enables them the right to sell your assets for the reparation of their dues. But since the personal loan is a form of unsecured loan, you do not have to risk your assets to get the loan amount. You can freely borrow the sum without needing to fret over your valuable assets.
Low Credit Score Alternative
Credit score plays an integral part to get any form of a loan. The lower the credit score the less are your chances of getting a loan amount. In that case, some lenders use AI-based technology to ascertain the creditworthiness of the borrower. Hence, even if you have a low credit score, there are still high chances that you will be getting as much as Rs 5 lakh loan.
The most important benefit you can reap of personal loans from these lenders is the facility of instant approval. This option is indeed very helpful in situations where you need money as early as possible. Whether it is for medical emergencies or paying the higher education fee on the deadline day, instant disbursal of the amount can help you in your most urgent need.
Flexible Payment Option
You can repay the loan amount along with the interest charges with easy Equated Monthly Instalments or EMIs. Depending on your financial budget for the month, you can choose the different EMI options available.
Getting a Rs 5 lakh loan was never this easy. The overall loan service has improved so much with the online facility that just by sitting at your home you can credit your bank balance immediately.