Why opt for an online instant loan in India

Life in today’s times has grown out to be much better than what it was in the past. This can be attributed to a number of reasons; mainly, the fact that people now have more dispensable cash with them. People now splurge exorbitant amount of money to increase their cost of living. They travel to new places, indulge themselves in luxurious good and services, etc. However, there are times when we may face a shortage of cash or may face an unprecedented medical emergency. At those times, rather than asking for cash from family and friends, you can always borrow financial assistance through an instant online loan.

The various advantages of opting for online loans are as follows:

• You can easily make use of these loans from the comfort of your house or even when you are on the go. The only things you need to make use of these online facilities provided by FINTECH companies are an internet connection and a suitable electronic device (computer, laptop, tablet, etc.).
•  The instant online loan is unsecured in nature; thus, you don’t need to provide any sort of collateral to make use of these loans. You can make use of these loans to pay off your medical bills or even take care of those last minute trip expenses.
• The interest rates charged by the financial institutions for these loans are way lower than the ones provided by the traditional financiers and loan sharks. There are also discounts on interest rates provided to the people who have a good credit score, income and history.
• The repayment of these loans is done in the flexible form of EMIs (equated monthly installments). These EMIs are calculated on the basis of the principal amount borrowed, loan repayment tenure and the interest rates charged by the financial institutions.
• There are also several other features of opting for instant online loans. The different features provided by FINTECH companies are online account management and 24/7 assistance. Thus, by opting for an online loan, you can adjust your priorities according to your own will.

Instant loan

However, in order to make use of these loans, you need to fulfill the eligibility criteria given out by the FINTECH companies and financial institutions. Some of them are here as follows:

• The financial institutions scrutinize your credit score and history before determining your loan worthiness. Your credit history is the report of financial activities and your credit score is given out by CIBIL. The CIBIL score is in the range of 300 to 900; however, your score should be more than 700 to be considered good.
• Make sure that you have a good source of income before applying for an online instant loan. Because the FINTECH companies and financial institutions thoroughly check your income source and consider it as the most important criteria. This is due to the fact that this instant loan is unsecured and your income source is the only thing that the financial companies can gauge you upon.
• Also, ensure that you have all the documents needed to avail the loan services.