|Instant Personal Loan Details|
|Loan Amount||Rs. 10,000 to Rs. 1,00,000 (Rs. 1 Lakh)|
|Loan Tenure||1 month to 12 months|
|Interest Rate||Starting 0.1% per day|
|Processing Fees||Rs. 500 + 18% GST|
|Mode of Repayment||EMI through IMPS, NEFT, Cheque, Payment Gateway, eNACH|
Instant Personal Loan is a financial product for salaried individuals in India. You can use the funds to resolve any monetary expense. It is an unsecured loan where you do not have to submit collateral to Loanbaba. The funds can be used for any purpose or emergency expense, such as medical treatment, purchase of a gadget, home repair, educational fees, vehicle repair, travel trip, etc. Without any physical paperwork, you can simply apply online for instant personal loan at loanbaba.com (direct lender of the loan), fill and submit the application form, upload the soft copy of required documents, do other formalities, and you are good to go. The loan is one of the fastest approved and serves all your immediate monetary needs.
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Below-mentioned are the features and advantages of quick personal loans by Loanbaba.
Loanbaba Team offers free doorstep service in regards to cheque pickups.
Terms for EMI Payments:
These cheques will not be deposited by us on EMI date, until you approve of the same. If you pay EMI through IMPS or NEFT, the unused cheques will be cancelled and we will provide you a snapshot of the cancelled cheques for transparency purposes. You are expected to pay the EMI on specified EMI date to avoid penalty charges.
Signing of Loan Agreement:
Facility to e-sign loan agreement is available, thus, you do not have to step out of your comfort zone to manually sign the loan agreement.
Disbursal of Funds:
The approved loan amount thereafter will be transferred to your bank account the same-day of the final loan approval.
Below-mentioned are the instant personal loan eligibility criteria:
Age of the Applicant:
You must be at least 23 years of age to apply for this loan.
Type of Employment:
You must be a salaried individual to avail the loan. Self-employed individuals, professionals, businesspersons, and others are not eligible for Instant Personal Loan but can apply for a Loan against Property and Business Loan etc.
There is no specific criterion for period of employment or work experience. However, you must be able to present proof of at least 3 months’ salary credit of your bank account.
Your net monthly salary must be at least Rs. 25,000. A regular monthly salary is necessary, which must reflect in your bank account, either through online banking or cheque deposit. Cash salary is not acceptable to grant the loan.
The final loan amount approved depends on your repayment capacity. Lower the financial liabilities higher the chances of getting the desired loan amount and approval of the loan. You must have at least 35% to 40% of your net monthly income as disposable to get the ideal loan amount.
Minimum CIBIL score must be 600+. You can access your free credit report through Loanbaba. At times, Loanbaba may consider your loan application even on a credit score lower than 600, if the reason for delays in earlier repayments were out of a genuine cause, such as a delay in salary credit, a financial emergency, etc. But, it is highly recommended to have a credit score of 600+. Loanbaba will also consider your application in case you do not have any credit history.
The rate of interest applicable on the loan varies between 0.1% per day. The applicable interest rate on short-term borrowings depends on your repayment capacity, monthly income, credit score, loan amount needed, tenure of the loan, and other factors. To boost your loan eligibility and negotiation power for a lower rate, maintain a good repayment record. Usually, loans with a longer tenure apply a lower rate of interest, and vice-versa.
All the charges and fees will be mentioned upfront in the loan agreement. Below-given is a list of other charges and fees on a quick personal loan.
Late Payment Charges: For the first 5 days from the EMI due date, a late payment fee of Rs. 100 is applicable over and above the EMI amount, after which from the 6th day, the late payment fee climbs to Rs. 200 per day, over and above the EMI amount.
Cheque Bounce Charges: Rs. 500 is applicable for each bounced cheque.
To apply for an urgent personal loan at Loanbaba, you need to submit the following documents:
Age Proof: You can submit any of the government-recognized age proof such as a Birth Certificate, Ration Card, PAN Card, Passport, Voter ID.
Identity Proof: You can submit any of the government-recognized identity proof such as Voter ID Card, Passport, Employer issued ID Card, Electricity Bill, Ration Card, Driver’s License, PAN Card, Life Insurance Premium Receipt, Title deed/utility bill/municipal tax receipt, Mobile/Telephone Bill.
Address Proof: You can submit any of the government-recognized address proof such as Ownership and Title Deeds of Property, Electricity Bill, Ration Card, Telephone Bills, Government-issued Employee Residence Proof.
Photographs: 2 recent passport-sized photographs.
Employment and Income Proof: Latest 2-3 months salary slips, income statement, etc. You may be asked to drop a test email to Loanbaba from your official email id for employment verification purposes.
Bank Statement: Latest 6 months bank statement of the salary account.
NOTE: PAN Card is mandatory.
Apart from tending to financial emergencies, Loanbaba Instant Personal Loan offers you several other reasons to choose it over other loan products:
Customer Oriented Service: We offer free doorstep service and provide apt financial guidance for your instant personal loan needs. Our wealth and finance managers are adept in understanding your loan requirement. They can suggest the best instant loan deal for you as per your existing financial liabilities. Also, our customer personnel will guide you through the loan application process and keep you updated with the loan status.
Tackle Any Monetary Need: Being a multi-purpose loan, a short-term instant personal loan can help tackle any monetary expense. You can use the fund for a single need, or partly for any other requirements. Basically, you have all the freedom to decide where you want to allocate the funds. Loanbaba will not regulate the end-purpose of the loan as long as the funds are not used for any illicit purpose.
Quick Financial Solution: The loan is popular among masses for ease of access, simple eligibility criteria, minimal paperwork, and on-the-spot processing and disbursement, matching up to the ever evolving fast-paced life and need of financial solutions.
Transparent Terms and Conditions: Loanbaba is upfront about the terms and conditions regarding any fee or charge applicable on the loan. These charges will be explicitly stated in the loan agreement and conveyed to you at the time of taking the funds. There are no hidden charges. All the laws and regulations regarding repayments and loan closure will be present in the loan agreement. If you have any queries about the loan, we will be happy to provide you with answers.
Your credit score depicts your credit worthiness. A good CIBIL score of 700+ to 900 depicts that you have been fairly consistent with repayments. A bad or poor credit score depicts, you have been frequently defaulting, delaying, or missing payments. A good credit score indicates to banks and NBFCs that you are a credible borrower – that you will not default on payments, and thus, eligible for a new loan. A bad credit score just proves otherwise to the lender.
Thus, maintaining a good credit score is crucial for any borrower. instant personal loan repayments get reflected on your credit report, thus, the repayments will directly impact your credit score as well. In order to boost your credit score through an instant personal loan, follow the below-mentioned suggestions:
Strict Monthly Budget: Before you even take out a new loan, be prepared to financially manage your expenses each month. Calculate the EMI and prepare monthly budget in a way that you will be able to take care of necessary expenses along with payment of EMI amount. Make sure to curtail unnecessary expenses to ease any financial burden.
Do Not Get Too Credit Hungry: If you have an ongoing instant personal loan, do not borrow too many new loans at once. This may prove you to be a credit hungry person, prompting financial institutions to charge a higher rate of interest on the new loans, and even causing rejection of the loan applications.
Set Reminder for EMI Date: Since there is no function of EMI auto-debit from bank account, you have to manually pay the EMIs through either NEFT or IMPS. Thus, set a reminder of EMI date every month, so as to not miss the payment. Add your loan account as beneficiary as soon as you get the details to avoid confusion or not delay payment on the EMI date.
As a last resort, if you are unable to pay through Net Banking due to internet connectivity issue or power-cut, etc, get in touch with us, so that we can deposit the cheque on your permission towards loan repayment. This cheque will be the one that you handover at the time of taking the loan.
After missing the payment for 6th day, the penalty charge shoots up to Rs. 200 over and above the EMI amount. Not only will missing or delaying payments increase the total cost of the loan, but it will also adversely impact your credit score. To avoid penalty charges, and to keep your credit score good, pay the EMIs on the EMI date as per the loan schedule. You can make prepayment without penalties..
Given below are some of the important questions you may have about Loanbaba instant personal loan.
A personal loan from traditional banks or NBFC will take at least 48 to 72 hours for disbursal. The tenure starts at 1 year and can go up to 2 to 3 years, or more, depending on the loan scheme. The borrowing amount starts from Rs. 1 lakh. You can apply for a simple personal loan at Loanbaba as well, but here, Loanbaba will not be the direct lender, but its partnered banks and NBFCs will be so.
An instant personal loan on the other hand is a direct product of Loanbaba and not offered by any bank or NBFC. You can get the approved loan amount within 2 hours. It is a small amount borrowing up to Rs. 1 lakh and on a shorter tenure of up to 12 months only. Thus, the loan product is best for instant personal borrowing for a short-term, when you need instant personal loan within a few hours without any delay or a waiting period.