Gone are the days when you had to wait for weeks, sometimes, even months, to get that much needed loan to fulfill your desires. It could be for a new appliance you wish to buy or meet some financial emergencies; delays in getting your loan can lend you in a desperate situation. However, with digital age kicking in, it has become more simplified now; you can avail Insta loans online of Rs. 5000 to 2,00,000 in no time. Insta loans are online personal loans that can be availed to fulfill your short-term financial needs. The process is almost similar to the traditional loans; though it’s completely online without the worry of physical documentation; hence saving ample of time in the process.
Insta loans offers a speedy and easy way of availing person loans, though there are some eligibility criteria you need to meet. Let’s look at those.
- Stable Income
Having a stable income is one of the top ‘must-haves’ in the eligibility criteria for Insta loans. Lenders need to know your repayment capacity, and your income proof provides them that assurance. Higher your income, easier for you to manage and repay your loan on time. For the one who is salaried, a minimum earning of Rs. 20,000/- is required to apply for the loan.
- Employment Stability
It’s quite a wonder to ponder over – how is it any different than income stability. Well, income stability provides information on your regular inflow of money. On the other hand, employment stability is about the company you are working with. If you are working with a well-established reputed firm as compared to a small company, your creditworthiness increases, as it portrays that you have job security. In order to be eligible for Insta loan, you must have worked with your present company on a full-time basis for minimum of 2 years.
- Credit Score
Credit rating or score is generated based on your financial transactions, your credits, loan and repayment history. Your creditworthiness is defined by your credit score. Whenever you apply for a loan, the lending institution enquiry for your CIBIL report which provides all your financial history and credit score. A credit score of 750 or above is considered to be ideal to avail personal loan online.
- Other Prerequisites
Other than your Income and creditworthiness, there are certain other criteria that you need to meet before you could apply for Insta loan online. For instance, you should be 21 – 58 years old and must be an Indian resident with residence proof. Another important prerequisite is that you must be a salaried individual to avail Insta loan.
You can apply for an Insta loan online with MYFI. We have a complete online process to eliminate the hassles of physical documentation and running around from banks to banks. Based on your profile and application, we help you connect with the lenders across the platform and get you attractive loan offers to meet your financial needs.
Looking for a personal loan? Apply with MYFI & fly!