Smart Hacks to Get Instant Personal Loans Easily | Kotak Bank

Smart Hacks to Get Instant Personal Loans Easily | Kotak Bank

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With rising living costs, one might fall behind and save nothing. Often there are times when you are running out of funds, but you need just a few more bucks to get through the month. In such cases, instant funds such as loans can be used to get through your immediate debts.

Several personal loans are available that can help you with your last-minute financial emergencies at reasonable interest rates. Let’s take a look at some of the most popular hacks that can get you quick approvals:

What are your loan requirements?

The first question that comes to your mind is how much loan you need. Before opting for a personal loan, analyse your financial situation. Knowing the exact amount of loan helps you plan your monthly EMIs.

Eligibility Criteria

Every personal loan has a set of eligibility criteria like income, age, employment stability, and credit score. Checking these criteria before applying helps you shortlist the best Bank.
Did you know, applying on ‘Month-End’ can get you faster approvals? Many Bank executives have targets, so when you apply near end of the month – it increases your chances of approval.
Even if your CIBIL score is below 750, some lenders consider your past loan repayment history on other payment platforms.

High Credit Score

If your credit score is between 750 and 900, your chances of loan approval are high. However, if your credit score is low, then you must improve it. Start by paying your existing loans, reduce your credit utilization ratio, and look for any errors in your credit report. Another factor to take care of is not applying to multiple loans at the same time as it hampers your score.

To improve your credit score, you can pay your rent via credit cards, not close your old Bank accounts, and pay your EMIs on time. All these hacks help increase your overall credit score.

Fraudulent Websites and Apps

When it comes to instant loans, many fraudulent websites claim to be authentic but never existed. It is crucial to verify before applying. Apart from websites, many instant loan apps promise quick approvals but later harass you with fake legal threats.

Some loans are available without any documentation as no reputed Bank or lender gives loans without KYC or income proof. If an app claims that, it is most likely a scam.

To stay informed, visit the RBI’s NBFC list at rbi.org.in and check if they are registered or not.

Documentation for Instant Personal Loan

When you are applying for a personal loan, make sure that you have all the documentation available to submit like:

Valid ID Proof: PAN, e-KYC authenticated Aadhaar, Voter’s ID or Driver’s License
Residence Proof: Passport, Utility Bills, Leave and License Agreement
Bank statements for the last 3 months
2-3 passport-sized photographs

Submitting your ITR (Income Tax Returns) for the last 2 years and your EPF passbook as proof of financial stability increases your chances of approval for the loan in some cases.

Prepayment Terms

While choosing your Bank or lender, make sure you go through the prepayment terms of the loan. Some NBFCs charge 2 to 4% prepayment penalties and that is a huge drawback. Make sure to read the fine print about prepayments before choosing your Bank. Kotak Mahindra Bank is flexible with its prepayment terms and allow it without any additional charges.

Conclusion

Getting instant funds through personal loans is a great way to overcome your immediate debts. With a short-term tenure, it is one of the best options for all your financial needs.

Get personal loans for any financial emergency with Kotak Mahindra Bank.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.