A complete guide to getting instant approval on digital personal loans

Unexpected expenses like medical emergencies, urgent home repairs, or time-sensitive opportunities often require immediate financial solutions. This is where personal digital loans come in handy. With minimal paperwork, these loans offer hassle-free solutions when needed.

Let’s explore effective ways to secure a personal loan with quick approval to meet your immediate needs.

How does quick approval of a personal digital loan help you?
 

These unsecured loans provide a quick and convenient way to access funds without the hassle of traditional paperwork. Since you receive these loans through online processes, you can also track the loan status closely.

Additionally, getting personal loans online with instant approvals ensures immediate confirmation, thus saving time and reducing stress.

Advantages of personal digital loans over traditional loans
 

Knowing the difference between personal digital loans and traditional will help you make an informed choice according to your financial needs -

What do lenders look for when approving a personal digital loan
 

When approving a personal digital loan, lenders assess several key factors to determine your creditworthiness and ability to repay. Understanding them will help you strengthen your application and improve your chances of securing quick approval –

1. Credit score and credit history
 

Lenders assess your creditworthiness by reviewing your credit score and past borrowing behaviour. A strong credit score, typically 730, is preferable for a personal digital loan. In addition, if you have a strong credit history, you may qualify for a pre-approved personal loan and access the needed funds even faster without additional paperwork.

Tip – You can improve your credit score by paying your EMIs and credit card bills on time, reducing outstanding debts, and checking your credit report regularly for errors.

     Advantages of a good credit score
 

1. Access to better loan and credit card offers
2. Lower interest rates on loans and mortgages
3. Higher credit limits
4. Easier approval for rentals and utilities
5. Improved chances for business financing
6. Better insurance premiums
7. Enhanced financial credibility

2. Income and employment status
 

Lenders offering personal loans online with instant approval also verify your employment type. This includes assessing your income stability to ensure you can repay the loan.

Tip – Ensure your income meets the lender’s minimum requirement and provide accurate, up-to-date employment details.

3. Debt-to-income ratio (DTI)
 

Your DTI reflects the proportion of your monthly income used to repay existing debts. Lenders provide fast approval on personal loans to applicants with a lower DTI since it indicates sufficient income to cover new loan payments.

Tip – Aim to keep your DTI below 40% by reducing existing debts before applying for a new personal digital loan.

4. Loan amount requested
 

Lenders evaluate whether the loan amount you request aligns with your repayment ability. Requesting a reasonable amount increases the likelihood of fast approval.

Tip – Apply for a loan amount that fits your financial and repayment capacity to improve your chances of approval.

5. Banking and transaction history
 

A banking history without any missed EMIs, frauds, etc., reassures lenders of your financial stability and reflects your ability to manage money responsibly. This increases your chances of securing loans with better terms and faster approvals.

Tip – You must maintain a steady bank balance and avoid irregular transactions before applying.

Your key to reliable and easy digital loans – IDFC FIRST Bank
 

IDFC FIRST Bank offers a range of benefits when you apply for a personal digital loan with FIRSTmoney. Expect fast and flexible access to funds, among other advantages listed below

1. High loan amount approvals
 

With FIRSTmoney, you can get quick approvals for amounts up to ₹10 lakh. This helps you manage your emergencies with ease. 

2. Attractive interest rates and flexible EMIs
 

You get a repayment tenure between 2 to 60 months and interest rates from 10.99%. This leads to flexible EMIs and ample financial freedom.

3. Zero foreclosure charges
 

With FIRSTmoney, you can repay your outstanding loan anytime without worrying about additional foreclosure fees.

4. 100% Digital process and swift disbursals
 

Once the quick approval on your personal loan is completed, funds are transferred directly to your bank account within 30 minutes.

To make the most of these benefits, check if you meet the eligibility criteria for a personal digital loan. To apply for the loan with IDFC FIRST Bank, applicants must meet the following requirements –

1. You should be a salaried or self-employed individual
2. Your age should be between 21 and 60 years
3. You must have a good credit record and a CIBIL score of 730 or above

Key documents needed for a smooth approval
 

The best part of a digital loan is the simplicity of its process. The only document required is your physical PAN card, which you’ll also have to present during video KYC. This minimises delays and streamlines the verification process.

Steps to get a personal digital loan from IDFC FIRST Bank
 

Secure your digital personal loans quickly with these easy steps –

1. Step 1 – Click on ‘Apply now’
2. Step 2 – To initiate the process, enter and verify your mobile number and create the profile.
3. Step 3 – Provide essential information such as your name, employment type, and income details.
4. Step 4 – Select your preferred loan amount and EMI tenure. Then, securely link your bank account.
5. Step 5 – Once your details are verified and approved, the loan amount will be credited to your bank account within 24 hours.

Common mistakes to avoid when applying for personal digital loans
 

When applying for loans, even minor errors can lead to delays, higher interest rates, or rejection. Ensure you are avoiding the following mistakes –

1. Providing incorrect information
 

Double-check all your details before submitting. Inaccurate information can delay your personal loan or lead to rejection.

2. Applying for more than you need
 

Overborrowing has a higher chance of rejection by the lender. However, if approved, repayments may get difficult and impact future loans.

3. Overlooking hidden fees
 

Read the fine print. Some lenders may charge processing fees or penalties.

4. Skipping loan comparison
 

Not all loans are the same. Compare interest rates, repayment options, tenure, and more among lenders to find the best one.

5. Not checking the eligibility criteria
 

Always check the eligibility criteria before applying for any loan to avoid hard inquiries on your credit, possible rejections, and unnecessary delays.

A personal digital loan saves both time and money
 

A personal digital loan is a smart and efficient way to meet urgent financial needs. Whether you want to cover unexpected expenses, plan a major purchase, or consolidate debt. With minimal paperwork, quick processing, and flexible repayment options, you can manage your finances with ease.

Apply now with IDFC FIRST Bank and get the funds you need today.