How to apply for a quick small personal loan?

Small personal loans, also known as instant small personal loan, provide a simple and rapid way to obtain funds for personal financial needs. These loans are typically unsecured, meaning they don't require collateral, making them an attractive option for many borrowers. The quick approval and disbursement process of these loans make them ideal for addressing urgent financial requirements without disturbing your monthly savings or resorting to high-interest credit card debt.

Banks offer various options through which you can secure funds for your expenses. One such example is IDFC FIRST Bank’s FIRSTmoney, a smart personal loan that you can use for various purposes. Read on to learn more about this loan in detail!

Check your eligibility
 

For higher chances of getting your application approved, you'll need to meet the following eligibility criteria:

• Age: 21-60 years

• Employment status: Salaried or self-employed

• CIBIL score: 730 or above

Step-by-step guide to applying for a FIRSTmoney small loan
 

Applying for FIRSTmoney smart personal loan is quite simple. Here are the six easy steps:

1. Start by scanning the QR code
2. Register using your mobile number and confirm basic/personal details to check your eligibility
3. Select your loan preferences and choose your repayment terms
4.  Link your bank account where you wish the funds to be disbursed
5. Complete the video KYC verification process with your physical PAN card.

Once your application and KYC are verified, and your loan is approved, you can get instant cash added into account right away.

Advantages of choosing FIRSTmoney for small loans
 

FIRSTmoney offers several unique advantages that make it an attractive option for those seeking small personal loans.

• Zero foreclosure charges:

You can repay your outstanding loan amount at any time without incurring additional fees, thus, providing greater financial flexibility.

• Flexible repayment options:

Choose from various tenure options to suit your financial situation, allowing you to manage your EMIs effectively.


• Swift disbursals:

The advanced digital application process ensures quick fund disbursal, often within 24 hours of approval.


• Loan amount flexibility:

You can get instant access to funds for your needs. Once approved, you can also access top-up loans effortlessly without starting the application process from scratch.


• High loan limits:

FIRSTmoney offers smart personal loans of up to ₹10 lakh for eligible customers.


• Competitive interest rates:

With rates starting from 10.99% p.a., FIRSTmoney offers attractive terms for borrowers with excellent credit scores.


• Fully digital process:

The end-to-end digital journey makes applying for a personal loan convenient and hassle-free.

Tips for a successful loan application
 

To increase your chances of a successful FIRSTmoney loan application and to ensure a smooth borrowing experience, consider the following tips.

• Maintain a high credit score:

Since FIRSTmoney is designed for individuals with credit scores of 730 and above, focus on maintaining an excellent credit history. Pay your bills on time, keep your credit utilization low, and avoid multiple loan applications in a short period.

• Verify your eligibility:

Before applying, double-check that you meet all the eligibility criteria, including age, employment status, and minimum salary requirements.

• Keep essential documents ready:

FIRSTmoney offers a paperless process, all you to do is keep your PAN card ready to complete the video KYC process.

• Choose the right loan amount and tenure:

Carefully consider your financial needs and repayment capacity when selecting your loan amount and tenure. Opting for a manageable EMI plan can help ensure timely repayments and maintain a good credit score.

• Use a stable internet connection:

Since the application process is entirely digital, including the video KYC process, make sure you have a stable internet connection to avoid any interruptions during the application.

• Make sure to be accurate with your application:

Provide accurate information throughout the application process. Any discrepancies could lead to delays or rejection of your loan application.

• Understand the terms and conditions:

Carefully read and understand all the terms and conditions associated with the FIRSTmoney loan before accepting the offer.

• Plan for repayment:

While FIRSTmoney offers flexible repayment options, it's essential to plan your repayments in advance to avoid any defaults or late payments.

• Use the loan responsibly:

Remember that responsible use of credit can help improve your credit score, potentially leading to better loan terms in the future.

• Keep track of your application:

 Stay informed about your application status through the IDFC FIRST Bank app or website.

By following these steps and tips, you can comfortably navigate the process of applying for a FIRSTmoney loan. FIRSTmoney's innovative features and customer-friendly approach make it an excellent choice for those seeking financial flexibility and convenience. Whether you need funds for a dream vacation, home improvements, or unexpected expenses, you can use your FIRSTmoney smart personal loan to stay financially covered, quickly and efficiently.