Essential Tips to Consider Before Applying for an Instant Personal Loan

An emergency loan is an instant personal loan that helps you attend to a financial emergency. Also called “instant personal loans”, emergency loans helps you take a loan in a very short period of time.

If you are looking for a more flexible option, you can consider opting for IDFC FIRST Bank’s FIRSTmoney. FIRSTmoney is a smart personal loan that offers instant access to funds of up to ₹10 lakhs with flexible repayment options, greater flexibility to avail more funds for meeting additional cash requirements, zero foreclosure charges, and a completely digital process to meet urgent financial needs.

Factors to consider before applying for an instant personal loan
 

Here are the things you need to keep in mind before applying for an instant personal loan:

1. Evaluate your financial situation and decide on a loan amount:

You must first decide the loan amount that you wish to avail as a personal loan. Knowing your financial goal can help you decide on an accurate loan amount.  

2. Use a personal loan calculator to calculate your EMIs in advance:

You can use personal loan EMI calculators like the one on IDFC FIRST Bank’s site to calculate the value of your future personal loan EMIs (equated monthly instalments).

3. Research and compare emergency loans online:

Next, you must research various urgent loans online and compare their features. You can prepare a shortlist of these emergency loans. 

4. Select one loan from your shortlist and check if you are eligible for it:

You must then select the loan that suits you best and check if you are eligible for it. If you are a salaried individual, are between 21 and 60 years of age, and have a CIBIL score of above 730, you are eligible for IDFC FIRST Bank’s FIRSTmoney smart personal loans.

5. Assess the bank’s customer services and personal loan interest rate:

Opt for a bank that offers efficient mobile banking services. IDFC FIRST Bank’s mobile banking app is reliable, fast, and offers key features like ‘Autopay’ that help you automate your personal loan EMIs.

6. Submit the required documents:

Finally, you must submit the documents required for the emergency loan.

Benefits of quick approvals:
 

Here are the main benefits of instant personal loans that offer quick approvals to customers:

• You can effectively handle medical emergencies:

Drawing from your savings during a medical emergency is not recommended as that money safeguards your investments. However, taking an instant personal loan can help you immediately access medical services at the right time.

• You can benefit from zero foreclosure charges:

IDFC FIRST Bank’s FIRSTmoney smart personal loan charges no additional fee for repaying your loan ahead of schedule.

• You can avail a personal loan of up to ₹10 lakhs:

You can enjoy instant loan approval of up to ₹10 lakh by signing up for IDFC FIRST Bank’s FIRSTmoney smart personal loan.

• FIRSTmoney loans offer flexible repayment tenures:

If you have opted for a FIRSTmoney loan, you can choose to pay back your loan over a period of 9 to 60 months.

Process of applying for a FIRSTmoney loan:
 

Applying for FIRSTmoney smart personal loan is a breeze. Here are the six easy steps:

1. Start by scanning the QR code or clicking loan from your smartphone
2. Register using your mobile number and confirm basic/personal details to check your eligibility 
3. Choose your loan preferences, including the tenure and 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

Instant personal loans help you meet any short-term financial emergency by providing instant access to a high loan amount completely online. You must check details such as the personal loan’s interest rate, tenure, and value of future EMIs before availing the loan.