People who do businesses may feel the need of money at any moment. Money is always required in case of business. There you may have to pay the supplier but your debtors may not have cleared the payments in due time. Sometimes you may need a loan to increase the volume of your business so that you can earn some more profit from it. So instant loan approval is a much preferred event to the businessmen.
Why Looking for Instant Loan Approval?
There are lots of features of these instant loans among which some may be in favor of your business or some may not be so. Here are some of the prevalent features of instant loans for you to know whether you should go for it or not.
- Cent Percent Paperless Process
The unique selling proposition of these instant loan approval companies is that they are sent per cent digitized. You don’t need to run to the office with the documents and their verification doesn’t kill unnecessary time for that. You have to apply online or through their site and instantly they reply back to you. Mostly the loan amount is credited to the account within 48 hours of application.
- Competitive Rate of Interest
There are many companies in the market which provide instant loans to their customers. The main income of the companies is generated from the interest paid by the borrowers. They also have competitions among them to attract the customers by lucrative offers. Most of the customers get attracted due to the interest rates of the loans. The lower the interest rates will be the more the customers will apply for loans.
- Flexible Tenure
When you are borrowing a comparatively large amount of money, then you need to have some time to pay that back. If you could pay the full amount at a time then you wouldn’t have one for a loan. The companies that provide loans offer you flexible tenure to pay the loans that may range from 12 months to 60 months and more depending on the amount of loan taken.
- Instant Disbursal
Some of the companies with which you have dealt before offer you pre-approved loans as they know about the credit worthiness of the customer. This is why the loans are disbursed very quickly just after you apply for one.
Some Companies which Provide Instant Loans
Here are some companies which provide you instant loans,
It is the company which provides you instant loans if you are more than 22 years and below 60 years. The interest rate for their loan is 1.08% to 2.33% per month and you are allowed to take a loan amount of Rs. 5,000 to Rs. 5 lakh.
It is another company which can provide you a loan amount of Rs. 3000/- to 5, 00,000/- in a single shot with the interest rate of 1.08% to 2.03% per month.
It allows you to borrow a loan ranging from Rs. 15,000 to 50 lakh against the interest rate of 0.9% to 3% per month.