Things to Consider When Availing Instant Personal Loan

 Instant loans are personal loans that you can apply for online. In just a matter of few hours you will receive the money in your bank account. You can get instant loans online without much documents.

Tips to consider before applying for instant loan online

Below are the 5 tips you must consider before applying for an instant personal loan online:

1. Stay aware of your CIBIL score and repayment history

Instant personal loans require the applicant to have a CIBIL score greater than 750. Your credit score denotes your credit history and how well you have utilized your credit. The better you use credit card utilities, the better your credit score will be.Good credit score means that you are creditworthy and will repay on time if you are offered a loan.So, before you apply for an instant loan, you should be clear about your credit score.

2. Read the fine terms and conditions

Generally, before e-signing a loan agreement for an instant loan, the customer should familiarize himself with the terms, rules and cost. However, it is your responsibility to consider every detail of the loan before signing the contract. Reading the terms well saves you from future turmoil and surprises and makes you aware of your responsibilities as a borrower.

3. Keep the required documents ready

Keep your documents such as photos, bank statements, addresses and proof of identity, etc. ready. Save PDFs and images before using them on devices such as smartphones, computers and tablets. Prepare it in advance so you can upload it if necessary. Ensure a break-free procedure of the online personal loan application.

4. Smartly choose your instant loan amount

While you have the option of choosing an instant loan amount, if you qualify, all you need to do is to choose the right loan amount.

Don't push too hard on loan which can disrupt your budget and reject your future loan applications, which negatively affects your creditworthiness. So, before you start thinking about how to get an instant loan online, determine the loan amount you want.

5. Check your eligibility and probable EMI beforehand

Use the personal loan EMI calculators to determine the maximum loan amount you are eligible for, your EMI, and the associated costs. This exercise will explain what your EMI will be. This will help you plan your budget and get a loan amount that you can easily repay.

Must Read: Key things to consider while opting for a personal loan

Conclusion

Also, make sure that you are being offered a minimum interest rate by all the lenders in the market. Again, make sure you need an instant personal loan. Instant loans can be useful in times of need, but can be burdensome if not justified.

Personal Loan Foreclosure - The Complete Guide

 

Typically, personal loans can be repaid over several months at a low and fixed EMI. But sometimes we receive a bonus from our employer or unexpectedly from our family, which allows us to repay the entire loan amount at once. What is the best way to proceed in this case? Should you go ahead and pay entire amount of your loan? Is there a provision for prepayment offered by your lender? Let's find the answers to these questions.

What is Pre-Payment/ Foreclosure of a Personal Loan?

Prepayment or foreclosure of personal loans is basically the process by which the borrower repays the loan before the term expires. The borrower is required to repay the principal amount to close the loan.

Things to Consider before Pre-Closing a Personal Loan

Here are a few things that you need to consider before you decide to foreclose your loan:

Foreclosure Fees - Most lenders charge a foreclosure fee when the borrower decides to prepay the loan. Typically, foreclosure fees range from 2% to 6% of the principal amount owed at the time of foreclosure.

Lock-in Period - Most lenders have a lock-in period of several months to a year after which the borrower can prepay the loan.

Remaining EMI - You need to calculate the total amount you have to pay in terms of remaining EMI (of course if you let loan naturally) and compare it to the total amount you have to pay if you decide to foreclose the loan. This will help you figure out which method is more useful to you.

Seasonal Offers - While this is rare, there are times when lenders have seasonal offers where they waive foreclosure fees for a limited period of time. Be updated with such offers and increase your potential savings by prepaying your loan during this time.

Read More: When to choose a Personal Loan over a Secured/Collateral Loan?

What is the Foreclosure Process?

If you have the required amount and want to prepay your instant personal loan online, you must follow the foreclosure process:

Contact Your Lender - First, borrowers need to contact their lender and generally write a request expressing their desire to foreclose the loan. Existing loan account number and all other important customer data must be specified in the application.

Payment of the principal amount-Once the lender accepts the request, they will calculate the amount owed taking into account the interest paid so far as well as the date of foreclosure. The foreclosure date will then be communicated and you must pay the amount by the specified date. A foreclosure fee is added when making the foreclosure of the loan.

Get a Certificate of Clearance - Make sure you get a no objection certificate (or NOC) from your lender stating that the full amount has been paid and nothing is due. The certificate must contain all other important information about the client.

These are some of the important factors that you must consider before you decide to foreclose your loan.

When to choose a Personal Loan over a Secured/Collateral Loan?

 Most of us take loans to meet our financial needs, but some apply for them just to improve their credit history or to create one. For any reason, you can choose between unsecured or secured loan options. A secured personal loan has no risk as the borrower pledges a security or asset along with it to recover the loan amount if he defaults. For a loan provider, a secured loan is the best business. Did you know you can benefit from a secured loan too by being a borrower? If you have assets at hand to keep away till the loan term ends, you must do it. The benefits of choosing a personal loan with security or collateral are huge. Take a look at all the benefits before you delve in and borrow.

Benefits of borrowing a secured personal loan

●        Access to various financial products: When you have a security or collateral to keep with your bank, you are open to borrowing various products. There is no loan or line of credit that you can not get. With security, you are an asset and an essential business to the loan provider. You can easily access any loan as per your needs. If you need an instant personal loan, you will get the best deal when you have an asset to pledge.

●        Lowest rate of interest: A rate of interest is the amount that is an extra sum of money paid along with the principal loan amount. This amount should be kept low so that the loan and EMI remain affordable and under control. It is very important to keep your interest rate checked. When you secure your borrowing by pledging a collateral or security, you will get the lowest rate of interest. The EMI will be affordable and you won’t pay a high extra amount every month for the long-term loan.

●        Easy approval: A secured loan has no risk in it. The chances of default if there can be settled with the help of the collateral pledged. If you need an easy approval, you must secure your loan. The lower the risk of borrowing, the better the approval. For a secured loan, the eligibility criteria take a back seat. No matter how low your score is, with collateral things will work in your favour.

Read More: Personal Loan vs. Credit Card Loan-Which is More Feasible?

Finishing up

Keep your personal loan documents at the time of borrowing an instant personal loan from Clix Capital. When you keep your eligibility criteria high, there is no need for any security in a personal loan.

Your Guide to Personal Loan EMI Calculator

 

An EMI calculator is a one-stop accurate tool for all the calculations during borrowing. A personal loan is quite a handy option that can meet any sort of need. It is a versatile product for multiple reasons and emergencies. However, for the right borrowing, a personal loan calculator is very essential. It makes even complicated calculations easy and quick. You get to compare the various rates and choose the best loan product on the market. It is important to make a loan calculator part of your borrowing journey for better borrowing assistance. Before you start using it, here is some important information about using a loan calculator.

What is a personal loan calculator?

A personal loan interest calculator is not a simple calculator that can be used for daily activities and simple calculations. It is a very specific tool that can be used only for loan related calculations. When you use a personal loan calculator, even the complex computations are done within seconds. You can easily compare the rate of interest offered by various financial institutions, calculate simple interest and even the monthly installment EMI. A personal loan calculator is available on the online websites of various non-banking financial institutions.

Benefits of loan calculator

●        Accurate: A personal loan calculator helps you with 100% accurate computation. Even the complex computations are done with 100% accuracy. There is no room for any human errors and you can easily find the best results.

●        Quick: Instant results are offered when you use a personal loan calculator. A calculator makes it easy to quickly calculate and compare the various rates and products that are available on the market.

●        Simple: A loan calculator has a very simple interface and users can easily use it without any technical knowledge. It is very simple to use and very specific.

●        Know your EMI: A personal loan calculator will help you calculate your EMI. When you input the principal amount, tenure and rate of interest, you will get the EMI. If you feel the EMI amount is too high, you can change the tenure or the principal loan amount till you find the right EMI amount that you can afford.

●        Compare: A loan calculator will help you calculate and compare the various personal loan products available on the market. It will be easy to compare and choose the right loan EMI and the best rate of interest that makes a loan affordable.

Read More: What Happens If I Default on a Personal Loan?

Finishing up

Use a personal loan interest calculator to compare the best available options for personal loan interest rates in the market. Clix Capital offers the best personal loan interest rate.

Learn How Balance Transfer in Personal Loan Can Help You Reduce EMIs

 

A personal loan is a perfect solution to meet immediate needs and emergencies. It is a versatile product that offers you a lending hand to meet all your needs. You can meet any need with the help of a personal loan as it is completely flexible and unsecured. However, a personal loan with a steep rate of interest can prove to be a burden. When you settle for a wrong tenure or high personal loan interest rates, you will regret the borrowing experience. If you are willing to decrease the loan burden, you can go for a balance transfer. A balance transfer is the best way to meet your needs and emergencies. Before you transfer your personal loan balance, you need to gain enough knowledge about it.

What is a personal loan balance transfer?

A personal loan balance transfer is a process in which your existing loan is transferred from your current bank to another bank. An existing loan can be transferred directly from one bank to another when you watch out for new features and specifications. This will be fruitful only when the bank you are switching to offers you better loan terms and conditions. The rate of interest should be lower than what is being offered to you now. You can calculate it with a personal loan interest calculator. A balance transfer is done for a purpose. Again, to get a low rate of interest, you need good credit eligibility and history. If you maintain a good credit score, there will be various banks and non-banking financial institutions offering you a low rate of interest. With a transfer in balance, your EMI will increase and you will enjoy an affordable loan.

Read also: 12 Reasons Why You Should Apply For a Personal Loan

What are the benefits of a balance transfer?

●        A balance transfer will help you with a low rate of interest. One should transfer the loan from one bank to another when you get a low rate of interest. This will help you with a low and affordable EMI.

●        A balance transfer will get you extra funds if you need them. By transferring your existing loan to a new one, you can borrow an extra amount of money if you need it. This will help you with an extra sum of funds.

●        A balance transfer will help you with favorable terms and conditions. It will give you an amazing borrowing experience.

Finishing up

Use a personal loan interest calculator to get an affordable personal loan. A low personal loan interest rate will help you with reduced EMI. Balance your transfer to a new loan, so that you get better terms.

How Can I Get a Quick Personal Loan?

 

If you are stuck in some crisis or financial void, you will need an instant source of funds. Borrowing from friends and family will not be a good option. It is easy to visit Clix Capital and get a quick solution to meet your ends. Financial support is very important to find solutions and come out of emergencies. If you are in immediate need of funds, you need a quick personal loan. It is also known as a same-day loan, because it can be disbursed on the very same day. If this is your first borrowing experience, you need to know the steps of borrowing. If you keep this in mind, your borrowing journey will be completely hassle-free.

●        Check your credit eligibility: If you are trying hard to find a source of funds, you can have it with an instant personal loan. To get a quick loan, you need to meet the credit eligibility criteria. So, before you apply, check your credit score. A good credit score is above 750 and that makes it easy for you to borrow. Try to keep your credit score above 750 to avoid any problems.

●        Look for the right loan provider: The loan industry is expanding with banks and non-banking financial institutions. It is not an easy choice that you can make out of the huge availability of options. You need to compare the best borrowing options in terms of rate of interest, disbursement time, eligibility criteria, and mode of borrowing. If you find the best rate, online borrowing and instant disbursement, go for it.

●        Apply online: A quick or instant personal loan is available on various online websites. You need to simply visit the online website of Clix Capital and apply online. There will be an online application that you need to fill out.

●        Minimal documentation: After you are done with the application, you need to complete the documentation process to meet the personal loan eligibility. Simply upload all the documents that are scanned. It is a quick process and only a few important documents will be asked for.

●        Approval: Since it is a quick loan, you will get approval within a few hours. It will be communicated through the contact details you offered.

●        Disbursement: After the approval comes the disbursement and it will be done on the very same day.

Read More: Should You Take a Personal Loan or a Car Loan to Purchase a Car?

Wrapping up

Find the right source of instant funds with Clix Capital. Meet the personal loan eligibility and get the right rate and easy approval on your instant personal loan. It will be a great borrowing choice when you choose to go for a personal loan.

 

Same Day Loans – Here’s What You Need to Know

Financial emergencies are urgent and demand a quick fix. Therefore, you need to act fast before the emergency becomes a disaster. A same-day loan is the quick fix you need in case of financial emergency. A same-day loan is very evident from the name itself. It is the best financial support that you can get to meet any emergency or instant need. One can meet any need or emergency with a same-day loan as it offers funds without any delay. Before you move on to borrowing, take a look at everything that you need to know about a same-day personal loan.

What is a same-day loan?

A same-day loan is the one where you get the funds the day you need them. The flexibility lies in the use of the fund for anything that you need. A same-day loan will be disbursed on the very same day that you apply for a personal loan. It is open for use under any situation and you will get instant funds in your account within a few hours. From application to disbursement, an instant personal loan takes a few hours. The documentation is minimal. Take a look at it.

Documents for same-day loan

●        Proof of Identity:-Passport/Driving License/Voters ID/PAN Card (any one)

●        Proof of Residence:-Leave and License Agreement/Utility Bill (not more than 3 months old)/Passport (any one).

●        Latest 3 month bank statement (where salary/income is credited).

●        Bank statement

●        Passport size photograph

●        Business proof

●        Income tax return

●        Employment proof

●        Salary slip of the last three months

Read More: What is EMI? EMI Meaning, Calculation Types, and More

Eligibility for same-day loan

If you need a same-day loan, you need to meet the personal loan eligibility criteria. A credit score of more than 750 will give you easy approval. Maintaining a good credit score is very important. Secondly, the income should be impressive one. It will not be easy to get approval without a good income. Then comes job stability, employer and security. You need to meet all of them to get the right rate of interest and approval on time.

Where to get a same-day loan from?

Same day loans are available on a digital platform under various non-banking financial institutions like Clix Capital. You can easily apply by visiting the online website. It is easy to process it from the comfort of your home.

Wrapping up

An instant personal loan will help you meet your immediate needs and emergencies. Borrow from Clix Capital to get the most affordable personal loan. It will help you with instant cash on the very same day.

 

Guarantor Loans – Everything You Need to Know

 

A Personal loan is one of the most flexible and affordable forms of financial solution offered by non-banking financial institutions and banks. It is easy to get a personal loan with a low personal loan interest rate and high eligibility. However, there are many that either lack a good credit score or an impressive income. A guarantor loan is a great solution that works in favor of the individual without any credit eligibility. This has been a prevailing solution taken by individuals with zero to low credit eligibility.

What is a guarantor loan?

A guarantor loan is a personal loan that is granted only in the presence of a guarantor with a good credit score and a good income. When individuals face rejection, they can make someone act as a loan guarantor with good eligibility to take the guarantee of loan repayment. The loan providers offer loans based on the guarantor. The loan guarantor will take equal responsibility for borrowing and share the damage equally if there is a default. Before you become a guarantor for someone, you must consider all the drawbacks.

Drawbacks to loan guarantor

●        Damage credit score: A loan guarantor will damage his own credit score when the borrower will not pay or delay any EMI payments. If you have worked on your credit score, you will lose it just because someone else does not make timely payments. This damage will affect your credit record as your credit report will also have the same report. It will become difficult to get a low personal loan interest rate with a bad credit score.

●        Unable to borrow: When you act as a loan guarantor, that loan gets added to your credit history and report. You do not enjoy the money, but you take up the responsibility. However, this becomes worse when you face an emergency. You will not be able to borrow, as you already have an existing loan being taken by someone else. Your doors and opportunities for borrowing are restricted for the entire loan tenure.

●        Damage to savings: If the borrower is not able to pay the loan within the tenure, it becomes your responsibility. You are the guarantee of repayment. The loan provider will directly approach you about the repayment. You can not ignore it or you will default and your credit score will be damaged. So, you pay for the loan taken by someone else using your hard-earned savings or investment.

Read More: Why are NBFCs Preferred Over Banks for Personal Loans?

Wrapping up

The reality of a online personal loan in terms of guarantor loan is not an easy one. The reality is very different and has a lot of drawbacks for the guarantor. If the borrower is unable to take financial responsibility, you lose your credit record. It has become difficult for you to get a low personal loan interest rate, at least for a good number of years.

5 Simple Ways to Get Out of Credit Card Debt Faster

 

A credit card is a revolving line of credit that can be used for meeting small and petty expenses. Credit card debt is a huge burden because it is the most expensive form of loan. If you have multiple credit cards, the burden of the loan will be high. It becomes very expensive and paying those bills leads to a financial void. You must finish off the credit card faster or else you keep making it expensive or you damage your credit score. Here are some of the amazing ways in which you can quickly get away from your credit card debt. Little consistency and effort will help you manage your payments on time without hurting your credit.

Simple ways to get out of credit cards faster

●        Take a personal loan: Use a personal loan to settle all the bills on your credit card. It is an affordable form of loan that is flexible. You can use it to pay and close your credit card. The EMI of a personal loan will be much lower than the credit card bills. Credit card bills are expensive because the rate of interest and the additional late and bouncer charges and fees are very high. It becomes a burden. Try and get a personal loan to settle the credit card bills instantly.

●        Debt consolidation: Consolidation of multiple credit card loans into one debt will be useful. If you use too many credit cards, you will have a lot of debt. Various bills and an expensive rate of interest will make it expensive. You need to consolidate all your debts into one and pay a low-cost EMI.

●        Cut down on expenses: If you have pending credit card bills, you need to cut down on your expenses. It is important to pay bills rather than spend money on optional and unnecessary things. Manage to settle your credit card loan and then you can go on spending. The expenses that are not important should be closed and that amount should be paid for the loan.

●        Increase income: Increase your source of income. You need to find various ways to increase your income. If you are salaried, you should look for an increment or an appraisal.

●        Take a gold loan: If you have any gold that you don’t use, you should use it to settle your loan. This will help you close down all your credit card bills.

More Read: Four Ways to Quit Your Role as a Loan Guarantor

Wrapping up

The best way to pay off your credit card bills is with a personal loan. If you want a low personal loan interest rate, you need to meet the eligibility criteria.

Goals You Can Achieve Using a Personal Loan

 

A flexible loan, like an instant personal loan, is the best way to achieve any goal in life. Small and big aspirations and goals are possible when you meet the eligibility and take a personal loan. The open-ended loan without any rigidity in end usage makes borrowing really fruitful. It is easy to achieve various goals using an instant personal loan. What are your goals for the upcoming years? Do you have a big expense coming up? Or is it an emergency expense? Well, with a personal loan, everything looks so flexible and easy. Let’s take a look at all the goals that you can achieve with the help of a personal loan online from Clix Capital.

●        Wedding: Indian weddings are high-end and luxurious. Years of planning made that one week a success with the best bride and groom and amazing decorations and arrangements. Even a single event at a wedding costs a good amount of money. A wedding in India is considered a ceremony, and it has to be grand. Parents go beyond their reach to celebrate the day. If this is what you aim for, a personal loan helps you to achieve this goal of turning your special day into an extravagant one.

●        Travelling: If you wish to travel to one of your favorite destinations this year, you can do it with a personal loan. A personal loan from Clix Capital is affordable and very flexible to be used for anything that comes up. You can discover some amazing places in India and relish every moment. If your goal is a foreign trip, you are good to go too!

●        Emergency: If your goal is to stay fit and get any medical treatment, you can get it now with an instant personal loan. The flexibility of a personal loan allows you to pay for your bills and attain good health once again. It would be really helpful to cover up the entire medical cost in a single go.

●        Some purchases: If you aspire to get something or give something expensive to someone, you can fulfill your wish with a personal loan. It would be an amazing way to attain happiness. Use a personal loan to fulfill your wishes and make others around you happy. If you are responsible and you aim for a smooth repayment, a personal loan is the best friend for life.

Read More: 5 Ways to Plan your Monthly EMIs on Instant Personal Loans

Wrapping up

When you opt for an instant personal loan, make sure you negotiate for the best personal loan interest rates. It will make your personal loan affordable and easy to repay.

 

Financial Wellness Benefits: Why Should You Care?

 

It is important to have an overall well-being. Today, financial wellbeing and job satisfaction are essential. No matter how many increments, salary increases, or designation changes you make, job satisfaction remains the main key. Every organization, irrespective of size and pattern, needs to understand financial wellness. There are several financial wellness programs for employees so that wellbeing is ensured. Employers are taking initiative to build programs that would keep the job environment healthy and offer financial stability to each employee.

Read Full: Personal Finance Mistakes Young Professionals Make

What is an employee wellness program?

It is a program that works for the welfare and support of individuals. This is assistance given by every employer to employees. Personal finance and wealth management need to be implemented by every employer. It is a collection of all the services that are directly offered by the employer. It can include various features, like workshop, financial crisis management, contingency fund, financial portfolio and wealth management. These aspects offer emergency relief to employees so that they can manage their lives on a good note. This is taken up by small and big organizations so that it is easy to manage financial health and stability.

Benefits of a financial wellness program

●        Low stress: Employees are more productive when they are not under any form of stress. Financial stress is the worst one to have. With the help of a financial wellness program, financial health is maintained. When employees don’t need to worry about their financial condition, they are more productive at work. They perform well, and in this way, you can ensure better returns.

●        Wealth creation: A financial wellness program ensures that an employee is able to fulfill their financial goals in life. Assets and wealth creation are very important for a good life. Behind working so hard, every employee aspires to build some wealth. With a financial wellness program, it is easy. Individuals can create valuable assets.

●        Even though most countries have some form of post-retirement security scheme in one form or the other in the public sector, it is not as prevalent in the private sector. A sound financial wellness program will help with managing wealth and make the best use of assets and financial services.

●        Job satisfaction: An employee is happy when there is financial stability and work satisfaction. A financial wellness program will ensure good stability.Finishing up

Finishing up

An instant personal loan makes it easy to meet emergencies and needs. A personal loan in Delhi will be useful for meeting various needs and requirements. Meet the eligibility criteria to get an affordable personal loan.

 

5 Tips to Get Your Personal Loan Approved

 

A personal loan is the safest way to meet all your needs and emergencies. Though it is unsecured, the flexibility of the fund makes it a promising financial solution. Since a personal loan online is completely unsecured, the risk of repayment is involved. Hence, the eligibility criteria are high and the screening process for personal loans is taken seriously. If you need instant approval and also a good rate of interest, you need to meet the eligibility requirements for a personal loan. There are various factors upon which the approval of a personal loan will depend. Let’s take a look at the factors without fretting about other aspects.

Read Full: When to choose a Personal Loan over a Secured/Collateral Loan?

5 tips to get personal loan approval

○        Have an excellent credit score: A credit score indicates the financial health of an individual. It represents the financial stability in terms of financial activities and behavior maintained by the borrower throughout the journey. A clean financial track record and smooth repayment help in getting a good score. A score above 750 will help you get an easy approval. There are various benefits to having a good credit score.

○        A perfect income: A great income means no repayment risks. Individuals with a high income can easily manage the EMI payments every month without any delay or missing out. For loan providers, individuals with high incomes are always a good business. It will be easy for you to negotiate a good rate of interest and approval will be easy and instant.

○        Job stability: A stable job gives you an easy and hassle-free borrowing experience. It is easy to get approval when you stick with one organization for a long time and hold a good position. Stability in employment means salaries will be on time. The only focus of a loan provider is on timely repayment.

○        Research well: There are banks and non-banking financial institutions available to offer a personal loan. You need to research and compare before settling down for a loan. The more you compare, the better rates you get. Always look for one with better features and a low-cost loan.○        Secure loan: If you have a property that you do not use, use it to secure the loan. It will give you easy approval and the rate of interest is low when the loan is secured. There is no risk in a secured instant personal loan.

Must Read: Personal Loan With Aadhaar: Now at Low-interest Rates!

Finishing up

Visit Clix Capital to get an instant personal loan. Make sure you have all the personal loan documents in the right order to process the request for a personal loan on time without any delay.