Personal Loan

Instant Personal Loans

Instant personal loans for Salaried employees include people working in government and private enterprises, doctors, CAs, employees of Public and Private limited companies, MNC employees, and Government Sector employees including the public sector undertakings.

Instant Online Loans from Finance Buddha

Finance Buddha is one of the leading DASs of the country which offers digital loans. Every borrower has a unique financial position and requirement as well. Hence, we always have a dedicated sales manager to advise you on the best bank to choose, do the initial documentation, answer bank queries on your behalf, negotiate on your behalf, complete the loan documentation and ensure disbursal to your account. In the complete process, there is no face to face interaction at any step. Hence, these loans are best to avail in this situation where social distancing is a must and when stepping out of the house can bring coronavirus inside your house.

All about Insta Loans

What are the Eligibility Criteria for Insta Loan?

Insta Loan by Finance Buddha is an online personal loan facility in more than 180 cities across India. Through Insta loan one can apply for a personal loan online using the internet on their mobile phones and laptops. From filling the form to applying, and from processing the loan application to the loan disbursal everything is 100% online and digital. 

The loan application processing is done by software and algorithms which saves the time making Insta loan processing way faster than the conventional loans.  

As soon as the loan is processed, it is approved in just an hour and the money is disbursed in the borrower’s bank account in just 2 Hours.

However, the processing is fast and the loan is available widely, there are some eligibility criteria fixed by the lending institution to ensure secure and risk-free lending in terms of repayment.  

The one who is eligible for it can avail of an instant loan online ranging from ₹50,000 to ₹50 Lakhs without any physical documentation. 

Let us discuss the eligibility criteria which one requires to fulfill in terms to get qualified for an Insta Loan.

Eligibility Criteria for Insta Loan 

The eligibility criteria to qualify for an Insta loan depends on several factors, which directly or indirectly decides your repayment capacity and your creditworthiness. So here are those factors-

Income

Your income is one of the most important factors on which your Insta Loan eligibility depends. 

Your repayment capacity is directly dependent on your income. So, the more you earn, the more is the possibility of timely repayments. To avail Finance Buddha Insta Loan you need to have a minimum income of ₹20,000 in case of salaried person and a minimum of ₹25,000 for a self-employed individual. 

Age

Age is just a number! This is a common saying, which you might have come across. But things are different and quite serious when it comes to lending and borrowing business. Your age is also among the one factors which decide your repayment capacity. A person who is in his early 30’s is more likely to be considered creditworthy as compared to that of one who is in his late 50’s.

Employment Stability

Some of you might be wondering what this is? Well, your employment stability is your job security in other words. A person working in a reputed company or in a government sector is likely to be considered more creditworthy and eligible for a loan than compared to one working in a startup or a small organization.

To qualify for an Insta Loan you should have at least 2 years of full-time work experience in your current profession, and if you are a self-employed person then you should have a minimum of 5 years of earning turnover.

Credit Rating / CIBIL Score

Your CIBIL report is the one that reflects your financial history. Your previous borrowings, repayments made towards them and your credit card bill history everything is reported by your lender to the credit bureau and your CIBIL is the mirror of that. A credit score of +750 is considered good and more creditworthy than that of a CIBIL of 500. 

The same is true for Insta loan and a CIBIL of +700 is required to get qualified for it. 

Employer

Do you know- your employer also holds a lot of value when it comes to avail an Insta Loan. The employer with whom you are employed is the most ideal thing to know your repayment capacity and eligibility. 

A person employed with a CAT A company will always be considered more eligible than one who is employed with a small organization. Being in a piece of rumoured and high turnover organizations is an advantage with regards to applying for the Loan.

·       Go to – https://financebuddha.com/insta-loan

·       Check for interest rate and Eligibility 

·       Fill the online application form

·       Submit the documents online 

·       Get e-approved for the insta loan

·       Get assistance through our customer support team

·       Get the loan amount disbursed

Planning Finances for 2020

Many people make resolutions for the New Year. But making resolutions can never help you until you are determined and stick to it. Most of the resolutions people make are related to improving themselves in the coming days. However, resolutions are not restricted to any specific field and can be related to one’s personal, professional or financial life. In this article, we will be discussing your financial habits that can help you to improve your financial health in 2020. 

But the fact is any improvement doesn’t happen overnight and it’s important to set financial goals in terms to achieve them. Financial plan with long term goals helps you to achieve your long-term goals, but we will suggest you start with short-term goals in the beginning. Like while planning your finances for 2020, start with a target for January, try to achieve that, and then move ahead with a plan for Feb and March. Taking baby steps will always protect you from major failures and on the same hand achieving the first goal will motivate you for your next target. 

Financial planning can vary from individual to individual, and a financial adviser can help you with it in case of a full-proof plan for your investments and tax savings. Once you start following your plan strictly, your financial health will be on the right track. 

Remember, your financial planning helps you to make the best financial choices and set a better financial life for you.

Reviewing What You Spent in 2019

·       Analyzing how much you spent each month?

·       Analyzing your expenditures on necessities, and your wants.

·       Which expenditures were unnecessary?

·       Where you overspend?

·       Where you were supposed to spend but you didn’t?

·       Analyzing last year’s investment and approximate return from them.

Set Short Term & Flexible Goals

Short term goals are more likely to get accomplished as compared to that of a long term goal. You just have to be clear about your goals and should have a proper plan to accomplish them in a pre-set time frame. But you don’t need to be too hard on yourself to accomplish them, and that’s the reason we are suggesting you set a flexible goal. One year is a long time to make progress toward your financial goals. Hence your planning can be targeted for a month or two, seeing the success of the first plan, onwards plan can be made.

 Spend to Save

Whether you are self-employed or a salaried individual, you should try spending some to save from your taxable amount. 

As per our income tax act, one can save up to ₹1.5 lakh from their taxable income. But to avail this exemption you need to invest your money under some particular categories which include FD’s PPF, savings schemes under post office and so on. Doing this not only saves some from your taxes but also gives you a return in the future. So, make your strategy clear that you won’t regret it in the future. 

Organize Your Debts 

This should be on your top priority while planning your finances anytime. We as a whole realize that we’re in an ideal situation without realizing the seriousness of debt. Debts are financial obligation which can cause stress and tension when not managed properly. So, while planning your finances for the coming year you have to be extra careful. Try to repay your higher interest debt as early as possible as a higher interest consumes a lot of money. If not this be shorted with your preferences, like which debt is on priority to be cleared first. 

For example- You are planning your finances for 2020, and you have a credit card, a car loan, a personal loan, and a home loan too. In this case, you need to be clear about your priorities. In the ideal situation, your preference should be to clear your personal loans first, as it has a higher interest rate, then comes the car loan and at last home loan. In case any of you have a credit card debt, then that should be on top of all to be cleared. This is because credit cards have a very high-interest rate and it can be a never-ending process when not managed properly. 

Save for the Future

After you have done with all the above-mentioned things, you should move in the direction of building your retirement and contributing investment funds. There are numerous money related guides available online, try to go through them and understand the importance of savings. It is always suggested to place 15 percent of your gross pay into retirement every year. In any case, on the off chance that you have explicit retirement objectives, you may need to expand this sum. 

In case you are not sure about any investment or have any money related issue then contact experts for the help.

 There’s a lot you can do to improve your financial health in one year. Take one step at a time.

A personal loan is a type of unsecured loan and helps you meet your current financial needs. You don't usually need to pledge any security or collateral while availing a personal loan and your lender provides you with the flexibility to use the funds as per your need.

Getting a personal loan in Bangalore is very simple nowadays. To opt a personal loan from any bank or any lender you just have to be fit in their eligibility criteria. Every bank and lender have there own eligibility criteria for there borrowers.

Here are some basic eligibility criteria-

Age - Your age should be min 21 and max 60 years old. Income- You should have min Rs 20,000 income if you are a salaried person, and if you are self-employed then you should have min Rs 25,000 monthly income.

Employment- Full time working with 2 years of experience for salaried person and for self-employed you should have at least 5 years of earning turnover.

CIBIL- For both salaried persons and for the self-employed person you should have 750 or 750+ credit score. FOIR- it should be 0 to 60% for both.

And if you think you fit in this eligibility criteria, then you can get a personal loan of your desired amount at best interest rate (never forget to compare the interest rate from other banks or lenders). To apply for a personal loan you just have to follow some simple steps and after that your desired personal loan amount will be credited to your bank account by the bank or the lender.

Steps to apply for a personal loan -

Visit the site of the bank or lender,

Fill the instant personal loan online form and submit it,

Know the best offer through the bank or lenders/ lenders team,

Complete the required documentation done,

After all this if you are eligible for your desired loan, sign the E-agreement online,

Instant loan disbursed in your bank account.