Insta Loan in India is an innovative and quick way to get access to instant credit. It requires minimal documentation and an approval process, allowing customers to get instant access to funds. Eligibility criteria for availing of an Insta loan include Indian nationality, a minimum age of 21 years, a steady source of income, and a good credit score.
Age Criteria
The applicant must be between the ages of 21 and 80 years. Banks usually accept loan applications from applicants between these ages.
Income Criteria
The applicant must have a regular source of income to be eligible for an in-house loan. Banks generally require an income of at least Rs. 25,001 per month to approve the loan. The applicant must also have a good credit history.
Employment Status
Banks usually accept loan applications from salaried and self-employed applicants. Salaried applicants must have been employed with the same organisation for at least six months. Self-employed applicants must have a registered business with a minimum of two years of experience.
Residence Proof
The applicant must submit valid residence proof such as an Aadhar card, voter ID card, passport, etc. To prove their residential address.
Bank Account
The applicant must have an active bank account in order to be eligible for an Insta loan. Banks usually require the applicant to have had an account with the same bank for at least six months.
Credit Score
The applicant must have a good credit score to be eligible for an in-house loan. Banks usually accept loan applications from applicants with a credit score of 685 or above. These are the eligibility criteria that need to be fulfilled in order to avail an insta loan in India. It is important to understand the eligibility criteria and meet them in order to avail the loan.
In conclusion, it is important to understand the eligibility criteria before applying for an in-house loan in India. The eligibility criteria vary from institution to institution but generally include age, income, credit score, and other financial documents. It is important to ensure that all the criteria are met to increase the chances of approval and avoid any potential rejection.