Thanks to the Internet evolution, now every business is listed online. So, you can even apply for a loan online right from the comfort of your home. Not only applying, but you can also pay back your loan faster, online. Just to make it clear any home loan, student loan, personal loan, instant loan, business loan or a car loan can be taken as.
With this article, I will guide you through everything that you need to know more about installment loans.
What are installment loans and how do they work?
During a, when you borrow money and payback in installments, over some time, then that loan is referred to as an installment loan. They are paid back in the form of EMIs (equated monthly installments).
What are the pros and cons of an installment loan?
- Anticipate your budget – With an installment loan, you can prioritize your budget. So, you know exactly how much you need to repay each month.
- Fixed interest rates – Most of the installment loans available in the market are offered with fixed interest rates. So, if your card spells a good credit score, then the chances are high for you to save a fortune over the long run, as you will be provided with a low-interest rate loan.
- Lack of flexibility – You cannot increase the loan amount once you receive your funds in the account.
- Predatory practices – Few lenders provide instant access to funds even when you have a low credit score. Their main intention is to tag your loan with high-interest rates. Beware of such practices and always research on your lender before finalizing.
How to qualify for an installment loan?
Most of the personal installment loans available are unsecured, hence you need not submit any valuables as collateral. While applying for an installment loan online, always verify your eligibility criteria with your lender. Some of the general requirements of a lender are:
- Your age should be equal to 21 or more
- You should be an Indian citizen
- Should be a salaried employee
If you can match this eligibility, then you are sure to proceed to the next step of verification. If approved, that itself means that you are qualified for a loan.
There are many lenders like banks, credit unions, NBFCs (non-banking finance companies) or other lending institutions which provides you with an installment loan. But, a loan offering product from the NBFC called Vivifi India Finance Private Limited, provides custom-fit personal installment loans that suit your every requirement. The process is instant, simple and requires minimal documentation.
The best advantage of applying