How to use your instant personal loan responsibly

Instant personal loans come across as a lifeline for many, offering a quick infusion of funds when required most. This immediacy makes it vital to understand and use this loan responsibly. With the digital evolution remoulding banking, numerous online credit options are now at your fingertips. One standout option is the Metra Trust’s FIRSTmoney, a versatile smart personal loan that simplifies the borrowing procedure with features like paperless applications, flexible repayments, and unlimited withdrawals, among others.  

Here are six crucial steps to manage an instant personal loan online in a smart way -
 

• Comprehensive comparison and rate shopping

Before you apply for an instant personal loan, it is wise to compare distinct offers. Look for the best rate of interest and terms that match your financial scenarios and budget to ensure you are getting the most cost-effective deal.

• Understanding and anticipating charges

Ensure you are aware of all potential charges associated with the loan – from application charges to prepayment penalties. Knowing these can assist you avoid unanticipated expenses and help with better management of your finances.

• Budgeting for repayment

For personal loan instant approval and a smooth repayment process, ensure you have a budget in place. This foresight helps you meet your repayment obligations without burdening your finances.

• Timeliness in repayment

Always aim at repaying your EMIs on time. Making timely repayments not just helps you avoid late payment penalties but even boosts your credit score, making you eligible for better interest rates in the future.

• Smart use of loan proceeds

Use the loan proceeds for your intended purpose and resist the temptation to spend on unnecessary items. Thoughtful spending ensures the loan meets its intended critical need or contingency.

• Monitor and adjust finances as needed

Keep a watch on your financial health throughout the loan duration. If your financial scenario improves, consider making larger payments to lower your debt quickly. 

Why apply for FIRSTmoney by Metra Trust?
 

Metra Trust’s FIRSTmoney offers distinct benefits for the ones seeking an instant loan online. The interest rate offered is 10.99 per cent per annum. Besides this, other advantages include -

• One-time setup with no maintenance charges

After you apply for a FIRSTmoney loan, a credit limit depending on your qualifications is set. This loan incurs zero ongoing fees.

• 100% digital process
• Instant approval & quick disbursals

The application procedure for a FIRSTmoney loan is completely online. Approval and fund transfer are quick, with your loan being established following successful authentication of documents. You can begin drawing funds immediately to meet your financial requirements.

• Minimum loan proceeds

The minimum loan proceed you can borrow with FIRSTmoney is Rs 50,000.

• Unlimited withdrawals up to the approved limit

FIRSTmoney allows you the flexibility of unlimited withdrawals with zero restrictions, up to the approved limit, in increments of Rs 5,000. This allows you to address your financial requirements whenever they come up.

• Flexible repayment options

FIRSTmoney offers distinct repayment terms, ranging from as short as two months to as long as 60 months, allowing you to select the one that best matches your financial scenario.

• Affordable EMIs

EMIs begin at just Rs 1,637 for every Rs 50,000 borrowed.

• Zero foreclosure

There are zero charges for foreclosure of loan, permitting you to settle your debt early without bearing any additional expense. 

How to apply for a FIRSTmoney loan?
 

• Start by scanning the QR code or click on the loan option from your smartphone.
• Register using your mobile number and confirm basic/personal details to check your eligibility.
• Select the loan amount of your choice (starting from as little as Rs 5,000 up to your full credit limit) and choose flexible repayment terms.
• Link your bank account where you wish the funds to be disbursed.
• Complete the video KYC verification process with your physical PAN card.

Once your credit limit is approved, you can start using the funds as per your requirements and withdraw funds either in instalments or in one go.

Ending note

FIRSTmoney distinguishes itself in the instant loan domain by offering flexible credit with quick access, making it more adaptable to fluctuating financial requirements than conventional personal loans or other instant credit options like credit cards and payday loans. Its cost-effectiveness and flexibility make it perfect for salaried individuals looking for both financial stability and adaptability.