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Personal Loan

What is an instant personal loan, and how does it work?

Key Takeaways

  • Instant personal loans provide quick, unsecured funding with minimal paperwork and no collateral, suitable for various personal needs.
  • Metra Trust’s FIRSTmoney loans offer quick approvals, multiple withdrawals, and flexible repayment options, making these loans highly convenient to opt for.
  • Salaried/self-employed individuals aged 21-60 with a CIBIL score of 730+ are eligibile for FIRSTmoney smart personal loans.
03 Oct 2024 by Metra Trust
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An instant personal loan is a short-term, unsecured loan that can be obtained quickly with minimal paperwork and without collateral. These loans are designed to provide borrowers with fast access to funds for various personal needs. Instant loans typically offer smaller amounts compared to traditional personal loans and have shorter repayment terms.

If you are looking for a loan that offers more flexibility, consider opting for Metra Trust’s FIRSTmoney. FIRSTmoney is a smart personal loan that offers a credit limit from which you can withdraw funds as and when needed. Read on to learn more about instant personal loans and FIRSTmoney loans in detail.

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Have no fear, your Personal Loan Top-Up is here!
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Benefits of instant personal loans
 

Instant personal loans have many benefits because of the flexibility they offer. Here’s what you can expect from most instant personal loans:

  • Quick approval and disbursement:

    • The main advantage of instant loans is the speed at which they can be processed and disbursed. Many lenders offer same-day or next-day funding.

  • Minimal documentation:

    • Instant loans usually require less paperwork compared to traditional loans, making the application process faster and more convenient.

  • No collateral required:

    • These loans are typically unsecured, meaning borrowers don't need to pledge any assets as security.

  • Flexible use of funds:

    • Borrowers can use the loan amount for various purposes such as travel, emergencies, weddings, medical expenses, or home improvements.

Process of applying for a FIRSTmoney loan:
 

Applying for FIRSTmoney smart personal loan is a breeze. Here are the six easy steps:

 

1.  Start by scanning the QR code or clicking loan from your smartphone.

2.  Register using your mobile number and confirm basic/personal details to check your eligibility.

3.  Select the loan amount of your choice starting from as little as ₹5,000 up to your full credit limit and choose flexible repayment terms.

4.  Link your bank account where you wish the funds to be disbursed.

5. Complete the video KYC verification process with your physical PAN card.

The entire process is designed to be digital and paperless, enabling quick approval and disbursement of funds.

Eligibility and required documents for FIRSTmoney loans
 

Eligibility criteria

  • Salaried & self-employed individuals
  • Age: 21-60 years
  • CIBIL score: 730 or higher

Required documents

  • Displaying your Physical PAN card for completing the video KYC process

The minimal documentation requirement for FIRSTmoney loans makes it easier for eligible borrowers to apply for and get their credit limits approved quickly.

Repayment terms and interest rates
 

FIRSTmoney offers competitive interest rates starting at 10.99% per annum. The actual rate may vary based on your credit profile and other factors. The loan amount can range from Rs.5,000 up to Rs.10 lakh, depending on the borrower's eligibility.

Key features of FIRSTmoney's repayment terms include:

  • You can repay the outstanding amount at any time without incurring additional fees.
  • You can choose from various repayment tenures ranging from 2 months to 5 years, as per your financial situation.
  • You only have to pay EMIs on the amount you have withdrawn and not on your entire credit limit.

Instant personal loans offer a convenient and quick solution for those needing immediate access to funds. Products like FIRSTmoney provide additional flexibility with features such as multiple withdrawals and zero foreclosure charges. You should carefully consider your financial situation and the terms of the loan before applying for it.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

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