When you face an unexpected financial crunch, finding a quick and reliable financing option becomes crucial. Whether it’s for medical emergencies or home construction, a personal loan can be the ideal solution. With an instant loan app, such as OneScore, you can arrange for the required funds seamlessly.
With quick disbursal, minimal documentation, and attractive interest rates, OneScore offers personal loans of up to ₹5 lakhs and more. Want to know why this instant loan app is perfect for your financial needs? Let’s explore the top 5 reasons and see how OneScore simplifies borrowing.
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5 Reasons why to Choose an Instant Personal Loan
You can get a collateral-free loan in minutes with a personal loan app like OneScore. This app also allows you to improve your credit score for better terms on loans. Here are some compelling reasons to choose an instant personal loan:
- Easy Application Process
Applying for a personal loan is quick and easy. Most lenders offer online applications, allowing for faster loan approvals. You can apply anytime and anywhere, making it highly convenient for your needs, be it:
- Medical Emergency
- Car/Bike Purchase
- Home Construction/ Renovation
- Education
- Holiday or Travel
- Starting a Business
- Minimal Documentation
You don’t need to submit a lot of paperwork to apply for a personal loan. Lenders only require some of the following documents:
- PAN Card
- Voter ID
- Salary Slip or Bank Statements
- Rent Agreement
- Electricity Bill
- Passport
- Flexible Tenures
Personal loans offer repayment periods ranging from 12 to 60 months on average. You can choose a tenure and EMI that suits your needs. You can also use the EMI calculator to find the ideal tenure at your convenience.
- Collateral-Free
Personal loans are unsecured. They do not require you to pledge assets like property or shares. You can use these funds freely without any restrictions, unlike home loans, which have specific usage conditions. This makes it easier for you to apply and faster to get approval, as no asset needs to be evaluated.
- Boosts Credit Score
A personal loan can help you build a strong payment history and also improve your credit score. Lenders assess your creditworthiness based on your repayment track record. Consistently paying your EMIs on time helps create a positive repayment history.
Tips for Getting an Easy Personal Loan
Getting a personal loan means meeting all the eligibility criteria set by a lender. These criteria may be strict as the lender does not have an asset to rely on. Some of the ways you can get this loan with ease are:
Maintain a Healthy Credit Score
- Aim for a credit score above 700 to improve loan approval chances
- A lower score may reduce the chance of loan approval
On the OneScore App, you can not only check your credit score and report for free but also use personalised suggestions to boost your score. This way, you can increase your eligibility for a personal loan and be loan-ready during times of need!
Meet the Minimum Income Criteria
- Check the minimum monthly income required and ensure you pass this threshold
- Ensure you can show income stability with your bank statements or salary slips
Keep all your Documents Updated
- Ensure all necessary KYC documents are ready and spell your name and address correctly all across
- Discrepancies can cause delays and hold up your application
Minimum CIBIL Score Required for a Personal Loan
Your credit score is the foundation of getting approval on an unsecured loan. To get an instant personal loan, you usually need a score of 700 or above. This score means you’re likely to repay on time. Some lenders may require a score of 750 or more, and this may vary from one financial institution to another.
Here is a detailed table for what a CIBIL score signifies in terms of loan approval:
| Credit Score | Remark | Chances of Approval |
| Below 300 | Poor | No approval |
| 300 to 550 | Very low | Need to improve the score |
| 551 to 620 | Low | Low chances for loan approval |
| 621 to 700 | Fair | Get a loan at a high interest rate |
| 701 to 749 | Good | Can get quick approval at an affordable interest rate |
| 750 to 900 | Excellent | Can get instant approval at an affordable interest rate |
Factors That Impact Your Credit Score
Here are some factors that affect your credit score:
- Repayment History
Timely payments improve your score, while missed payments lower it
- Debt-to-Income Ratio
A lower ratio indicates better financial health
- Credit Utilisation Ratio
Using too much of your available credit can negatively affect your score
- Diversity in Credit Portfolio
Having a mix of secured and unsecured loans benefits your score
- Recent Credit Inquiries
Multiple hard inquiries can reduce your score
- Existing Debt
High levels of unpaid debt can harm your credit score
While these are generic factors, OneScore gives you reasons why your credit score may be low and how you can improve it with a targeted approach. For instance, if you are missing your recent bike loan EMIs, OneScore can send you notifications to remind you to repay them on time. It may also ask you to stop using your credit card too much or to switch to another card in your name. This way, OneScore can clear the way for you to achieve your target credit score and get approval on your personal loan.
How to Get an Instant Personal Loan on OneScore
Getting an instant personal loan is quick and easy. You can use OneScore for instant approval and fast disbursement. Follow these simple steps to get a loan:
- Launch the OneScore App
- Check your credit score using your PAN Card
- Active your loan offer by taping on ‘Get Started’ on the OnePL banner
- Provide some additional details such as employment type, monthly income, etc.
- Check your loan offer
- Calculate your estimated EMI using the EMI calculator
- Submit your application and wait for loan approval
As you can see, OneScore not only helps you get a personal loan but also helps you improve your credit score so you can get the best terms. It offers instant loans without documentation, attractive interest rates of up to ₹5 lakhs and more. You can get a quick personal loan in minutes with this instant loan app.
Its lifetime-free credit report access, detailed insights, and Score Planner help you manage your credit score smartly, too. You get the following features with OneScore:
- Free of ads and spam
- No data sharing with third party vendors
- Safe and secure
Download the OneScore App today to check your credit score, explore loan options, and take charge of your financial health effortlessly.