With the right documentation and good credit score, the personal loan gets approved in 4minutes. Check out ways to get loans speedily.
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Personal Loan Approval in 4 Minutes - Know How to get Instant Loan

Personal Loan Approval in 4 Minutes - Know How to get Instant Loan

posted on 2020-06-05 08:24:26 by Admin

Personal Loan Approval in 4 Minutes - Know How to get Instant Loan

Emergencies can arise anytime. You may require the funds urgently to meet the liquidity crunch. In such scenarios, personal loans are best which are unsecured loans with flexible interest rate and repayment period. Nowadays, you can get a personal loan online instantly with 4 minutes approval or less.

In this article, let's explore how to get your loan approved in 4 minutes. It’s an easy process if you are done with your research and documents ready.

Personal Loan Approval in 4 Minutes

In India, apart from home loan and car loan, personal loans are in great demand. Taking a loan is not easy, sometimes they get approved and sometimes don’t. The reason could be anything from age criteria to less CIBIL score.

The digital credit model of the online lenders is quick to approve the loans for the customers. But, it is only possible if the borrower satisfies all the eligibility criteria.

So, the key for faster personal loan approval lies in the eligibility requirements and your proofs to substantiate the same.

Let's dive more and look at what factors you need to fulfill to get the loan faster.

List of Things Required for Personal Loan Application

If you submit all the documents correctly, then your loan will be approved in a few minutes. The approval ensures that you have submitted all the documents required for the eligibility check. Next, through verification is done to disburse the loan. The loan gets disbursed within 24 hours or maximum 7 days. Following the mentioned things you can increase the chances of the loan approval and disbursal.



  • Contact Number- Always give the active number to receive OTP or a call from the lender.
  • Email ID- Nowadays you can apply for using social media login. Still try to use the email id, which you use on the daily basis.
  • Personal Details- Details like name and address should be mentioned that are available on the official IDs like voter ID, Aadhaar, Passport etc.
  • Employment Details- You may have to fill in a company number, address, employment id etc. Keep these documents ready along with a proof letter of the employment. You can ask your HR to provide them ASAP, in case it is not given to you.
  • Salary Slip - Lenders may ask you to upload the salary slip to prove the monthly income. You can ask your company to provide the same. Also, make sure you submit the PDF version of the slip. As most companies provide it online, you can simply download it and upload.
  • Bank Details - In these details, you have to mention the bank name, branch, and IFSC code. Make sure that you enter the details of the bank in which you receive your salary from your organisation.
  • Bank Statement- This is the most important document, this will decide your loan approval. So, always download the bank statement from net banking in the PDF format. Upload directly without making any changes. In case you are facing problems downloading the bank statement, contact your bank immediately for any issue.
  • Photograph - You can either click the picture from the app or you can upload your passport size photograph in the application.

On submitting these documents, your loan will approve in minutes. For the final disbursal, keep an eye on your mobile/ inbox for any contact from the lender.

5 Factors Influencing Personal Loan Approval

Whether you are a first time or an experienced borrower, these factors will always influence personal loan approval.

#1. Credit Score

Maintaining a good credit score is essential for the faster loan approval. The credit score is calculated based on the past credit records, income, debt history etc. A candidate with 750 score and above will have a high chance of loan approval. This is the first thing that lenders check in the loan application. A score between 650 and 750 is still safe. If your score is below 650, then you must take action to improve the credit score.

Also, if you will make multiple queries regarding loans in different lending institutions then it will be considered as hard enquiries. Which will result in a decrease in the credit score. So, instead of directly putting up a request to the banks, you can compare the loans online. Also, you can check your CIBIL score from the official website. Then, apply to the lending institutions according to it.

Read: 5 Ways to Plan Personal Loan EMI Repayment

With a high credit score, you will have a negotiation power to get a higher loan amount and low interest rate.So, keep a decent credit history, make sure you do not have any previous missing EMI or credit card bills.

In case of any error in your credit report, kindly raise the issue to the credit bureau.

#2. Debt to Income Ratio

Always apply for the loan as per your debt to income ratio. Ideally your debts should not exceed by 40% of your income. So, having a low Fixed-Obligation to Income Ratio (FOIR) will help to increase the chance of loan approval. On some banks/NBFCs websites you can check the maximum amount you can borrow from your current income level.

Benefits of Fixed-Obligation to Income Ratio (FOIR)

  • High chances of approval
  • Increase creditworthiness due to better repayment capacity
  • You will have more disposable income and low liabilities.

#3. Manage Your Funds Well

As a borrower, dont apply for loans or credit cards in the short interval. Only apply when needed. Applying for multiple loans will give the impression that you are managing your fundswell and always looking for credits.

Also, apply for the loans which give you the best interest rate with low EMI. You can check the monthly EMIs using the online calculator. Before signing the final agreement, ask your lender for any other charges which are applicable ie, pre-processing charges, loan closure charges etc.

#4. Stable Source of Income

Your creditworthiness increases when you have a stable source of income. This helps the lender to confirm that you can easily pay the EMI with your monthly income.

Often lenders expect the experience of 2 years and 1 year experience with the current organisation. So, your employment history matters a lot more than credit score.

Candidates associated with reputed organisations have better chances of the loan approval.

#5. Age Criteria and Documentation

Before filling the form for loan, always check the eligibility criteria. If you are not in this range, then your loan will not be approved. The age criteria changes from bank to bank. If you are eligible to apply, then upload the documents as mentioned above.


For the faster loan approval, you must go step-by-step procedure. It will improve your chances to get the loan approved as soon possible.

First check the eligibility and interest rate of various banks. Check your credit score and loan amount you want. Then, apply for the loan in the shortlisted institutions. Submit all the documents as required. If all the things inclined towards bank policy, then along with approval, the loan disbursal will take place quickly.


To apply for personal loans, home loans, business loans, credit cards, visit Loanadda.com. Best assistance and guidance is just one call away.