Life is unexpected and often throws financial curveballs at you! Whether it’s an unexpected vehicle repair or a medical emergency, the requirement of cash is quite stressful in such situations.
However, two popular options emerge: overdrafts and an EMI instant loan. Both offer a lifeline during tough times, but understanding their nuances is crucial for making the right choice.
Everything about Overdrafts
It is basically a safety net linked to your checking or savings account.
An overdraft facility is a safety net linked to your checking or savings account.
It allows you to withdraw or spend more than your current balance up to a pre-approved limit set by your bank. This flexibility comes in handy for unforeseen expenses or managing cash flow gaps.
Pros
- Convenient: These are readily available, and one can simply use the amount via debit card or checks when your account balance is low.
- Pay for what you use: Interest is typically charged only on the amount you overdraw, not the entire limit.
Everything about instant loan
As the term suggests, it is basically a loan type offered by financial institutions that fulfills your personal needs and objectives. It can be purchasing the latest smartphone, funding a dream vacation or even fulfilling any kind of personal expense.
At Stashfin, you avail this facility without any kind of Low Interest Personal Loan Online. This means that you have to pay us back the exact amount you borrowed from us initially. One can easily download our app on their Android or iPhone device and even explore our website for the same.
- Download the app from the Play Store/App Store
- Sign up using your mobile number
- Add your personal details to check your credit limit
- Complete KYC, and you will be good to go!
With these four easy steps, you can apply for this facility. Once approved, the amount will be credited to your account immediately.
Why an instant loan online instead of overdrafts?
-
Targeted borrowing
Overdrafts are offered with a predetermined limit. So, if you need a specific amount, say for a car repair, it might not cover the entire cost. However, loans allow one to borrow the exact amount required.
-
Avoiding the overdraft trap
No doubt they are convenient, but that ease of access can be a double-edged sword. The constant availability sometimes lead to unintentional overspending and spiraling interest charges. However, loans require a very conscious decision to borrow a specific amount.
-
Credit history building
Making timely repayments on an instant loan can impact your score in a very positive manner. Further, a good credit score unlocks tons of opportunities for better loan options with lower interest rates in the future.
Why Stashfin?
If you are planning to use such a facility, you need to understand how we can help you. As mentioned above, we offer such loans without charging interest, which means that you have to pay us back the exact amount you initially borrowed from us.
Moreover, our application is available for both Android as well as iPhone devices. You can even explore our website to apply. Here is a step-by-step guide on how to apply from our app:
- Download the app from the Play Store/App Store for instant loan offer
- Sign up using your mobile number
- Add your details to check your credit limit
- Complete KYC!
Once your application is approved from our end after we scrutinize it, the amount will be credited to your account within no time.
Online Small Personal Loan Eligibility Requirements
- Aadhaar Card
- PAN Card
- Last six months, complete bank statements
- Indian Citizens residing in India
- Age above 18
- Current Employment proof
- Monthly salary of Rs 15,000/-
- Bank Account
- Valid Identity
- Address Proof
Final thoughts
Online Instant Loan should be the first preference of every individual who is planning to avail financial assistance. It is easy to avail, easy to manage and easy to repay if you are well-planned financially. What are you waiting for? Download our app now!