Who’s Eligible for an Immediate Mortgage?

Revealed on : September 25, 2023

Emergencies can happen instantly in in the present day’s fast-paced world. Irrespective of if it includes a sudden medical expense, home repairs, or every other unplanned prices, typically the necessity for speedy funds is essential, and there aren’t any methods to get a big sum of funds instantly. An immediate mortgage may be of nice help whenever you require cash instantly. With LoanTap, you may get an immediate mortgage, hassle-free. Nonetheless, you have to fulfil the eligibility standards to get an immediate private mortgage. Under, we have now defined the eligibility standards, paperwork required, and different particulars concerning an immediate mortgage.

What’s an Immediate Mortgage?

An immediate mortgage is a type of credit score that permits you to take a mortgage in a really brief time period with a minimal variety of steps concerned. With immediate private loans, debtors can get immediate funds of their checking account at a specific rate of interest that varies from lender to lender. Immediate loans may be useful in instances of pressing necessities like scholar loans, medical emergencies, occurring a trip, planning a marriage, or every other price. 

Eligibility Standards for Immediate Mortgage As much as 5 Lakh

Applicant age

On the time of mortgage utility, the applicant’s age have to be between 21 and 58 years, which is the utmost age allowed on the time of mortgage maturity.

Work expertise

The candidate should have a minimum of 2 years of labor expertise, with a minimum of 2 months of consistency with the present employer.


The candidate should earn a minimum of ₹30,000 in internet month-to-month earnings.

Employer class

The candidate have to be a full-time employee for a enterprise, LLP, non-public or public restricted company, or related entity.


Immediate private loans are solely accessible to Indian residents.

Credit score rating

A minimal credit score rating of 750 or increased is usually required by lenders with a view to be authorised for a private mortgage.

Folks ought to keep away from cost defaults, maintain a low credit score utilisation ratio, and make on-time mortgage repayments with a view to increase their credit score rating.

Paperwork Required to Avail Immediate Loans

Id Proof

Tackle Proof

  • Electrical energy invoice, Hire settlement or Indian passport

Earnings proof

  • Newest month-to-month wage slip from the present employer

Checking account assertion

  • Authentic financial institution assertion for the final three months in PDF format

Employment proof

  • Supply letter
  • Month-to-month wage slip
  • Copy of the employment contract

Methods to Apply for an Immediate Private Mortgage?

  • Go to the official web site of LoanTap or obtain the official app.
  • On the house web page, click on on the ‘Apply Now’ tab to use for an immediate private mortgage.
  • Choose your employment profile. Choose if you’re a enterprise proprietor, self-employed, or a salaried particular person.
  • Choose the aim of your mortgage, like a house renovation mortgage, private mortgage, wedding ceremony mortgage, and so forth., and click on on proceed.
  • Enter your electronic mail ID and present metropolis of residence.
  • Enter all further data, together with month-to-month earnings, lively loans (if any), and sort of present residence.
  • Add the required paperwork, similar to financial institution statements, wage slips, and property possession papers, and so forth. 
  • Enter your PAN card quantity and birthdate.
  • In spite of everything the required data is offered, it will likely be checked, and upon approval, your mortgage quantity can be sanctioned instantly.


Eligibility for an immediate mortgage is set by numerous elements, similar to credit score rating, earnings stability, and age. Whereas conventional lenders might impose strict standards, LoanTap stands out as a dependable answer, providing immediate private loans with ease and affordability. With LoanTap, debtors can entry the monetary assist they want, due to our aggressive rates of interest and versatile eligibility necessities. Whether or not you’re a salaried particular person or a self-employed skilled, you may get fast and handy entry to funds with immediate private loans. So, whenever you’re in want of a hassle-free mortgage, an immediate mortgage will enable you meet your monetary objectives with confidence.