What is a Spot Loan

Updated: November 17, 2019

First of all, let us discuss what is a spot loan? Spot loan is a kind of personal loan. There may be some situations where you need a small amount of loan urgently. In this case, spot loans come into play. Spot loan is a type of personal loan in which you can use either full part of the loan or you can use a fixed amount of that loan.

It has one advantage that you have to pay an interest rate only on the used amount of loan there is no need to pay interest on the full amount of the loan. Besides that, you can apply for this loan on your mobile too. Most lenders prefer to give this loan to salaried persons only.

Amount:

The amount of the loan in the personal loan is 50% to 90% of the salary. It can never be 100%.

There are some features of Spot Loan:

Quick Disbursal: This is the best advantage of personal loans that it is disbursed in very little time. A personal loan can get disbursed within 15 minutes. The amount of loan gets directly transfers to your account.
Report: If you get a spot loan your CIBIL will get affect you positively. The reason after that is your CIBIL basically based on your active loans but if you are using only a part of that loan. You can check your CIBIL after getting a personal loan.
Requirements: To get a spot loan you need to complete your KYC with a valid mobile number and email ID. But you should have an operational bank account to get the personal loan. In short, these loans are beneficial for those who are looking for instant cash.
Rates of Interest: Interest rates are quite high in personal loans than other loans.

Apply For Spot Loan Online:

You can apply for a personal loan online on the site of Dialabank. It is dialabank.com. Apply online with Dialabank to get the best offers on personal loan. Various banks offer the best rate of interest rates and suitable personal loan tenure such as Bandhan Bank, Yes Bank, Bajaj finance personal loan.

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Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.

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