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How to Get Personal Loans Instantly?

IndianMoney.com Research Team | Posted On Monday, September 30,2019, 12:52 PM

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How to Get Personal Loans Instantly?

 

 

To meet expenses which arise out of unexpected events and circumstances, an instant personal loan is the best bet. From booking flight tickets to clearing a due payment on your credit card, instant personal loans come in handy. Just like any other personal loan, an instant loan is an unsecured loan which can be availed online and it comes with varying tenures and loan amounts. Compared to regular personal loans, instant loans have relatively higher interest rates and short tenures. Despite the higher rate of interest, instant loans are highly preferred due to the quick and easy approval process, and it involves minimum paperwork.

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Maximum Amount Disbursed in an Instant Personal Loan

A number of instant payment apps have surfaced in the last few years and they offer personal loans ranging from Rs. 1,000 to Rs. 25 lakh. As already mentioned, the interest rates charged by these quick money lenders are generally higher than the interests charged by banks and NBFCs on personal loans. What’s noticeable is the EMIs are customized taking into consideration the monthly income of the borrower.

See Also: How To Get Personal Loan of 2 Lakhs?

Features and Benefits of Instant Personal Loans

The most prominent features of instant personal loans are speed and ease of access. Here are some additional features and benefits of instant personal loans that you must know:

  • An instant personal loan is an unsecured loan, which means, you can borrow money without pledging any asset. This one feature makes it the most preferred borrowing option in times of dire urgency.
  • The ease at which you can avail an instant loan is what labels it the best in terms of convenience. The loan application process is not complicated and all it takes is a simple online form which you can fill from the comfort of your home.
  • E-approval is the key highlight of a personal loan. It allows you to apply for a loan without making any in-person visits to the lending institution.
  • The documents required to apply for an instant personal loan are identity proof, address proof, PAN card and proof of income.

Eligibility Criteria for Instant Personal Loans

In order to apply for an instant personal loan, you need to fulfill the below criteria:

  • The applicant must be salaried or self employed
  • The applicant must be at least 21 years of age
  • The monthly salary of the applicant should be above Rs. 10,000
  • The applicant must be a resident of India with a valid ID card

See Also: Personal Loan in India

The changing trends in loan application process

Of late, instant personal loans have become popular in India especially among youngsters. It is due to the fact that these loans can be availed by simply installing the instant loan app and the amount is credited within few hours of application. Although these apps offer smaller amounts, the convenience factor makes them the most preferred option in times of financial emergency.

Some of the Popular Instant Loan Apps

Owing to the features and benefits discussed above, money lending apps have gained a lot of popularity in the country. Here’s a list of the top 10 instant loan apps that have taken the market by storm:

CASHe

CASHe was launched in 2016 and it offers a maximum loan amount of Rs. 2 lakhs. All you need to do is download the app from Google Play Store or Apple store, upload the necessary documents and apply. Once approved, the loan amount will reflect in your account in no time.

Dhani

Dhani, a product of IndiaBulls ventures, is one of the top money lending apps in India. The application process is simple and convenient, and you can avail an unsecured loan within minutes. The maximum loan amount offered by Dhani is Rs. 15 lakhs.

See Also: Personal Loan In Bangalore

Money Tap

Money Tap comes with a unique feature known as ‘no usage no interest’ which means, you’ll be charged interest only on the amount you use. Once your loan application is approved, you’ll be offered a credit line which you can use as per your needs. To be eligible for an instant loan from Money Tap, your monthly income must be Rs. 20,000 or above.

MoneyView

With MoneyView, you can borrow from Rs. 10,000 to Rs. 5 lakhs depending on your repayment capacity. The payment tenure ranges from 3 months to 3 years. The entire loan application process is paperless and the amount is disbursed within minutes of approval. The rate of interest charged by MoneyView is between 1.33 and 2 percent.

Kredit Bee

Kredit Bee allows you to borrow an amount as low as Rs. 1,000 and the maximum it offers is Rs. 1 lakh. Anyone with an income of Rs. 15,000 and above can install the app and apply for an instant loan. Kredit Bee is one of the most preferred money lending apps among professionals.

Credy

Credy is a popular name among professionals in metro cities. All you need is, download the app, fill in the details and apply. You can borrow amounts starting from Rs. 10,000 up to Rs. 1 lakh and the interest rate varies from 1 to 1.5 percent depending on the loan amount.

Rupeelend

Rupeelend is a digital finance company that disburses loans within 2 hours to new customers and within 10 minutes to existing customers. The customization feature in Rupeelend makes it easy for applicants to choose the loan amount. You can also foreclose the loan without any extra charges. The maximum amount one can borrow through Rupeelend is Rs. 1 lakh.

mPockett

mPockett is designed keeping in mind the financial needs of college students. The initial amount offered by mPockett is Rs. 500 and it extends the credit line based on the app usage and repayment history. The tenure of repayment is from one to three months.

See Also: Get Personal Loans in Emergency Situations

Capital First

Capital First is one of the most popular money lending platforms in India. The minimum loan amount offered is Rs. 50,000 and the maximum is Rs. 25 lakhs. The repayment process is highly flexible, allowing one to pay off the loans within a period of one to five years.

IndianMoney’s Take on Instant Loans

Although instant personal loans are the easily available options during times of emergency, the interest rates associated to them are bothersome. You should consider instant loan only as last resort measure. The best way to meet your unexpected financial needs is through preparedness, which involves saving up and investing regularly.

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