Instant Loans

Personal Loans Online – Interest Rates of Top Banks

Bank Lowest Instant Personal Loan Rates
HDFC Bank11.25%
ICICI Bank11.25%
Bajaj Finserv11.99%
  • MyLoanCare partner banks offer instant loans at lowest interest rate of 10.75 % with an online loan application, eligibility check and sanction
  • For existing bank account holders or loan customers, facility for personal loan pre approval offers and paperless loan to your bank account is available
  • Check Best Offers starting @10.75%*
Apply for Personal Loan @ 10.75%*

Instant Personal Loan

In the current era, borrowers do not have time and resources to go through a lengthy loan process. Keeping in mind the borrowers requirements and with advanced technology available, MyLoanCare with its partner banks offer instant personal loan, both for exisiting customers as well as new borrowers. You can apply online loan and get loan disbursed to your account in a few hours or in upto 1-2 days using digital loan processing system with minimal paper work. Instant loans or quicken loans are best loans for borrowers who:

  • Don't like to borrow money from their family and friends
  • Do not have any collateral to submit
  • Are in need of urgent funds to meet emergency personal expenses
  • Want to avoid the lengthy loan process

Insta Loans – Interest Rates

Interest rate for insta personal loan range from 10.75% to 13.00% and can vary by loan amount, loan tenure, credit score, your company as well as your past banking relationships.

EMI depends upon loan amount, interest rate and loan tenure

  • Loan amount – Higher the loan amount, lower will be the rate of interest for personal loan.
  • Loan Tenure - Interest rate is higher for long tenure loans and lower for shorter tenure loans.
  • Credit Score – Your credit rating is an important factor of the interest rate on the personal loan you get from the bank. Higher the CIBIL score, lower be the rate of interest.
  • Company You Work for – Each bank has a list of company categorisation with differential personal rate offering to each company category. Higher the company category, lower will be the interest rate.
  • Relationship with the Bank – Existing customers of the bank are usually offered special discounted interest rate on personal loan. Do complete research on interest rate of personal loan before you apply for loan.

Insta Loans Eligibility Criteria

You can apply and get instant loan online if you meet the following eligibility criteria

Parameters Eligibility Check
Eligible Age of borrower 21 - 60 Years
Minimum Monthly Income Rs. 25,000
Minimum Work Experience 2 years
Minimum CIBIL Score 700 and above
Loan Amount Rs. 50,000 to Rs. 50 Lakh
  • Minimum age to apply for personal loan is 21 years and up to 60 years. Lower the age, better your chances of getting the loan.
  • Banks look for a minimum of 2 years work experience for salaried to establish your employment stability. A minimum income of Rs. 25,000 and above is required to be eligible for a personal loan. Some banks look for a higher income cut off for offering an instant personal loan.
  • Banks evaluate your credit history to calculate your loan eligibility and repayment capacity. A CIBIL score of 700 and above is generally preferred to get desired loan amount.
  • Banks typically calculate and limit loan eligibility at 10 – 22 times of net monthly income of the borrower and typically offer up to Rs. 50 Lakhs for personal loan. HDFC Bank offers a maximum loan amount of Rs. 50 Lakh on personal loan.

Apply Online for Instant Loan

You can submit your online personal loan application and get personal loan instant approval in multiple ways. Banks give personal loan pre approval offers based on your CIBIL score and credit history. You can get fast personal loans easily by applying here at MyLoanCare.
You can get easy personal loans from a large number of banks in India by submitting your app online at MyLoanCare. To apply, fill the form at our website MyLoanCare. Based on your requirement and eligibility, you can get an instant approval from our partner banks including your savings bank. You are assisted by MyLoanCare loan officer for loan sanction and disbursement to ensure a smooth loan application process and fast turnaround. You can also upload your documents online by logging in to MyLoanCare for a quick sanction.

Instant Loan Offers of Top Banks

  • Bajaj Instant Loans – Bajaj Finserv offers personal loan approval in 5 minutes on its online loan applications. After online approval, the amount is transferred to your bank account within 24 hours. Instant Loans are available at higher rate as compared to regular personal loans. Hence, if you can wait for a day or two, you can also get quick personal loan by applying online through MyLoanCare. We ensure that your loan get processed smoothly and hassle free at low rates.
  • HDFC Instant Loans – Existing HDFC Bank customers can get personal loan in 10 seconds directly through phone banking if you have pre-approved offer from the bank. The amount get credited in your account within 10 seconds of online loan application.The interest rate on these loans are slightly higher than regular personal loan rates of the bank. In case you are fine with waiting to get a loan in 1-2 days or you are not an existing customer of the bank , you can also get quick personal loan by applying directly through our website. MyLoanCare is a leading online channel partner of HDFC Bank. We make sure that our customers get personal loans quickly with minimal paperwork and quick turnaround.
  • ICICI Instant Loans – ICICI Bank offers easy and instant personal loan through net banking, mobile app and ATM if you have pre-approved offer from the bank. You can also apply for insta loan through MyLoanCare to get loan disbursed in 3 seconds to your bank account. We work closely with the bank to offer you fast personal loan with minimal documentation.
  • Citibank Instant Loans – You can get quick personal loans by applying at Citibank or MyLoanCare's website. Fill your details and get call from the bank or our executive. Citibank offers instant paperless approval on personal loan. After loan approval, the loan amount will be credited to your account in as quick as 48 hours.

Instant Cash Loans

Sometimes, you need a cash personal loan to meet your emergency expense requirements. Nowadays there are multiple options to get instant cash loans such as:

  • Apply at ATM - One digital and paperless way to apply for small personal loans and get instant cash is via ATM. If you have pre-approved offer then you can apply directly at ATM with your Debit Card. You can get pre approved offer only when you have a clean track record of paying your dues. Your eligibility will be calculated instantly and your interest rate, EMI and processing fee will be generated. As you will enter your Debit Card PIN, money will be transferred to you account. ICICI Bank offers small personal loans at ATMs which can be withdrawn in cash through your ICICI debit card.
  • Apply for Gold Loan – You can also get an instant loan by taking a gold loan where in the banks provides cash loans against your jewelry. Gold Loans are easy personal loans which can be availed without an income proof or even with a poor CIBIL record. They are one of the easiest options to get a personal loan without income proof or get a personal loan with bad credit. You can apply for a gold loan through bank’s website of MyLoanCare to get a fast turnaround. Gold Loans are available at interest rate starting from 10.50% with maximum loan amount of up to Rs. 2 Cr and highest gold loan per gram of Rs. 2,294.

Instant Approval Loans Charges

Apart from interest rates charged on loan, bank charge additional fees on insta loan which are to be compared and evaluated before taking a loan

  • Processing Fee – Processing fee is charged by bank as charges for expense incurred for processing your loan application. Bank charge a processing fee of Rs. 999 to up to 2% of loan amount, whichever is higher. It is important to compare the rates as short term loans are typically costlier loans.
  • Prepayment and Foreclosure Fee - When you have surplus money, you can decide to prepay or foreclose your personal loan. Bank charges a fee on foreclosure of nil to up to 5%. Hence, it is advisable to compare prepayment and foreclosure charges as these may add up to the total cost of your loan in a situation when you decide to prepay or foreclose the loan.
Documents for Instant Personal Loan

Banks are gradually doing way with the requirement of submitting paper documents able to give an instant approval personal loan to their customers. You can submit the scanned copy of following documents at a single upload.

  • Identity Proof – PAN Card, Passport, Aadhar Card, Voter ID Card
  • Address Proof – Passport, Aadhar Card, Driving License
  • Income Proof – Last 3 months bank statement and salary slip
  • Age Proof – PAN Card, Passport, Voter ID Card

Compare Instant Personal Loan Rates with Other Banks

FAQs on Instant Personal Loan

What is an instant loan?

Instant loans are quick personal loans which can be availed by filling online loan application form or by opting for pre-approved personal loan offers by banks to their existing customers or customers with good CIBIL score.

How can I get a quick personal loan?

You can apply for instant loan online by visiting the website of bank or MyLoanCare and filling the required in the personal loan application form. Upload your documents online and wait for the approval. Track the status of your personal loan online in the customer login area of MyLoanCare.

How long does it takes for the loan amount to get disbursed in my account?

The sanctioned loan amount gets disbursed in your account within 2 days after the application has been processed. Sometimes, you may get the personal loan on the same day you apply, if you provide all online documents and information to the bank quickly.

What will happen if I miss to pay EMI?

In case you miss an EMI, then bank will levy some penalty charges. These charges vary from bank to bank. Moreover, it will affect your credit rating negatively.

How can I get instant loan with bad credit?

Few banks may give a personal loan for a poor CIBIL score as well. However, they typically charge a high interest rate on such loan and also, ask you to add a co-applicant or guarantor to improve your credit worthiness. You may also consider applying for a Gold Loan which is secured instant personal loan and can be availed with no income proofs or even with a low credit score

Personal Loan News - Nov 2018
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.