Instant Loans

Instant Loans Online – Interest Rates of Top Banks

Bank Lowest Instant Loan Rates
HDFC Bank11.25% to 20.00%
ICICI Bank11.25% to 22.00%
Citibank10.99% to 18.99%
Bajaj Finserv11.99% to 15.50%
  • MyLoanCare’s partner banks offer instant loans at the lowest interest rate of 10.75% with an online loan application, eligibility check and sanction process.
  • The loan is instant and can be sanctioned within a matter of few hours and even get disbursed within 24 hours subject to meeting the required documentation of banks
  • For existing bank account holders or loan customers of banks, facility for instant loan that are pre-approved and paperless loan is available
  • Apply through MyLoanCare.in to check your instant loan offers. Check Best Offers starting @ 10.75%*
Apply for Personal Loan @ 10.75%*
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Unsecured Instant Loan

Nowadays, borrowers don’t have enough time and resources to go through a lengthy loan process. MyLoanCare with its technology-based platform has collaborated with its partner banks to offer easy loan to its customers. Instant loans (unsecured loans) are quick loans which can be availed by applying online. You can get the loan disbursed to your account in a few hours or in up to 1-2 days using digital loan processing system with minimal paperwork. Instant loans or quick 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 loan range from 10.75% to 24% and can vary by loan amount, loan tenure, credit score, your company as well as your past relationship with the bank. Some of the factors that affect the interest rate you get on your insta loan are as follows:

  • Loan amount – Higher the loan amount, lower will be the rate of interest for the loan as banks offer a lower interest rate on high-value quick loans.
  • Loan Tenure - Interest rate is higher for long tenure loans and lower for shorter tenure loans
  • Credit Score – Your credit rating plays an important role in determining the interest rate on the instant loan you get from the bank. Higher the CIBIL score, lower will be the rate of interest. The banks will not typically lend below a credit score of 750.
  • Company You Work for – Each bank has a list of company categorisation with differential interest rate offering to each company category. Larger and reputed companies are categorised in the highest company category. Higher the company category lower will be the interest rate.
  • Relationship with the Bank – Existing customers of the bank are usually offered a special discounted rate. Do complete research on the interest rate before you apply for the loan.

Instant Loans EMI Calculator

The EMI you pay on insta loan is a function of the loan amount, interest rate and loan tenure you opt for. You can calculate Insta Loans EMI using online Insta EMI calculator at MyLoanCare.

Instant Loans Eligibility Criteria

You can apply and get an instant loan online if you meet the following eligibility criteria. These eligibility criteria differ from bank to bank. However, the following parameters reflect the industry level eligibility checks used by leading banks and NBFCs

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
  • The minimum age to apply for a quick loan is 21 years and up to 60 years.
  • In case of unsecured loans, banks look for a minimum of 2 years work experience for a salaried employee to establish the employment stability of the borrower.
  • In case of unsecured loans, a minimum income of Rs. 25,000 and above is required to be eligible for the loan. Some banks look for a higher income cut off for offering a 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

Apply Online for Instant Loan

You can submit your loan application online and get instant approval in multiple ways. Banks also give pre-approval loan offers to their existing customers or new customers based on income, company category, credit score and history. However, it is always advisable to compare the rate and terms of different banks before deciding to take a loan from a bank. At MyLoanCare.in, you can compare loan offers from multiple banks and apply online to the bank of your choice through an online loan application process.
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 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 a higher rate as compared to regular loans. Hence, if you can wait for a day or two, you can also get a quick loan by applying online through MyLoanCare. We ensure that your loan application process is smooth, quick and hassle-free.
  • HDFC Instant Loans – Existing HDFC Bank customers can get an instant loan in 10 seconds directly through phone banking if they have a pre-approved offer from the bank. The amount gets credited in your account within 10 seconds of online loan application. The interest rate on these loans is slightly higher than regular 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 a quick loan by applying directly through our website. MyLoanCare is a leading online channel partner of HDFC Bank. We make sure that our customers get loans quickly with minimal paperwork and quick turnaround.
  • ICICI Instant Loans – ICICI Bank offers instant loan through net banking, mobile app and ATM if you have a pre-approved offer from the bank. You can also apply for insta loan through MyLoanCare to get the loan disbursed in 3 seconds to your bank account. We work closely with the bank to offer you the loan quickly on an instant basis with minimal documentation.
  • Citibank Instant Loans – You can get quick loans by applying at Citibank or MyLoanCare.in's website. Fill your details and get a call from the bank or our executive. Citibank offers instant paperless approval on the 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 loan to meet your emergency expense requirements. Nowadays there are multiple options to get instant cash loans as available from leading banks such as:

  • Apply at ATM - One digital and paperless way to apply for easy loans and get instant cash is via ATM. If you have a pre-approved offer then you can apply directly at ATM with your Debit Card. You can get a 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 your account. ICICI Bank offers 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 wherein the banks provide cash loans against your jewelry. Gold Loans can be availed without an income proof or even with a poor CIBIL record. They are one of the easiest options to get the loan instantly without any income proof or bad credit. You can apply for a gold loan through bank’s website of MyLoanCare.in 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. 2,260.

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 the bank as charges for the expense incurred for processing your loan application. Bank charge a processing fee of Nil to up to 2% of loan amount, depending upon the type of loan. 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 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 Loan

Banks are gradually doing away with the requirement of submitting paper documents able to give an instant approval on loans to their customers. You can submit the scanned copy of the 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

FAQs on Instant Loan

What is an instant loan?

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

How can I get a quick loan?

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

How long does it take 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 instant 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 paying EMI?

In case you miss an EMI, then the 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 an instant loan with bad credit?

Few banks may give an instant loan for a poor credit 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 creditworthiness. You may also consider applying for a Gold Loan which is a secured instant loan and can be availed with no income proofs or even with a low credit score.

Personal Loan News - Jan 2019
*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.