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Instant Personal Loan

Instant Loan Online

Last Updated 19th Jan 2021

  • Instant loans are quick loans which can be availed by filling an online loan application form or by opting pre-approved loan offers.
  • Compare and get the best offers on Instant Personal Loan Online.
  • Apply for Instant Personal Loan at Myloancare.in without hurting your credit score.
  • Get Instant Paperless approval for loan starting @ 10.40%.
  • With Personal Loan Application online, avail Instant Personal Loan within a day.
  • Avail Pre-approved Personal Loans within a few hours if you are an existing customer with good credit history.
Apply for Personal Loan @ 10.40%* Get upto ₹ 1,000* Cashback Or Free Corona Health Insurance Cover of up to ₹5 lakh

Instant Loan

Instant loans are quick loans which can be availed by filling an online application form and can be sanctioned within a matter of a few hours. They can even get disbursed within 24 hours subject to meeting the required documentation of banks. Borrowers can also avail Instant Loans on Pre-Approved Loan offers that are given to existing customers of the banks based on their repayment history and the flow of money in the account. Banks or non-banking financial institutions provide these instant loans to customers who have good creditworthiness and have repaid the previous loans on time.

As Instant Loans can be availed with minimal documents and nil collateral, and also you need to fulfil the following minimal procedure to get Instant Loans you can avail Instant Personal Loan when you require urgent funds to meet emergency personal expenses.

Instant Personal Loan Comparison for Top Banks

Here are some of the top banks you may consider to take an Instant Personal Loan:

Bank Lowest Instant Loan Rates
SBI9.60% to 16.40%
HDFC Bank10.50% to 22.00%
ICICI Bank10.75% to 22.00%
Citibank10.90% to 18.99%
Bajaj Finserv12.99% to 15.50%

How to Apply for Instant Loan Online?

Instant Personal Loans are a preferred choice for people looking for immediate funds with little paperwork. You can get Instant Personal Loan from a bank’s website or online marketplace. If you want to avail the loan with minimal procedures and formalities, you can get Instant Personal Loan through MyLoanCare.in by following these simple steps.

  • Visit MyLoanCare.in or download the app.
  • Fill in your personal and loan requirement details like name, number, income, residence, existing loan and other details.
  • You will then be contacted by MyLoanCare loan officer who will assist you for loan sanction and disbursement to ensure a smooth loan application process and fast turnaround.
  • Now, you can upload your documents online at MyLoanCare for a quick sanction.
  • Finally, the loan will be disbursed in your account within a few hours or in up to 1-2 days.

Instant Personal Loan Features

You can avail the following benefits with Instant Personal loans.

  • Minimal documentation and processing: Instant Personal Loan can be availed by submitting zero or minimal documentation such as Aadhaar Card, PAN details, Bank statements and salary slips etc. Also, the time to disburse the loan is less as compared to personal loans and can be disbursed in less than 24 hours.
  • Online application: Instant Personal loan can be easily availed sitting at the desk of your house in a real quick time. You can fill and submit the application form along with the necessary documents through a mobile application or website of the banks. Getting an Instant Personal Loan is more convenient with Online Marketplaces like MyLoanCare.
  • Flexibility: Similar to the personal loans, there is no restriction on the end-use of Instant Personal Loan, and you can use the loan amount to fulfil personal needs such as travelling, wedding or medical expenses etc.
  • Instant Approval: Instant Personal Loans can be availed within a few hours if you are an existing customer of the bank. Also, banks provide Pre-approved Personal Loan to the borrowers if they have a good credit history and repayment record.

Instant Personal Loan 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 the borrower 21 - 65 Years
Minimum Monthly Income ₹ 25,000
Minimum Work Experience 2 years
Minimum CIBIL Score 650 and above
Loan Amount ₹ 9,000 to ₹ 75 Lakh

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 10.40% with maximum loan amount of up to ₹ 2 and highest gold loan per gram of ₹ 3,827.

Quick Personal Loan Charges

Apart from interest rates charged on loan, bank charge additional fees on instant 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.

Instant Personal Loan Mobile Apps

App Interest Rates Loan Amount
Kreditbee 1.02% ₹ 1,000 to ₹ 2 Lakh
Cashbean 2.75% ₹ 1,500 to ₹ 60,000
Cashe 1.50% ₹ 10,000 to ₹ 2 Lakh
NIRA 24% ₹ 5,000 to ₹ 1 Lakh
Paysense 1.40% ₹ 5,000 to ₹ 5 Lakh
Loantap 1.50% ₹ 50,000 to ₹ 10 Lakh
Early Salary Rs. 9 per day ₹ 10,000 to ₹ 2 Lakh

Instant Loan for Students

Bank Interest Rates
Bajaj Finserv12.99%
Fullerton India11.99%
HDFC Bank10.50%

Documents Required for Instant Loan or Urgent 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

How to Get Instant Loan Without Documents

Instant personal loans are meant to be granted in no-time to an existing bank customer. Thereby, you can get an instant personal loan with quick processing by getting it sanctioned prior to document verification. These loans are granted on the basis of the customer’s existing relationship with the lender.

You can get instant loan without documents by ensuring the below-mentioned:

  • Ensure maintaining a good relationship with your existing bank by paying off dues and instalment on time. If you are a savings account holder, ensure that you maintain the minimum required balance per month. This way, the lender develops trust on you and grants you an instant loan based on your financial credibility.
  • Ensure making credit card payments on time. Also, maintain a good balance between no use and excessive usage of your credit card.

Maintain a good credit score. The best way to ensure any party of your financial stability is to maintain a good credit score above 700. This way, banks feel no hesitation in lending you an instant loan without documents.

FAQs

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 personal loan instantly?

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 do I get pre approval for a loan?

While, most of the banks provide Pre-approved Personal Loans to the existing customers who have a good credit history. You can also get a pre-approved personal loan, if you have a good credit history and repay the existing loans on time. Also, if you must maintain a good debt-income ratio as specified by the banks you can easily avail the pre-approved loan offers from the bank.

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 loans 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.

Which Bank Offers Instant Cash Loan in 1 hour?

A number of banks offer Instant cash loans in India, based on the customer’s financial profile and credibility. Some of these top lenders are SBI, HDFC Bank, ICICI Bank, Citi Bank and Bajaj Finserv.

Can I Get an Instant Cash Loan without a good CIBILScore?

A good cibil score of 650 and above is a mirror to your financial health and stability. Thereby, it is an important factor considered before lending out instant cash loans. Thus, getting such a loan with a low cibil score could be tedious. However, if you are near to a good cibil score of 550 or 600, you can negotiate with your bank to get an instant cash loan. In such a case, however, you may be charged a higher interest rate.

Can I avail Instant Loan on Aadhaar Card?

Getting an Instant Loan on an Aadhar card could save you from the tedious documentation process that is otherwise involved. With the help of an Aadhaar, you can get your KYC verification done easily in no time, by keeping aadhaar as the base documents.


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Personal Loan News - Jan 2021
  • 2021-01-19 : ank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2021-01-18 : ICICI Bank launched new year campaign
    ICICI Bank introduced iDelights New Year Bonanza. It is a new year campaign which offers several benefits brands and e-commerce platforms. It is a customised bouquet of offers for its customers to celebrate the beginning of 2021.
  • 2021-01-18 : HDFC Bank net profit rose by 18%
    HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
  • 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
    Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
*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. Read More
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