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Instant Personal Loan

Instant Personal Loan - Get Quick Loan Online

Last Updated 30th Jul 2021

  • Instant personal loans are quick loans that can be availed by filling an online loan application form or by opting for pre-approved loan offers.
  • Instant personal loan online comes with various features like minimal documentation and quick approval.
  • You can apply for an instant personal loan at Myloancare.in without hurting your credit score with KYC documents.
  • Get a paperless personal loan starting @ 10.25%.
  • With Personal Loan Application online, avail Instant Personal Loan within a day.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

What is Instant Personal Loan

Instant personal loans are quick loans that can be used for any purpose and can be availed quickly. These can be availed by filling an online application form and are sanctioned within a matter of a few hours. Instant Personal loan does not require any collateral and with minimal documentation, it gets disbursed within 24 hours. You can also avail of instant personal loan on pre-approved loan offers that are given to existing customers of the banks based on your repayment history and the flow of money in your bank account. Banks or non-banking financial institutions provide these instant personal loans to customers who have good creditworthiness and have repaid all the previous loans on time.

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 instant personal loan app 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 & Documents

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 18 - 65 Years
Minimum Monthly Income ₹ 25,000
Minimum Work Experience 2 years
Minimum CIBIL Score 650 and above
Loan Amount ₹ 5,000 to ₹ 75 Lakh

A borrower can submit any of the one document from each category:-

  • 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

Instant Personal Loan Mobile Apps

App Interest Rates Loan Amount
Kreditbee 12.24% ₹ 1,000 to ₹ 2 Lakh
Cashbean 33% ₹ 1,500 to ₹ 60,000
Cashe 12% ₹ 10,000 to ₹ 2 Lakh
NIRA 24% ₹ 5,000 to ₹ 1 Lakh
MoneyTap 13% ₹ 30,000 to ₹ 5 Lakh
Paysense 15.96% ₹ 5,000 to ₹ 5 Lakh
Loantap 12% ₹ 50,000 to ₹ 10 Lakh
Early Salary 24% ₹ 8,000 to ₹ 5 Lakh

How to Get Instant personal Loan Online

To get an instant personal loan online you can follow these steps:-

  • Visit MyLoanCare.in or download the app.
  • Fill in 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 with loan sanction and disbursement procedure to ensure a smooth loan application process and fast turnaround.
  • Now, upload documents online at MyLoanCare for a quick sanction.
  • Finally, the loan will be disbursed in account within a few hours or in up to 1-2 days.

Guide/Tips to get Instant Approval for Personal Loan

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 your existing relationship with the lender.

  • 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 the 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?

Most of the banks provide Pre-approved Personal Loans to the existing customers. You can also get a pre-approved personal loan, if you have a good credit history and repay the existing loans on time. Apart, it is important that you maintain a good debt-income ratio as specified by the banks.

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 CIBIL Score?

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.

How can I get a ₹ 50,000 loan fast?

To get a loan instantly for ₹ 50,000 check the eligibility by visiting MyLoanCare website or bank’s website, preferably where you are an existing customer. You can also consider Instant Personal Loan apps. If eligible, upload the documents and the loan amount will be disbursed in your account within a few hours.

Which bank gives instant personal loan?

There are many banks which offer instant personal loans. The famous among the lot are Bajaj Finserv, SBI, HDFC, ICICI Bank and Axis Bank. Apart from banks there are various instant personal loan apps such as Kredit Bee, Paysense, Loan Tap and Early Salary, among others.


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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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