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Instant Personal Loan

Apply for Instant Personal Loan Online

Last Updated 20th Jan 2022

  • Instant personal loans are quick loans that you can avail 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 loan at Myloancare website without hurting your credit score with KYC documents.
  • Get a paperless personal loan starting @ 10.25%. Check Best Offers
  • With Personal Loan Application online, avail fast Personal Loan within a day.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

What is an 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 being sanctioned within 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 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 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, 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 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 an instant personal loan app or website of the banks. Getting a quick cash loan is more convenient with Online Marketplaces like MyLoanCare.
  • Flexibility: Similar to personal loans, there is no restriction on the end-use of these loans, and you can use the loan amount to fulfil personal needs such as travelling, wedding or medical expenses etc.
  • Instant Approval: Personal Loans online can be availed within a few hours if you are an existing customer. 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 ₹ 1,000 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 Schemes

Some of the top banks that offer instant personal loans are:

HDFC Personal Loan in 10 Seconds

HDFC Bank offers instant loans online for selected customers who have a pre-approved offer from the bank. To avail of the loan, you can check the eligibility for an instant loan online or at select branches of HDFC using a personal loan eligibility calculator.

Axis Bank 24*7 Personal Loan

24x7 Personal Loans by Axis Bank is a personal loan scheme through which you can avail funds instantly. To avail of instant loans, you must be a pre-qualified Axis Bank customer having a good repayment history. You can avail of instant loans for a loan amount ranging from ₹ 50,000 to ₹ 15 Lakh

ICICI Instant Loans

ICICI Bank offers instant pre-approved loans if you are an ICICI Bank customer with a good credit history. If you fulfil the eligibility criteria, the funds for pre-approved personal loans are directly disbursed into your account in just 3 seconds.

BankInterest RatesLowest EMI Per lakh
Axis Bank 10.49% - 17.25% ₹ 2,149
ICICI Bank 10.25% - 22.00% ₹ 2,137
HDFC Bank 10.25% - 22.00% ₹ 2,137

How to Get Instant Personal Loan Online?

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

  • Fill personal loan application form at MyLoanCare where you have to enter 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.
  • You can also upload documents online after submitting the application at MyLoanCare for a quick sanction.
  • Finally, the loan will be disbursed in the 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 a personal loan with quick processing by getting it sanctioned prior to document verification. These loans are granted based on 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 in 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 that 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 approval. Track the status of your loan online in the customer login area of MyLoanCare.

How to get a quick and easy personal loan?

To get a quick & easy personal loan, apply for an instant personal loan through mobile apps such as Early Salary, Paysense & MoneyTap. Alternatively, you can also avail of instant loans through the MyLoanCare app or website.

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 personal loan to get disbursed in my account?

The sanctioned personal 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 on time.

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 proof 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 credit score of 650 and above is considered a good score to get instant cash loans. Thus, getting a personal loan with a low CIBIL score could be tedious. However, if you are near to a good credit score of 550 or 600, you can negotiate with your bank to get a fast 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 to 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. 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 that 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 personal loan apps such as Kredit Bee, Paysense, Loan Tap and Early Salary.

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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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