Nowadays, young Indians have been taking loans without any hesitation for many reasons – like abroad studies, meeting vacation expenses, home renovation, buying a new car, and even for their wedding! To meet this tremendously increasing demand for an instant personal loan, many lenders have come with the offering of instant personal loan. You can even find various lenders offering instant cash loan in 1 hour along with the many features, some of them have been mentioned below:
- Multipurpose Loan
As mentioned above an instant loan personal loan can be used to meet any personal loan purpose.
- Short Term Loan
Generally, instant loans are usually for a short time so there is no need for the borrower to carry the debt burden for a longer-term.
- Online Loan Processing
As the name suggests instant personal loan processing is done online. This helps a borrower to process his/her instant loan from the comfort of home. some lenders even offer discounts and other benefits with online loan processing.
Banks and NBFCs offering Instant Loan
As mentioned above various lenders offers instant cash loan in 1 hour, in this competitive atmosphere throughout awareness of the lender is a mandatory prerequisite. Below we have provided a table showing some of the popular lenders with loan amount and interest rates offering an instant personal loan. However, the offered loan amount and interest are majorly dependent on an applicant profile. Have a look:
|
Lender
|
Loan Amount |
Interest Rate |
| Citi Bank | Up to Rs. 30 Lakhs | 10.50% p.a. |
| Credy | Up to Rs. 1 Lakh | Ranges from 1% to 1.5% p.m. |
| TATA Capital | Min Rs. 75,000; Max Rs. 25 Lakhs | Starts @10.99% p.a. |
| IDFC First Bank | Min Rs. 1 Lakh; Max Rs. 25 Lakhs | Varies based on applicant profile |
| ICICI Bank | Up to Rs. 25 Lakhs | Ranges from 11.25% to 17.99% |
| IndusInd Bank | Based on eligibility | Starts @ 11.25% |
As you must know that an interest loan on an instant personal loan differs based on the applicant’s profile and other factors as well. Some of the factors determining an instant loan interest rate are mentioned below:
- Credit Score: This is a 3-digit number that reflects the summary of one’s financial behavior. It varies from 300 to 850.
- Income: Generally, when the income increases the chances of timely repayment of the loan also increases.
- Organization: When one works for a reputed employer, the lenders get the impression that he/she has a stable job and will have a constant income.
Points to keep in mind while searching for an instant personal loan
- Look beyond the interest rate
An interest rate is the most important part of the cost of a personal loan, but it is not everything. While searching for an instant loan, a borrower should ensure the clarity of the processing fee, late payment charge, and other cost structures. Every lender’s processing fee varies based on many factors.
- Look for the borrowing limit
Being unsecured, an instant personal loan may reduce the borrowing ability of a borrower.
- Ensure the security of the information
Loan borrowers must be aware of the privacy and security of the information they shared with a lender.
Generic Eligibility Criteria for an Instant Loan
- The applicant should be a salaried professional with a regular source of earning.
- If an applicant is a self-employed professional and business, he/she can also acquire an instant loan.
- The applicant’s minimum age should 23 years.
- An applicant’s maximum age should be 60 years to eligible for an Instant Loan.
Customer Care
Various banks and NBFCs offer an instant loan. Here are some of their customer care numbers:
| Lender | Customer Care No.
|
| TATA Capital | 18602676060 |
| Bajaj Finserv | 9810852222 |
| Capital First | 18605009900 |
| Citi Bank | 18602102484 |
| Indiabulls Dhani | 18604193333 |
There are a few Instant Cash Loan App as well from where you can get an instant personal loan like:
- MoneyTap
- EarlySalary
- Faircent
- KreditBee
- PaySense
Benefits of Instant Loan Apps
- It saves a lot of time and efforts
You can avail of a loan whenever you want to, regardless of the time and place. As it facilitates you with round the clock loan services. A personal loan application has eased the loan processing for you which includes paperless loans.
- Completely safe and secure
You may have second thoughts about the safety and privacy of online loan processing. But you can get relax over here as not even the private but also the government has come up with a few of the Apps to ease the common public efforts. Nowadays every instant cash loan App has advanced encryption technologies to make sure the complete privacy and safety of your details.
- Fast loan approval and instant cash access
Without any doubt, personal loan Apps are much quicker than traditional processing. The best part is that these apps are easy and simple to use.
- Stay updated and keep track of all the transactions
Through instant personal loan Apps, it is very easy to keep track of online personal loan status. The Apps provide a flawless experience to you. Even many apps have the feature of an automated notification of the EMI payments through email or SMS reminders to ensure that you never miss an EMI payment which helps in maintaining and improving the CIBIL score.
Documents Required for Personal Loan
- Passport-sized photograph
- PAN Card – for Company/Firm/Individual.
- Voter’s ID Card.
- Driving License.
- Salary slips
- A copy of any address proof documents:
- Bank statement of the previous 6 months.
- Last 2 years ITR along.
- Audit Report.
Conclusion:
While choosing an instant loan carefully read and understand the lender’s discretion as there are few lenders who claim to offer instant cash loan in 1 hour but don’t do so. Be aware and alert before applying for an instant personal loan.
