What is Instant Loan, Online Process & Advantages?

Instant Loan

As per the generations and technology, all the services related works are changing rapidly. Day by day the procedures and paper works are getting faster. The time of the individuals will be saved as the process is getting faster and you can avail anything right from your place. As it is said as instant work even now a day you can also get instant loans.

These instant loans can be useful for weddings, unplanned events, to purchase large assets, medical emergencies. Commonly as the needs are increasing the need for loans instantly is also increasing for the individuals.

As you are getting the loans in a very short period with less procedure, these instant loans are in high demand. To know more details about these instant loans have a look at further content.

What is Instant Loan-?

The loan in which much documentation is not necessary and the approvals are fast without any showcase of asset is said to be the as instant loan. The complete procedure followed by the traditional banks in giving instant loans is very convenient and less procedure. Both the borrower’s and lender’s time will be saved in availing the instant loan. You can also know these Instant loans in the name of quick loans or personal loans.

Instant Loan Characteristics-

  • The loan amount can start from Rs.9000/- and lasts up to Rs.3 lakhs.
  • Comparing to other loans the procedure is faster in these loans.
  • The loan can be paid up to between 62 days to one year.
  • You can apply for this loan from the place you are sitting at.
  • On the same day of the application, only your loan will be approved.

Who can apply for this Instant loan?

  • Indian residents and the ones who are salaried employees with the registered companies can apply for this.
  • Without any bad credit history or guarantor, every individual is eligible for applying for this loan.
  • The applicant’s age should be 23 years of age to 58 years of age for an instant loan.

Online Procedure to Avail Instant Loan-

  1. To apply online for instant loans first you have to select the personal loans app.
  2.  Needy people can download personal loan apps like CASHe.
  3. You can download this app from the play store on your mobile.
  4. You can get the app started by providing your social media profile.
  5. Give the details asking there like your duration time for the loan and the needed amount for the loan.
  6. Required documents need to be submitted from your mobile.
  7. Status of your loan can be viewed on the app regularly.

Necessary documents to apply for Instant Loan-

  • Address proof – The applicants need to submit the necessary residential proof like electricity bill, water bill, or any document which shows you address.
  • Identity proof – Aadhar card/driving license/passport or Pan Card need to be submitted under the proof of identity.
  • Photo proof – Applicant photo needs to be submitted as photographic proof.
  • Salary slips – Under this the applicant’s latest salary slip from the individual’s employer is necessary.
  • Bank statement- salary credited bank statements have to be submitted.

Disbursement of the loan amount-

The loan is disbursed only after approval. The approved loan amount will be directly deposited into the individual’s personal account.

Charges and fee for applying for a loan-

  • The interest rate is mainly dependant on the amount for which you are looking and also the duration of the loan.
  • Competitive interest rates are offered by the banks.

Instant Personal Loan apps-

Here are the details about the apps from which you can avail instant loans and the loan amount with interest rates they are offering.

  • CashE – The amount you can take a loan is between 5 lakhs to 15 lakhs at the interest rate of 1.75%.
  • Bajaj Finserv– The amount you can take a loan is up to 25 lakhs at the rate of 12.99% interest.

instant loan

  • Any Time Loans – The amount you can take a loan is between 1 lakhs to 10 lakhs at 1.5%to 4.5% interest rate.
  • Lazy Pay – The amount you can take a loan is between 1 lakhs to 10 lakhs at the interest rate of 1.25%to 2.6%.
  • Home Credit – At the interest rate of 2.4%to 3.3%, the amount you can take a loan from 10000/- to 2 lakhs rupees.
  • Smart Coin – The amount you can take a loan is between 2 lakhs to 15 lakhs at the interest rate of 2%to 2.5%.
  • Early Salary – The amount you can take a loan is between 3 lakhs to 2 lakhs at the interest rate of 2%to 2.5%.
  • Money view – The amount you can take a loan is between 10 lakhs to 5 lakhs at the interest rate of 1.33%to 2%.
  • Credy – The amount you can take a loan is between 10000/- to 1 lakhs at the interest rate of 1%to 1.5%.
  • Capital First Limited – The amount you can take a loan is between 1 lakhs to 25 lakhs at the interest rate of 1.16%to 1.33%.
  • Money Tap – The amount you can take a loan is between 3 lakhs to 5 lakhs at the interest rate of 1.08%to 2.03%.

money tap instant loan

  • NIRA – The amount you can take a loan is between 3000/-  to 1 lakhs at the interest rate of 1.5%to 2.5%.
  • KreditBee- The amount you can take a loan is between 1000/- to 1 lakhs at the interest rate of 2% to 3%.
  • IndiaLend– The amount you can take a loan is between 15 lakhs to 50 lakhs at the interest rate of 0.9%to 3%.
  • Dhani – The amount you can take a loan is between 1lakhs to 15 lakhs at the interest rate of 1 %to 3.17%.
  • Pay Sense – The amount you can take a loan is between 3 lakhs to 5 lakhs at the interest rate of 1.08%to 2.03%.