Personal or Instant loans provided by many lenders. These are the unsecured loan which is taken to fulfill the immediate requirements. The amount you burrowed for the personal loan can be used for any of the emergencies like for education, marriage, or any medical emergencies. There will be no restriction on the loan amount for spending. The applicants have to follow some terms and conditions ruled by the bank to avail the loans. Documentation is the main factor for providing the loan to their customers.
Required Documents for Instant Personal Loan
Eligibility for Instant Loan-
- The age of the applicant at the time of taking a loan should be 18-21 years of age and at the time of loan maturity, the age of the applicant should be 60-65 years of age.
- Both self-employed and salaried professionals can apply for instant loans.
- The minimum income should be Rs.15,000/- for non-metro cities and Rs.20,000/- for metro cities per month.
- The credit score should be 750 or more than that with a good credit score.
- Depending on the credit profile of the customer the loan can be taken up to Rs.50,00,000/-
- Work Experience of the salaried employee should be that they have to be employed at the same company for at least 6-12 months.
- The self-employed customers should have ITR for the last three years. The business tenure should be of at least three years or can be continued.
Necessary documents to apply for the Instant loans-
The following documents must have to be submitted by the salaried candidates.
- Passport-sized photographs.
- Copy of PAN.
- Application forms should be signed by the applicants.
- ID Identity Proof which can include PAN/ Voter ID/ Passport/ Driving License.
- Address proof which can include Passport/ license/ utility bill/ Registered rent agreement.
- Income documents- in this you can submit form 16/ bank statement of three months which shows the EMI debits and salary credits.
The following documents should be submitted by the Self-employed candidates
- Passport-sized photographs.
- Copy of Income-tax & PAN
- Application forms should be signed by the applicants.
- ID Identity Proof which can include PAN/ Voter ID/ Passport/ Driving License.
- Address proof which can include Passport/ license/ utility bill/ Registered rent agreement.
- Income documents- ITR of last two years
- Bank statements for the last three months.
- Business existence proof- Under this you can submit VAT/ Service tax registration/ incorporation details if having companies/ Business address proof, audited balance sheets/ profit, and loss account.
Comparison of Personal loans from the bank to bank-
| NBFC/Bank | Rate of Interest | Amount of the loan | Processing Fees | Part Payment | Pre-closure charges | Locking Period | Tenure |
| Yes Bank | 10.75% to 16.99% | 1 lakh to 25 lakhs | Up to 2.50% of the loan | 20-25% principal outstanding | 13-48 months with 2% to 4% of principal outstanding | 12 months | 12 to 60 months |
| RBL Bank | 14.00 to 20.00% | 1-20 lakhs | Up to 2.50% of the loan amount | NIL | NIL | 12 Months | 12-60 months |
| IIFL | 12.99% to 20.00% | 1- 20 lakhs | Up to 2% of the loan along with the GST | – | Up to 4% of the principal outstanding | 6 Months | 12-60 Months |
| Fullerton | 12% to 25% | 65 Thousand-20 lakhs | Up to 3%-6% of the loan amount along with GST | – | Within 7-35 Months | 6 Months | 12-60 Months |
| Induslnd Bank | 11.49% to 20.00% | 12-60 months | |||||
TATA Capital |
11.75% to 19.00% | 75K-20 Lakhs | From Rs.999/- to 2.0% of the loan amount and the applicable service tax | Up to 25% of the principal outstanding | 4% of principal outstanding | 6 Months | 12-72 months |
| Kotak Bank | 11.00% to 24.00% | 1-30 Lakhs | Up to 2.5% of the loan amount along with GST and also statutory Levies | – | 5% and GST on principal outstanding | 12 Months | 12-48 Months |
| Bajaj Finserv | 12.00% to 16.oo% | 1-20 lakhs | Up to 3.99% of the loan amount | Should be more than 1 EMI | 4% with applicable taxes on principal outstanding | 1 Month | 12-60 Months |
| ICICI Bank | 11.50% to 16.75% | 25-50 Lakhs | Up to 2.25% of the loan amount along with GST | Not Available | 5% per anum of principal outstanding | 6 Months | 12-60 Months |
| HDFC Bank | 10.99% to 20.00% | 40-50 Lakhs | Up to 2.50% of the loan amount | Up to 25% of the principal outstanding | 13-36 months with 2% to 4% principal outstanding | 12 Months | 12-60 Months |
| IDFC First Bank | 11.69% to 15.00% | 1-20 lakhs | Up to 2.0% of the loan amount | Up to 40% of the loan every year | 3% on your principal outstanding | 3 Months | 12-60 Months |
Benefits of the Instant/Personal Loan-
- No need for any collateral for taking the loan. To be clear you need not pledge any collateral at the banks like your gold, property papers, or any valuable things to take a loan. Once meeting with all the required eligibility you will get the loan easily.
- Documentation is also very less in this instant personal loans. For the approval of the loan, the documentation is very less.
- Quick and easy approval of the loan is possible in this instant and personal loan. Hence it is said to be the best for financial emergencies.