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The word ‘instant’ loan happens immediately. Instant loan means short term unsecured loan. An individual can borrow the required amount that he wants to fulfil his immediate/emergency requirements with a high interest rate. These loans are available for a maximum one year tenure period.
Nowadays, it has become easier to get an instant loan at an interest rate as low as 1% p.m. Various NBFCs (Non Banking Financial Company and P2P (Peer 2 Peer) lending platforms provide instant loans via their apps. These are also called short term instalments loans. Instant loans are used for various purposes like wedding expenses, holiday expenses, home renovation expenses, education expenses, hospital expenses or buying products such as electronics or furniture. An Instant Loans can be availed with minimal documents and nil collateral, and also you need to fulfil the following minimal procedure to get Instant Loans you can avail Instant Personal Loan when you require urgent funds to meet emergency personal expenses.
1. Easy to get
An individual has to fill an application form through an internet connected smart device and fill all the required information like amount to be borrowed and repayment period. If the application is approved money will be credited in a bank account immediately or in some cases it may take a day.
2. Minimum documentation
A person can apply for an instant loan from anywhere without any hard copy of any documents. One only has to fill the required details and attach the soft copies of requisite documents. Instant loan basically required less paperwork.
3. Unsecured
Instant loans are unsecured. An individual can fulfil his short term finance needs without pledging any of his property. It is also called cash advances which one can get instantly at the time of need.
4. Short tenure period
Instant loans tenure range from 1 month to 12 months. It is taken for a very short period of time.
5. No collateral required
Instant loans are short term unsecured loans. This means that when you availing for this loan you do not need to provide any collateral or security in exchange for the loan amount.
6. Flexible Loan Amount
Starting from Rs.5000 to Rs. 3,00,000. Perfect for all your cash need
7. Available 24X7
Apply for repeat loans anytime of the day and get it transferred to your bank account.
8. Easy Application
You can apply for our instant Personal Loans online; to know your eligibility in just a few seconds. You can also make use of our personal loan eligibility calculator and find out your eligibility.
Before applying for an instant loan you should fulfil all basic eligibility criteria as prescribed by the bank. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
|
Eligible |
Salaried and self employed individual |
|
Age |
21 years to 60 years |
|
Income |
Minimum income Rs.15000 In some cases, minimum income of Rs.12000 is also accepted |
|
Experience |
For salaried employee : 2 years of work experience For self employed : 1 years |
Any applicant who is going to avail an instant loan must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
|
Type |
Documents |
|
Photograph |
1 passport size |
|
ID Proof |
Aadhar card, PAN Card, passport, voter id |
|
Address Proof |
Electricity bill, registry, rental agreement, voter id, aadhar card |
|
Income Proof |
Latest 3 months bank statement (where salary is credited), last 3 months salary slip |
A Person can apply for a short term loan from anywhere by an internet connection. They only need to open the lenders website and fill the details of the application form. There are many applications of money lenders which provide money instantly by submitting the documents online.
EMI or Equated Monthly Installment is the fixed amount paid by a borrower on a monthly basis to the lender. It is generally paid by the customer on a particular calendar date until the principal amount and the total interest accrued on it for the loan duration are paid off. The EMI amount is calculated in such a way that the interest of the loan is larger during the initial months and reduces gradually with each payment. Key parameters used in EMI calculation for an instant loan are:
Principal amount: The base amount that is lent to the customer as loan is called the principal amount. It may differ from lender to lender based on their evaluation of the customer’s credit profile.
Interest Rate: The rate of interest is the percentage which can be levied on the principal amount of a loan on a periodic basis
Loan Duration: The loan duration or loan term, also commonly referred to as “tenor” is the period for which a loan is sanctioned. The borrower must pay the principal sum and the total interest within the loan duration.
The mathematical formula to calculate EMI is:
EMI = P × r × (1 + r)n/((1 + r)n - 1)
where P= Loan amount,
r= interest rate,
n=tenure in number of months
Instant Loan points considered while applying
Instant loans are helpful for meeting urgent requirements. Loans should be used rarely and only when there is no other choice to arrange funds.
1. A person needs to pay penal charges in case of non-payment of instalments which become due. It may be levied on a daily basis until default continues.
2. The internet rate on instant loans are higher than any other loans, similarly some processing fees may also be levied.
3. The loan will be repaid into fixed instalments i.e. principal plus interest in a pre-decided time period for example: within 6 months or 12 months.
4. Repayment can be done through net banking using debit or credit card or through pay tm.
Bank offered Financial Products
The interest rate is offered by lenders. CASHe interest rate begins with 1.5% per month, EarlySalary interest rate begins with Rs.9 per day, PaySense interest rate begins with 1.4% to 2.5% per month and Money View interest rate begins with 1.3% per month.
Applying for an instant personal loan online is extremely easy and time-convenient. You can complete the entire loan application process from anywhere and at any time, without having to visit the lender’s office. If your loan application is approved, the loan amount will immediately be disbursed into your account.
The minimum loan amount is Rs.5000 and maximum loan amount is Rs.3 lakh charged in instant loan.
The maximum age required for instant loan is up to 60 years.
The EMI is calculated by taking the loan tenure, loan amount, and rate of interest into account. You can use the EMI calculator tool, which you will find on the official websites of banks/financial institutions or through a third-party financial services website.
Salaried and self employed individuals are eligible to take an instant loan.
The minimum income is Rs.15000 to take an instant loan but in some cases minimum income of Rs.12000 is also accepted.
Last Updated on : 22/Oct/2020Know More About
You're eligible for a Instant Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Instant Loan is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Instant Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 1.75% - 3% |
| Processing Fees | Varies with bank |
| Loan Tenure | .08 year to 1 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Instant Loan EMI Calculator