We have "Instant Loan" for you
We have "Instant Loan" for you
The word ‘instant’ loan happens immediately. Instant loan means short term unsecured loan. An individual can borrow the required amount that he wants to fulfill his immediate/emergency requirements with high-interest rate. These loans are available for a maximum one year tenure period.
Nowadays, it has been 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 loan via their apps. These are also called short term installments loan. 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.
Easy to get :
An individual has to fill an application form through 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 bank account immediately or in some case it may take a day.
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 attached the soft copies of requisite documents. Instant loans basically required less paperwork.
Instant loans are unsecured. An individual can fulfill 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.
Short tenure period :
Instant loan tenure range from 1 month to 12 months. It is taken for a very short period of time.
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.
|ELIGIBLE||Salaried and self employed individual|
|AGE||21 years to 60 years|
Minimum income Rs.15000
In some cases, minimum income of Rs.12000 is also accepted
For salaried employee: 2 years of work experience
For self employed : 1 year
|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 are available which provide money instantly by submitting the documents online.
Instant loan are helpful for meeting urgent requirements. Loans should be used rarely and only when there is no other choice to arrange funds.
A person needs to pay penal charges in case of non-payment of installments which become due. It may be levied on daily basis until default continues.
The internet rate on instant loans is higher than any other loan, similarly, some processing fees may also be levied.
The loan will be repaid into fix installments i.e. principal plus interest in pre-decided time period for example: within 6 months or 12 months.
Repayment can be done through net banking using debit or credit card or through Paytm.
Calculate monthly EMI Instant Loan EMI Calculators
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.
The minimum loan amount is Rs.5000 and maximum loan amount is Rs.3 lakh charged in instant loan.
The maximum age is required for instant loan is up to 60 years.
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 case, minimum income is of Rs.12000 is also accepted
Know 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