Modern technologies have simplified the instant loan processing that enables borrowers to avail of an instant cash loan in 1 hour in India. Using a loan app to apply for an instant loan is a quicker, simpler, and paperless way of getting a personal loan. Digitalization has significantly leveraged access to financial services. Similarly, you can apply online for a personal loan with requisite scanned documents, and get the loan disbursed directly into the bank account. Following are a few of the most preferred instant loan apps by the loan seekers:
- Kredit Bee
KreditBee is primarily developed for young professionals. Even if you are a first-time borrower, or don’t have a credit score, you can still secure a personal loan from KreditBee.
LazyPay is a part of PayU, a leading financial service provider in the market. LazyPay offers quick and instant personal loans. A loan amount offered by the LazyPay starts from Rs.10,000 to Rs.1 lakh.
StashFin is an organization built by a team of passionate financial professionals who have experience of almost 40 years.
- Indiabulls Dhani
Indiabulls Dhani offers an instant loan that ranges from Rs. 1000 up to Rs. 15 lakhs on the interest rate starting at 11.99%*.
A maximum loan amounts up to Rs. 5 lakhs can be acquired with MoneyTap without any security against the loan amount. The loan comes at a low interest rate, with a flexible repayment tenure ranging from 2 months to 36 months.
EarlySalary helps you meet your expenses till your monthly salary is credited.
Faircent is among the best personal loan apps where an individual can pay interest only on the availed loan amount.
The PaySense loan application is easily downloaded from the Play Store. The interest rate on personal loans ranges from 1.4% to 2.3% per month on a maximum loan amount of Rs. 5 lakhs. The offered loan amount and interest rate are majorly based on an applicant’s profile.
To meet this tremendous demand for an instant personal loan, various lenders have come with the offering of instant cash loan in 1 hour in India along with the many features, some of them have been given below:
- Pocket-Friendly Interest Rate: An instant loan comes at an attractive rate of interest. Any loan seeker can apply for a personal loan whether he/she is a salaried person, working professional or self-employed individual.
- Online Loan Processing: As the name suggests, instant loan is provided you instantly through online channels, especially apps.
- Short Term Loan: There are times when you need loans only for a short period, hence instant personal loans can be best as they are offered for the short term. Instant personal loans can be obtained for a short term ranging from 2 months to 1 year. Hence borrowers don’t need to carry the burden of debt unnecessarily for a long time.
- Quick Approval: The fast loan approval and disbursal of the amount have made the personal loan one of the most preferred choices of borrowers.
- Multipurpose Loan
As mentioned above an instant loan personal loan can be used to meet any personal loan purpose.
Banks and NBFCs offering Instant Loan
The following are some of the popular instant loan lenders with loan amounts and interest rates. However, the offered loan amount and interest are majorly influenced by an applicant profile. Have a look:
|Up to Rs. 30 Lakhs
|Up to Rs. 1 Lakh
|Ranges from 1% to 1.5% p.m.
|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
|Up to Rs. 25 Lakhs
|Ranges from 11.25% to 17.99%
|Based on eligibility
|Starts @ 11.25%
Factors determining an instant loan interest rate
- 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.
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.
Various banks and NBFCs offer an instant loan. Here are some of their customer care numbers:
|Customer Care No.
Some of other instant personal loan apps
Benefits of Instant Loan Apps
- It saves a lot of time and efforts
- Completely safe and secure
- Fast loan approval and instant cash access
- Stay updated and keep track of all the transactions
Documents Required for Personal Loan
- Passport-sized photograph
- PAN Card – for Company/Firm/Individual.
- Aadhaar Card.
- Voter’s ID Card.
- PAN Card.
- Driving License.
- Salary slips
- A copy of any address proof documents:
- Aadhaar Card.
- Voter’s ID Card.
- Driving License.
- Bank statement of the previous 6 months.
- Last 2 years ITR along.
- Audit Report.
While choosing an instant loan carefully read and understand the lender’s discretion as few lenders claim to offer instant cash loan in 1 hour in India but don’t do so. Be aware and alert before applying for an instant loan.