There will be times when you may need instant cash in case of a cash crunch or if you have a financial emergency. Availing a personal loan from a bank may not be a feasible option, since the lender may take some time to process your application and disburse the said amount to your bank account. In this case, there are loan financing companies from whom you can avail an instant personal loan where the money is disbursed to your bank account within one hour.
You can avail a loan between Rs.5,000 and Rs.1 lakh at a monthly interest rate ranging between 1.50% to 2.25%. Higher your credit score, lower will be the interest rate charged. You can apply for an instant personal loan even if your credit score is low.
Features and benefits of Instant Cash Loan in 1 hour
- The process of applying for an instant cash loan is completely digital. All you have to do is visit the official website of the company who provides the instant cash loan facility and create a profile. Upload all the necessary documents and select the loan amount and tenure. The company will review your documents and if they are found to be perfect, the loan amount will be disbursed to your bank account.
- You can customise your loan according to your needs. You have the option of choosing your loan amount and your repayment tenure based on which the lender will levy a rate of interest which it deems suitable.
- Most of the lenders who provide the instant cash loan facility may levy an interest rate ranging between 1.50% and 2.25% p.m. This means that it will be easy for you to repay the loan amount. The rate of interest levied on your loan amount may vary from company to company and is also dependent on your credit score. Higher the credit score, lower will be the rate of interest.
- If you do not have a credit score or have an extremely low credit score and need cash, then you can apply for a loan from lenders who offer the instant cash loan facility. However, some companies insist that the minimum credit score should be 600 to avail a loan, some lenders will offer you a loan if you are an early jobber and do not have a credit score to show. However, physical verification might be required if your credit score is extremely low.
- Most of the lenders require you to simply fill out the application form and upload the necessary documents to get your loan application approved within 3 minutes.
- You can avail an instant cash loan even if your monthly income is low. If your credit outlook is decent, do not have any financial default in the last 2 years, and do not have too many credit liabilities, the lender may approve your application for an instant cash loan.
- Different lenders offer repayment tenures which are flexible with respect to the loan amount availed by you. If you have availed a low loan amount, then the repayment tenure may range between 3 months and 1 year. However, if you have availed a very large loan amount, then the repayment tenure can go up to 5 years as well.
- The minimum age of eligibility is 23 years.
- The minimum monthly income you must be able to show is Rs.20,000.
- You should have a minimum credit score of 600.
- You should have cleared all your financial liabilities in the last 2 years.
- All the information provided in your document should be authentic.
- You should be employed for a minimum of 6 months.
Documents required to be submitted
- Aadhaar Card
- PAN Card
- Proof of address
- Bank statement for the last 6 months
- Latest salary slips
- Passport size photographs
How to apply for an instant cash loan
- You can either visit the official website of the lender offering the instant cash loan facility or download the lender’s mobile app to apply for an instant cash loan.
- Create your profile by entering the necessary details such as your name, email ID, mobile number, etc.
- Upload the necessary documents as required by the lender.
- The lender will review the documents submitted by you, and if they are found to be correct, they will approve your application for a loan.
- You can then choose the loan amount and repayment period. The loan amount then will be disbursed to your bank account.
- How soon can I apply again for an instant cash loan if my application for a loan is rejected the first time?
You can re-apply for an instant cash loan 3 months after your first application for a loan is rejected.
- I am a self-employed individual. Can I apply for an instant cash loan?
Generally, lenders prefer giving loans to salaried officials. However, these lenders also partner with top banks and NBFCs in India to offer loans to self-employed people. You must get in touch with the concerned lender if you are self-employed and wish to avail an instant cash loan.
- How can I repay my instant cash loan?
You can repay your instant cash loan either using the auto-debit instruction where the said amount will be deducted automatically from your bank account on the due date, or you can repay using your debit card or the net banking facility.
- I do not have a credit score. Can I still apply for an instant cash loan?
Lenders prefer customers who have a minimum credit score of 600. However, if you do not have any credit score to show and wish to avail a loan, you can get in touch with the lender who will help you with the alternatives which you must consider to avail an instant cash loan. In some cases, the lender may visit you for physical verification before approving your loan.
- How long will it take for the company to disburse my loan amount if I apply for one during a weekend?
If you have applied for a loan on a weekend, then you may receive your loan amount on the next business day. However, if there is no bank holiday, then the chances of you receiving your loan amount in your bank account during the weekend increases.