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Best Instant Loans in 2019

If you are facing a sudden cash crunch or need funds to pay for upcoming financial obligations, you can consider applying for an instant personal loan. A number of banks and financial institutions in the country offer quick personal loans at attractive interest rates to prospective applicants. Applying for a personal loan through traditional channels will usually require you to submit the required documents and then wait for a certain period of time for the loan to be approved, before receiving the loan amount.

Bank Name Instant Approval in Interest Rate
ICICI Bank  3 Seconds  11.25% p.a onwards 
HDFC Bank  10 Seconds  5.50% -21.50% p.a  
Yes Bank  1 Minute  10.75% p.a. onwards 
Capital First  2 Minutes  12% p.a onwards 
Bajaj Finserv  5 Minutes  13.99% p.a onwards 
Qbera  24 Hours  11.99% - 24% 
MoneyinMinutes  5 Minutes 0.1% - 0.7% par day 

You can apply for an instant personal loan online, wherein your loan request will be approved quickly, and the loan amount will be disbursed to your account immediately. Read on to know more about instant personal loans. 

Top 7 Instant Personal Loans : Compare and Apply

1. ICICI Bank

  • Disbursal in 3 seconds for pre-approved customers 
  • Flexible repayment options 
  • The interest rate for the loan will not increase during the repayment period
  • Documentation is minimal and the application process is free of hassles
Bank
Rate of Interest
Minimum Loan Amount
Maximum Loan Amount
11.25% p.a. onwards
Rs.50,000
Rs.20 lakh

2. HDFC Bank

  • Loan amount will be disbursed in 10 seconds for pre-approved customers and 4 hours for others 
  • Minimal documentation required 
  • Personal Accident Cover of up to Rs.8 lakh is offered to borrowers for a low premium
  • The personal loan can be secured with a Credit Shield Cover
Bank
Rate of Interest
Minimum Loan Amount
Maximum Loan Amount
Rack interest rate: 15.50% p.a. to 21.50% p.a.
Rs.50,000
Rs.40 lakh

3. Yes Bank

  • 1-minute in-principle loan approval is offered 
  • Loan amount can be pre-paid after paying 12 EMIs 
  • Funds are disbursed in a few hours
  • Customers have the option of transferring high-cost personal loan from other banks at lower interest rates
  • Top-up loans are available for the same tenure
Bank
Rate of Interest
Minimum Loan Amount
Maximum Loan Amount
10.75% p.a. onwards
Rs.1 lakh
Rs.40 lakh

4. Capital First

  • Approval in 2 minutes for online applications 
  • Top-up facility is offered 
  • The personal loan is offered at a reducing interest rate
  • The Capital First personal loan EMI calculator helps you calculate the EMI in an effortless manner
Bank
Rate of Interest
Minimum Loan Amount
Maximum Loan Amount
12% p.a. onwards
Rs.1 lakh
Rs.25 lakh

5. Bajaj Finserv

  • Loans are approved in under 5 minutes 
  • Minimal documentation required for loan approval
  • Existing customers of Bajaj Finserv receive pre-approved loans at attractive interest rates
  • Through the online loan account, borrowers can check their statement of account (SOA), loan EMIs, loan terms and conditions, and repayment schedule easily
Bank
Rate of Interest
Minimum Loan Amount
Maximum Loan Amount
13.99% p.a.
Rs.1 lakh
Rs.25 lakh

6. Qbera

  • Loan disbursal in under 24 hours 
  • Minimum credit score required is 600 
  • The easy loan application form enables you to submit bank statements through netbanking
  • Loans are offered for salaried and self-employed professionals
Bank
Rate of Interest
Minimum Loan Amount
Maximum Loan Amount
11.99% p.a. to 24% p.a.
Rs.25,000
Rs.10 lakh

7. Moneyinminutes

  • No part-payment/foreclosure fee is charged 
  • Quick approval is provided for personal loan
  • Documents can be uploaded through the mobile app
  • There are no part-payment or foreclosure charges
  • Very few documents are required for loan approval
Bank
Rate of Interest
Minimum Loan Amount
Maximum Loan Amount
0.1% to 0.7% interest is charged per day
Rs.1,500
Rs.1 lakh

Things to Consider

Before you avail an instant personal loan, it is necessary to compare the loans offered by different lenders. Here are a few points that you should take into consideration when comparing instant personal loans: 

  • Interest Rate: The interest rate that is charged by a lender can affect the total cost of the loan. Thus, make sure to check the interest rate at which the loan is offered before applying to a particular lender. 
  • Processing Fee: Most banks and financial institutions charge borrowers a one-time processing fee. If you are charged a high processing fee, you will need to pay more for your loan.  
  • Default Penalty: If you do not repay the EMIs as per schedule, the lender may charge you a default penalty. Hence, it is important to compare the default charges levied by different lenders. 
  • Repayment Flexibility: It is best to opt for an instant personal loan that offers repayment flexibility in terms of allowing you to make pre-payments or part-payments towards your loan amount, especially if you are intend to pay off you loan before the end of the loan tenure. 
  • Minimum and Maximum Loan Amounts: When looking at instant personal loan offers from different lenders, ensure that you take the loan amount offered into consideration. For example, if you want to take an instant personal loan for Rs.15 lakh, you should only be looking at lenders that allow applicants to borrow up to Rs.15 lakh.  

How to Apply for an Instant Personal Loan? 

There are multiple ways to apply for an instant personal loan: 

  • Several lenders, today, allow users to apply for instant personal loans through their websites. You can directly contact a bank/financial institution through its website and check your personal loan eligibility, interest rate, and EMI payable, after which you will be able to apply for the loan online. Once the loan application is approved, the amount will be disbursed to your bank account immediately.  
  • You can also choose to apply for an instant personal loan through a third-party financial services website like BankBazaar.com. The key benefit of applying for an instant personal loan through BankBazaar.com is that you can compare loans offered by different lenders and then choose which bank/financial institution to apply to. Once your loan application is verified and approved, the loan amount will be credited to your account in a timely manner.  

Eligibility Criteria to Apply for an Instant Personal Loan 

For your loan application to be approved, you should meet the eligibility criteria specified by the lender. Listed below is the general eligibility criteria that you will need to meet to apply for an instant personal loan: 

  • Credit Score: It is important to have a good credit score to be offered an instant personal loan at an affordable interest rate. It is advisable to maintain a credit score of over 750. 
  • Age: Prospective borrowers should meet the age requirements specified the lender to be eligible to apply for an instant personal loan. The age limits may vary based on whether you are a salaried employee or self-employed individual. Thus, make sure to check the age requirements of various banks/financial institutions that offer instant personal loans. 
  • Nature of Occupation: Instant personal loans are offered by most lenders to both salaried employees and self-employed individuals. 

Documents Required to Apply for an Instant Personal Loan 

Individuals who apply for an instant personal loan will need to submit the following documents: 

  • Identity proof – Applicants can submit their driving licence, voter ID, passport, etc.  
  • Address proof – Applicants can submit their voter ID, passport, driving licence, utility bills, sale agreement, bank statement, etc.  
  • A copy of PAN card 
  • Passport-size photographs 
  • The last 6 months’ salary account bank statements 

*Note: This is a general list of documents that you may be asked to submit when applying for an instant personal loan. 

Key Features and Benefits of Instant Personal Loans 

  • Paperless Approval: When applying for a traditional personal loan, you will need to submit the required paperwork to the lender, after which your loan request will be processed. In comparison, when you apply for an instant personal loan online, all the documents will have to be uploaded online, thus making the entire transaction paperless. Also, if you are a pre-approved customer, you will be required to submit minimal or nil documentation. 
  • Loan Without Collateral: An instant personal loan is a type of unsecured personal loan. Thus, you will not have to submit any security or collateral when applying for an instant personal loan.  
  • Quick Disbursal: If you are in immediate need of funds, it is advisable to apply for an instant personal loan since the approved funds will be disbursed to your account in a timely manner.  
  • Low Processing Time: The processing time for instant personal loans is significantly lesser than the processing time for regular loans. 
  • Flexible Loan Tenures: In most cases, when you avail an instant personal loan, you are offered a flexible loan tenure. Thus, you can choose a repayment tenure as per your convenience, subject to the lender’s maximum loan repayment term.  
  • Customisable Loan Amounts: Individuals applying for an instant personal loan can apply for a loan amount of their choosing, subject to the loan amount falling within the minimum and maximum loan amount specified by the lender.  
  • Affordable Interest Rate: If you have a good credit score, it is likely that you will be offered a loan at an affordable interest rate. This will help you keep the overall cost of the loan low.  

Things to Avoid 

Here are a few things that you should keep in mind when applying for an instant personal loan: 

  • Opting for a High Loan Amount: Ensure that you don’t opt for a loan amount that is higher than what you really require. Try to keep the loan amount low so you can repay it without any hassles. 
  • Paying a High Interest: Certain banks and financial institutions that offer instant personal loans may charge borrowers a higher interest rate, in comparison to the interest charged on regular personal loans. Thus, as a prospective borrower, you should ensure that you compare interest rates charged by various lenders before making a loan application. 
  • Having a Low Credit Score: If you have a low credit score, you may be denied an instant personal loan or charged a very high interest rate. Hence, before applying for an instant personal loan, it is necessary to check your credit score. If you have a low credit score, you should try to improve it. 
  • Not Reading the Lender’s Terms and Conditions: Before proceeding with your loan application, ensure that you are well versed with the terms and conditions specified by the lender. 
  • Submitting Multiple Applications: If you apply to multiple banks and financial institutions, you may be viewed as a credit-hungry individual. Therefore, such applicants may not be given a personal loan at a good interest rate. Further, your credit score will also suffer if you submit multiple applications. 

Conclusion 

Applying for an instant personal loan online is a simple process. You will receive the loan amount as soon as your application is approved by the lender. Before submitting your application, it is recommended that you compare the interest rates, processing fee, pre-closure charges (if any), EMIs charged, and loan amount offered of different banks and financial institutions.  

FAQs 

What are the advantages in applying for an instant personal loan online? 

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.  

How is the EMI for an instant personal loan calculated? 

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. 

How will I receive the disbursed loan amount once my application has been approved? 

In most cases, the loan amount will be disbursed to your bank account, provided that the loan application has been approved.  

Can I pre-close the loan before the completion of the loan repayment period? 

Not all lenders will allow you to pre-close the loan. If you are allowed to make pre-payments or part-payments, you may be charged a penalty for doing so.  

How can I increase the chances of my loan application getting approved? 

To increase the chances of loan approval, you should aim to have a credit score over 750. Make sure to also check the lender’s eligibility criteria to know whether you qualify to apply for the loan. 

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