Instant Loan

Banks, NBFCs, and peer-to-peer lending platforms provide you hassle-free instant personal loans in a matter of minutes. The approval period of these loans can be as low as just 1 minute. An individual can avail a loan amount ranging between Rs.5,000 up to Rs.5 lakh through these instant loans.

Top NBFC and P2P Lending Apps Offering Instant Loans

It has become easier to avail an instant cash loan at interest rates of as low as 1% p.m. as there are a number of apps offered by NBFCs and peer-to-peer lending platforms. You can apply for a loan of up to Rs.5 lakh from the comfort of your own home through these apps.

1. PaySense : App-Based Instant Personal Loan Provider

Google Play Ratings   PaySense provides you instant personal loans with affordable repayment options. The applicant is not required to submit any physical documents to apply for a loan.. The documentation can be uploaded online in the required format and the loan will be approved in the shortest possible time.

Key features and benefits of PaySense app

• Borrowers can get loans between Rs.5,000 and Rs.5 lakh.
• The loan application on the app can be completed in a few simple steps:
• The user has to download and install the PaySense app. He/she is required to check eligibility for a loan. He/she can select the most suitable combination of tenure and EMIs from the plans available.
• Once the loan is approved, the borrower has to upload the relevant documents to complete the KYC.
• When the application process is completed, the funds are transferred to the account of the borrower.
• If an individual has already availed a loan from PaySense previously, the documentation process for a subsequent loan will be easier.
• The lender offers easy repayment plans and auto-debit facility for EMIs.
• The app caters to users who do not have a credit history at all. Such individuals may otherwise find it difficult to procure a personal loan from traditional lenders in India.

 

Eligibility criteria for a PaySense loan

• The individual must be between the ages of 21 years and 60 years.
• In the case of a salaried employee, the individual must earn of salary of at least Rs.12,000 per month.
• In the case of a self-employed individual, he/she must earn of salary of at least Rs.15,000 per month.
• Only salaried employees and self-employed individuals can avail the loan.

2. Rupeelend : Short-Term Credit Provider

Google Play Ratings   Rupeelend is a popular financing company that offers short-term loans to customers and business entities. The platform provides a trustworthy method in which you can borrow for urgent needs.

Key features and benefits of Rupeelend app

• Borrowers can get loans up to Rs.1 lakh.
• The entire application process takes only 3 minutes from start to finish.
• The documentation process is not elaborate and there is no need to attend any meetings.
• The loan is approved instantly, and the funds are credited to your account within 15 minutes.
• If you have repaid your first loan on time, you can immediately apply for another one, if needed.
• The company does not levy any additional charges for early repayment. In case you do so, your interest amount will be reduced to the exact number of days for which you had taken the loan.

Eligibility criteria for a loan from Rupeelend

• All Indian citizens above the age of 18 years can apply for a quick cash loan from Rupeelend.
• The applicant should be salaried, self-employed, or a business professional.
• He/she should also earn enough to be able to repay the loan in a timely manner.

3. CASHe : Short-Term Personal Loan Provider

Google Play Ratings   CASHe provides short-term personal loans through a predictive algorithm referred to as the Social Loan Quotient (SLQ). The target customer base for the app is young salaried professionals. SLQ assesses the credit profile of individuals based on a system that is much different from the traditional methods used by leading banks and NBFCs.

Key features and benefits of CASHe app

• Borrowers can get loans between Rs. 1,000 to Rs.4 lakh.
• The CASHe app makes the loan application process hassle-free. The steps for the same are as follows:
  1. The user has to download the CASHe app and install it. The registration is done using the individual’s Facebook, Google+, or LinkedIn accounts.
  2. The borrower has to fill the application form and upload some documents using his/her smartphone.
  3. Based on the eligibility, he/she is required to choose the loan amount.
  4. The loan will be disbursed into the account of the borrower in a few minutes.

Eligibility criteria for a loan from CASHe

• An individual above the age of 18 years with a monthly salary of Rs.15,000 and above can apply for a CASHe personal loan.
• He/she should submit proof of current employment, bank account, valid identity proof, and address proof.

4. Money View : Instant Personal Loan Provider

Google Play Ratings   Money View offers instant personal loans to customers from anywhere in India. The loans can be applied easily as the process is entirely paperless. The Money View Loans app enables people with low credit scores get loans, as the credit model it follows is different from the traditional methods.

Key features and benefits of Money View app

• Borrowers can get loans between Rs.10,000 to Rs.5 lakh.
• The loan application process is simple and convenient
• The applicant has to check his/her eligibility and identify the maximum loan amount. This just takes up to 2 minutes!
• The Money View Loans app needs to be downloaded and installed.
• The required documents and personal details have to be updated on the app.
• Within 24 hours of approval, the loan amount will be disbursed to the account of the borrower.
• The only documents the applicant have to submit to apply for a loan are his/her ID proof (PAN/Aadhaar), address proof, and bank statement (PDF format).
• The applicant can customise his/her loan tenure and loan amount through the app. In case he/she is facing any issue or has a query, there is an excellent customer support team to assist in this regard.

Eligibility criteria for a Money View loan

• The applicant should be salaried or self-employed.
• Salaried applicants should have a monthly in-hand salary of at least Rs.13,500.
• The CIBIL score of the applicant should be at least 600; Experian score should be a minimum of 650.
• He/she should be between 21 and 57 years of age and should receive his/her income in a valid bank account.

5. Credy : Advance Salary Loan Provider

Google Play Ratings   Credy provides you instant personal loans wherein the money reaches your account within 48 hours. Instant approval in 30 seconds is the key highlight of the Credy loan. The efficient online process followed by the company reduces several costs when compared to traditional lenders.

Key features and benefits of Credy app

• Borrowers can get loans up to Rs.1 lakh.
• The app allows the borrower to repay the loan early after the first EMI is paid.
• There are very minimal fees and charges associated with the loan.
• The customer support offered by the company is noteworthy. Customers can contact the lender through the website, mobile app, or IVR channel.
• Borrowers who repay in a timely manner are eligible for top-up loans.
• Early payment bonuses, referral bonuses, and sharing bonuses are offered by the lender.
• Customers with low CIBIL score can also avail Credy loans through the app.
• EMIs can be paid through the payment gateway on the lender’s website. NACH slips are also collected from borrowers. After approval, the EMI will be auto-deducted from the bank account on the due date.

Eligibility criteria for a Credy loan

1. The applicant should be salaried with a minimum monthly salary of Rs.15,000.
2. He/she should have a valid Aadhaar number as well.
3. Personal loan applications are taken only from the cities of Bengaluru, Pune, Chennai, Hyderabad, and Mumbai.

6. EarlySalary : Provider of Salary Advance Loans

Google Play Ratings   The EarlySalary app puts an end to your month-end cash crunch woes. The app provides advance salary loans and the borrower needs to pay interest only for the number of days for which the money is used.

Key features and benefits of EarlySalary app

• Borrowers can get loans of up to Rs.5 lakh.
• The borrower can use his/her EarlySalary limit to make purchases on Amazon. The repayments can be done in 3 or 6 EMIs.
• The EarlySalary credit can also be transferred to Future pay. This enables the borrower to shop at Big Bazaar and repay in 3 zero-cost EMIs.
• The repayments are auto-debited from the borrower’s salary account directly.
• Prepayment can be done at no extra cost through the mobile app.
• Customers can avail as many loans as needed through the app. However, the applicant has to wait for at least 5 days to apply for the second loan, post the complete repayment of the first loan.
• The applicant can login to the app through his/her Facebook account. This helps build the individual’s “Social Worth Score”, and also determines his/her eligibility for a loan.

Eligibility criteria for an EarlySalary loan

• Salaried individuals above the age of 21 years can get a loan sanctioned in minutes through the EarlySalary app.
• The net take-home monthly salary of the applicant should be a minimum of Rs.20,000.
• The loans are provided only in the cities of Mangalore, Chandigarh, Coimbatore, Vijayawada, Bengaluru, Mysuru, Hyderabad, Mumbai, Chennai, Pune, Delhi NCR, Visakhapatnam, Ahmedabad, and Jaipur.

7. LazyPay : Instant Personal Loan Provider

Google Play Ratings   Through the LazyPay app, you can get instant personal loans in a few simple steps. Applicants need to pay interest only on the amount of loan availed. Repayment options are flexible as well.

Key features and benefits of LazyPay app

• Borrowers can get loans up to Rs.5 lakh.
• The applicant can update some basic details in the app and get his/her unique credit limit.
• The LazyPay app enables you to utilise your credit limit to shop on Amazon, Flipkart, and several other such websites. The purchases are consolidated into a single bill and repayments can be done on the 3rd and 18th of every month.
• The app enables you to get regular reminders of a pending payment, track spends, and make repayments faster.
• The application process involves very limited paperwork. The only documents that need to be submitted are the Photo ID proof, address proof, bank details, and a selfie of the applicant.

Eligibility criteria for a LazyPay loan

• In order to get a loan through LazyPay, the applicant should be between 22 and 55 years of age.
• He/she should reside in any of the tier I or tier II cities in India and should be a salaried individual.

8. mPokket : Digital Lending Marketplace for Students

Google Play Ratings   mPokket is an app-based digital lending marketplace that enables borrowers attain financial independence. Once the app is installed and the account is approved, mPokket works like a virtual credit card. Users can borrow any amount they need, and the funds will be available in 24 hours.

Key features and benefits of mPokket app

• Loans of up to Rs.30,000 can be availed by salaried employees.
• When a user submits a loan application, it will be approved in a few hours.
• Loans are disbursed to the bank account or PayTm wallet of the borrower, based on his/her choice.
• The loan repayment process is simple; payments can be made through the borrower’s debit card, UPI account, or PayTm wallet.
• The only documents needed for the loan application are photos of the applicant’s student ID card, Aadhaar card, and a selfie video. Some basic information about the borrower also needs to be submitted.
• The app has a reward program that can benefit diligent users. They can earn mCoins through referral. mCoins are also earned when connections take and repay loans on time through the app. The program allocates tiers to users. Earning more mCoins helps users move up the tiers. A user in a higher tier can get a higher credit limit for loans and a significant cashback at the time of loan application.

Eligibility criteria for an mPokket loan

• Undergraduate and postgraduate students who are above 18 years of age can apply for the mPokket loan.
• The student should have a valid phone number and bank account.

9. MoneyinMinutes : Quick Payday Loan Provider

Google Play Ratings   MoneyinMinutes offers payday loans that help you finance your emergency needs. The platform rewards users for loyalty and timely repayments. Rewards can be in the form of cashback, increase in loan tenure, or discounts on interest rates.

Key features and benefits of the platform

• Get quick payday loans to meet the immediate cash requirements of salaried individuals.
• Loans ranging from Rs.1,000 to Rs.2 lakh can be availed.
• Loans have zero part-payment and foreclosure charges.
• Bad credit loans can be availed by borrowers with low credit score.
• Loans provided for unemployed individuals based on specific risk factors.

Eligibility criteria for a MoneyinMinutes loan

• Applicants above the age of 18 years can apply for a loan on the platform.
• The borrower should be employed full time with a monthly salary of at least Rs.10,000.
• The salary should be credited to the borrower’s account each month on a fixed date.

10. QuickCredit : Instant Cash Loan Platform

Google Play Ratings   QuickCredit is an online lending platform that provides instant loans to customers for multiple purposes like credit card repayments, marriages, advance salary needs, and medical emergencies. The verification process is paperless and the service is available in all the main Indian cities.

Key features and benefits of the platform

• Offers salary advance loans from Rs.10,000 to Rs,1,00,000.
• Benefit from the paperless one-step registration process.
• Get loans effortlessly from the app-based lending platform.
• The quicker you repay, the lesser is the interest rate and charges.
• Get 100% unsecured loans.
• Repayments can be done within 30 days.
• Processing fee can be Rs.100, Rs.300, or Rs.500 based on the membership of the borrower.

Eligibility criteria for a QuickCredit loan

• Loans are provided in the cities of Bengaluru, Hyderabad, Chennai, Delhi, and Pune.
• Users should be registered on the QuickCredit platform to be eligible to borrow.
• QuickCredit validates the social credibility and personal-professional credibility of the applicants for loan approval.
• All Indian residents above the age of 21 years who are either salaried or self-employed can apply for a loan through this platform.

11. Flex Salary : Provider of Instant Personal Line of Credit Loans

Google Play Ratings   FlexSalary is an online lending platform that provides individuals with short-term line of credit funding for emergency needs. The repayment terms are flexible, and the application and approval procedures need to be done only once on the platform.

Key features and benefits of the platform

• Get immediate cash loan in 1 hour.
• These NBFC personal loans can be availed by individuals with low credit score as there are several other factors considered by the lender, apart from credit history.
• Maximum loan amount can go up to Rs.2 lakh.
• One-time application and approval for each loan makes the process quick and convenient.
• There are no prepayment penalties for the loans availed through this platform.

Eligibility criteria for a FlexSalary loan

• All Indian nationals with a minimum age of 21 years can apply for the loan.
• The borrower must have a working bank account and a valid ID proof.
• The work experience of the borrower should be at least 3 months and net monthly income should be a minimum of Rs.8,000.

Non-App based Instant Loans in India

There are a few lending platforms which do not have mobile phone apps. However, you can visit the official websites of these lenders and apply for an instant loan.

1. Lendbox : RBI Licensed NBFC-P2P Lending Platform

Lendbox is a P2P lending platform through which you can get a steady stream of income when you enroll as an investor. Since there are no middlemen involved in the process, all savings are directly passed on to the investors. This results in higher returns for individuals registering as investors on the platform.

If you are a borrower, you can benefit from attractive interest rates and instant loan disbursal. Lendbox considers several data points to evaluate the creditworthiness of a borrower. This includes the net salary, area of residence, expenses, educational qualification, utility bills, investments, online spending pattern, etc. This implies that borrowers with slightly low CIBIL score may also be likely to get a loan through this platform.

Key features and benefits of Lendbox app:

• Investors on the platform can get good returns on their investments.
• The operating costs associated with the lending process are low in comparison to the traditional methods.
• An investor can invest an amount as small as Rs.10,000 in creditworthy borrowers of his/her choice on the platform.
• An investor can earn regular monthly returns with no additional charges.
• Borrowers receive low interest rates on loans.
• The borrowing process is easy, as there is direct interaction between investors and borrowers.
• Borrowers can get loans of up to Rs.5 lakh with zero hidden charges.

Eligibility criteria for a Lendbox loan

• All Indian residents above the age of 21 years can apply for a loan on Lendbox.
• The borrower is expected to submit a valid ID proof.
• He/she should have an Indian bank account that is functional and should have registered on the Lendbox website.

2. Loanwalle : 30-minute Personal Loan Provider

Key features and benefits of the platform

• Get instant personal loan approved in 15 minutes and disbursed in just 30 minutes.
• These speed loans can be availed by individuals with poor credit history as well.
• The platform provides excellent customer support.
• Documentation to be emailed to the lender includes just the ID and address proof, 2 months’ salary slips, and 3 months’ bank statements.
• Get loans of up to Rs.1 lakh with no preclosure charges.
• The loan tenure is flexible, based on the borrower’s details.
• Processing fee ranges from Rs.500 to Rs.9,000.

Eligibility criteria for a Loanwalle loan

• All Indian citizens residing in Mumbai, Delhi and NCR, Bengaluru, Kolkata, and Hyderabad are eligible to apply for a loan through this platform.
• The applicant should be more than 21 years of age and should have the ability to repay the loan.
• His/her monthly salary should also be Rs.15,000 or more.

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Top Instant Personal Loans from Banks

Get the best instant loan in India from a bank at an interest rate as low as 10.75% p.a. Loan approval will be in a few minutes. Loan amount can be up to Rs.40 lakh with a repayment tenure of up to 60 months.

1. HDFC Bank – Best for Big Loan Amount

Key Highlights:

• Offers quick loans to customers without any lengthy applications
• Loan amount can go up to Rs.40 lakh
• Loans offered by HDFC can be repaid in 12 – 60 months; this is one of the longest tenures for personal loans in India
• Exclusive offers are available for personal loan balance transfers from other lenders
• Minimal documentation required for pre-approved customers

2. Yes Bank : Best for Attractive Interest Rates

Key Highlights:

• Offers instant personal loans at the most attractive interest rates in the industry
• High-cost personal loans from other banks can be transferred at lower rates to Yes Bank; additional top-up funding can also be availed for the same tenure
• Doorstep banking services available, if required
• Loans up to Rs.40 lakh is offered
• No guarantor required

3. IDFC First Bank : Best for Easy Loan Management

Key Highlights:

• Get instant loans from IDFC First Bank with excellent loan management facilities on the bank’s website and mobile app
• Transfer existing loans from other lenders at lower interest rates
• Flexible EMI and tenure that can be changed later
• Anytime prepayment is a highlight of the loan
• Easy eligibility calculator tool on the bank’s website to assess the amount of loan you are eligible for

Key Features and Benefits of Instant Personal Loans

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:

Eligibility Criteria for an Instant 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:

Documents Required

Individuals who apply for instant loans will need to submit the following documents:

Apart from these, applicants may be required to submit a copy of their PAN card, passport-sized photographs, and bank statements of their salary accounts for the preceding 6 months

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

How to Apply for an Instant Loan?

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

Things to Avoid

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Further Reading

• Things to Consider When Availing Instant Personal Loans
• How Instant Loan Needs are Fulfilled by Fintech's Today
• A Comprehensive Checklist for First-time Applicants of Personal Loans

FAQs on Instant Loans

1. What are the advantages in applying for an instant 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.

2. How is the EMI for an instant 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.

3. 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.

4. 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.

5. 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.