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InstaPaisa

The journey of life is never smooth. More often than not, life throws at us curveballs and some of these curveballs may require us to dip into our savings. But what if your savings isn’t enough to tide over a medical emergency or pay for a wedding? In such cases, you end up applying for a personal loan.

The problem with personal loans from banks, however, is that the processing time can feel like its endless. Moreover, the paperwork is also time-consuming. But, no more. Thanks to credit decisioning platforms like InstaPaisa, all it takes is two minutes of your time and the loan amount can be credited to your bank account within just 6 hours of approval.

How Does it Work?

InstaPaisa brings together lenders and borrowers on to one platform. With the help of proprietary technology, they create a credit profile for each customer. There is no human intervention involved in the entire process. This means that the process is not only fair, but it is also fast. In fact, in some cases, your loan is disbursed around 6 hours after your application has been approved.

Here’s a brief summary of how this credit lending platform works:

Information to create your credit profile such as your bank transactions, PAN number, CIBIL score, etc. are all automatically pulled. This saves you time since you don’t have to pull these details on your own or spend time making sure that you are entering it correctly.

Once this is done, InstaPaisa matches your consumer credit profile with that of the lenders on the platform. The technology used automatically matches you to lenders with the lowest rate of interest. So, once again time is saved since you don’t have to spend hours poring through websites of various banks and comparing interest rates.

This isn’t the only plus point to your credit profile being automatically matched. Most people apply to multiple lenders without taking into consideration that each lender has a different set of criteria when it comes to lending money. As a result, their credit report gets pulled up multiple times. This ends up lowering your CIBIL score and you may not get approved for the loan. Moreover, this lower score makes it much harder to get a personal loan at an attractive rate of interest.

After a borrower and lender have been matched, the loan is disbursed and the money is credited into your account.

How to Apply

To apply for a personal loan from InstaPaisa, you can download the app and provide the required details.

Alternatively, you can apply via their website by providing your contact details and following the instructions.

Features and Benefits

The features and benefits of a personal loan from InstaPaisa are:

  • Lowest EMI available for your credit profile.
  • No human intervention since all decisions are taken by the automated loan decisioning engine.
  • Required financial data such as PAN card details, bank account statements, and credit history is pulled automatically.
  • The application process is extremely simple and it can be completed in around two minutes.
  • Funds are sanctioned and disbursed as fast as possible. Sometimes, funds are disbursed after a few hours of the loan being sanctioned.

FAQs

1. How many lenders does InstaPaisa currently have?

At present, InstaPaisa has 5 banks and non-banking financial companies lending on its platform.

2. On what basis does the software assign a lender to a borrower?

When a lender registers on the platform, they will be required to provide information regarding the type of customers they would like to lend to, for what purposes the money can be used for, and the interest rate they will be charging. Based on this information and your consumer credit profile, a borrower and a lender are matched.

3. I don’t want to take a loan right now but would like to connect with a representative. How do I go about doing that?

You can contact a representative of the company online by providing information such as your name and email id. You can also enter your query. A company representative will get back to you as soon as possible.

You can also contact them via phone or email:

  • WhatsApp service desk: +91-8826272192
  • Customer service desk: 18605002192
  • Email id: care@instapaisa.com
4. Is the app available for download on the Apple Store?

No. Currently, the app is available for download only on the Play Store.

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