Instant loans are quick financial solutions designed to provide immediate cash for urgent needs. Whether you need funds for medical emergencies, travel, home repairs, or any unexpected expenses, an instant loan offers a fast and hassle-free way to access money without extensive paperwork.
Features of an Instant Loan
Loan amount flexibility: Borrow anywhere from Rs. 8,000 to Rs. 50 lakhs based on eligibility
Quick processing: Approval and disbursement typically happen within minutes to a few hours.
No collateral required: Most instant loans are unsecured, meaning you don’t need to pledge any assets.
Flexible tenure: Repayment terms range from 3 months to 60 months.
Minimal paperwork: The application is digital, requiring just basic KYC documents.
Benefits of an Instant Loan
Fast access to cash: Ideal for emergencies and urgent financial needs.
No need for guarantors: Unlike traditional loans, no guarantor or collateral is required.
Flexibility in usage: Use the funds for any purpose, such as medical bills, education, home repairs, or personal expenses.
24/7 availability: Many lenders offer instant loans via mobile apps, making it accessible anytime.
Interest rates on Instant Loan
Interest rates on instant loans range between 10% to 36% per annum, depending on factors like:
Loan amount: Higher amounts may have lower interest rates.
Credit score: A higher credit score (700+ recommended) helps in securing better rates.
Lender type: NBFCs and fintech lenders may offer higher interest rates compared to banks.
Repayment tenure: Shorter tenures may have higher EMIs but lower overall interest.
Eligibility criteria for Instant Loan
To qualify for an instant loan, applicants must meet the following criteria:
age
Typically between 21 to 60 years.
Income
Minimum monthly income of ₹15,000 - ₹25,000, depending on the lender.
Credit Score
A CIBIL score of 650 or above is preferred.
Employment
Applicants should be employed with a reputed company or self-employed with a steady income.
Proof of Identity: Aadhaar Card, Passport, Voter ID, etc.
Proof of address: Utility bills, rental agreements, or bank statements.
Income proof: Salary slips, bank statements (last 3 to 6 months), or income tax returns.
Employment proof: Job offer letter, salary slip, or self-employment documents.
In case of online instant loan apps, you can apply with as few documents as a PAN card and Aadhaar Card. You may also need to submit an income proof in certain cases.
How to apply for an Instant Loan
Applying for an instant loan is a simple process that usually involves the following steps:
1
Choose a lender
Compare instant loan providers, including banks, NBFCs, and fintech lenders, to find the best interest rates and terms.
2
Fill out the application form
Provide personal details through an online or mobile application.
3
Submit required documents
Upload basic documents such as Aadhaar card, PAN card, income proof, and bank statements.
4
Loan assessment and approval
The lender will check your eligibility, credit score, and financial stability before approving the loan.
5
Disbursement
Once approved, the loan amount is directly credited to your bank account, often within a few hours.
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Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Low Interest Rate
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EarlySalary Services Pvt. Ltd.
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100% Digital
Quick Disbursal
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