Gone are the days when securing a loan meant waiting for long hours, submitting huge piles of documents and waiting for weeks to get funds. These days, thanks to digital banking and tech-enabled platforms, getting a personal loan can be as easy as ordering food online: fast, paperless, and instant.
With numerous banks and loan aggregators offering a variety of loans, it’s important to choose a suitable loan provider offering fast personal loan, as per your needs.
If you require urgent money for some emergency or large spending, a fast personal loan with minimal documentation and low interest rates could be the most useful.
A fast personal loan helps the borrower to meet financial needs for purposes like medical bills, travel, weddings or home repairs. It is an unsecured borrowing and there is no need of offering any mortgage. You can repay the loan in fixed monthly EMIs.
Benefits Of Fast Personal Loan By Banks
- Instant approval: Fast personal loans can be approved within minutes or hours using automated checks based on your credit score and income. You can also track the personal loan status through the app or website of the lender.
- Quick disbursal: Funds are credited to your bank account the same day, often within a few hours, perfect for urgent needs.
- Paperless process: The entire journey is online with minimal documentation. You have to upload your PAN, Aadhaar, and income proof digitally.
- Low Interest Rates: Many banks offer rates starting at just 10-11% per annum for eligible borrowers, making it fast as well as affordable.
If you are looking forward to a fast personal loan, Moneycontrol has partnered with eight top lenders to offer personal loans up to Rs 50 lakhs. The 100% paperless application process ensures quick approval and disbursement. You just need to complete the KYC process and set up the EMI payment. The interest rates start only at 10.5% per annum.
Top Banks Offering Fast Personal Loans In India
Here are some of the top banks offering fast personal loans:
- ICICI Bank offers personal loans up to Rs 50 lakh through a quick and fully online application process. Interest rates range from 10.85% to 16.65%, with repayment tenures between 12 to 72 months.
- HDFC Bank provides its Xpress Personal Loan of up to Rs 40 lakh with near-instant approvals. The process is entirely paperless and can be completed through NetBanking or the HDFC app. Interest rates start around 10.90% per annum.
- IndusInd Bank offers instant online personal loans up to Rs 5 lakh. The process is 100% digital. Interest rates begin at 10.49% per annum.
- Axis Bank provides fast personal loans up to Rs 40 lakh with quick approval and disbursal. It’s a convenient option for salaried individuals looking for speed and ease.
- SBI offers instant personal loans through YONO and Xpress Credit. The process is digital, and while timelines may vary by profile, many customers receive quick approvals and same-day disbursals.
*For the latest and most accurate information on personal loan offers please refer to the bank/NBFC websites.
How to speed up fast personal loan approval
- Monitor CIBIL score: Aim for 750+ for best rates and faster processing.
- Use pre-approved offers: Check your bank apps/banking portals regularly.
- Choose digital channels: Apply via official websites/apps for instant processing.
- Complete KYC/e-sign: Use Aadhaar OTP or video KYC for seamless verification.
- Compare offers: Platforms like Moneycontrol will save time by letting you evaluate multiple loan offers from top lenders.
Is a fast loan always the best?
Fast is not always equal to best. Here's what else you should consider before finalizing a personal loan offer:
- Interest rate: Instant approval may come at slightly higher interest. Longer tenure and lower rates may cost more in total interest.
- Fees: Compare processing charges and foreclosure penalties.
- Loan amount: Some aggregators let you borrow higher amounts, while others offer lower limits.
- Customer service: Big banks offer robust support for EMIs, balance transfer, or top-ups.
You can compare and choose the best personal loan offer through the Moneycontrol app and website. Moneycontrol, in partnership with eight lenders, offers personal loans up to Rs 50 lakhs. The interest rates start at as low as 10.5% per annum. You just need to fill in your details, upload documents to complete KYC verification and select your repayment period.
A Step-By-Step Guide To Apply For A Fast Personal Loan
- Check pre-approved offers: Log into your bank app or loan aggregator platforms.
- Compare options: Fill basic info once and see multiple options instantly.
- Choose the best match: Consider rate, tenure, and disbursal time.
- Complete digital KYC and e-sign: Via OTP or video KYC (IDFC First, IndusInd).
- Receive approval and funds: If profile matches, funds often reach your account within the hour.
A fast personal loan offers a quick and convenient way to manage unexpected expenses or planned purchases without the stress of lengthy paperwork or delays. With instant approvals, same-day disbursals, and easy digital applications, these loans are designed for speed.
Disclaimer
This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
