16 May, 2025 | 11:00 IST
Quick loans have gained immense popularity in recent years due to the rise of digital lending platforms. Now, getting a loan has become much easier and convenient than it was a decade ago. With minimal paperwork, these loans are approved and disbursed quickly within minutes to a few hours.
Whether you need funds for marriage, higher education, or emergency purposes, you can get loans at lightning speed. Their accessibility, speed, and ease of use make them a popular option for professionals who are self-employed, salaried individuals, and even students who have urgent financial needs.
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Quick loans are basically short-term personal loans that are approved and disbursed instantly. Borrowers can get loans ranging from Rs 5,000 to Rs 5 lakhs, depending on various factors such as credit score, repayment capacity and lender policies.
These loans are typically categorized into three types: small loans, medium loans, and large loans. Small loans range from Rs 500 to Rs 50,000, medium loans from Rs 50,000 to Rs 5 lakh, and large loans from Rs 5 lakhs to Rs 50 lakhs.
Moneycontrol has partnered with eight lenders to provide you with quick, 100% digital loans up to Rs 50 lakhs. You can get the loan in three steps: enter your information, complete the KYC process, and set up an EMI term. Depending on your work status, interest rates can start as low as 10.5% per annum.
In addition to these, people can also get large loans from banks without standing in long queues. These loans can be approved and disbursed in just a few hours.
A borrower can get a maximum of Rs 40 lakh loans, but that doesn't mean everyone qualifies for it. Lenders assess your creditworthiness, income stability and existing liabilities before giving you a loan. Lenders also look at your credit score to check your repayment capability.
The higher the credit score, the better the chances of getting a loan. A score above 750 is usually considered good. Other than this, lenders also assess your monthly income and job stability to get a confirmation that you can repay the loan without defaulting.
Moneycontrol has teamed up with eight lenders to offer fast, fully digital loans up to Rs 50 lakhs. The application process is easy to follow: enter your details, complete the KYC verification, and choose an EMI plan. Interest rates can start as low as 10.5% per year.
Quick loans have become a lifesaver for people, whether salaried, self-employed, or a student, who need urgent funds. With the flexibility of repayment and loan disbursal at lightning speed, people often prefer quick loans. This has also risen after the emergence of multiple digital platforms and fintech apps.
With the rise in technology, banks are also approving large loans within hours, making the process easier and convenient. Although it's as quick as clicking on 'Apply Now,' it might come with a high interest rate and hidden charges. When used wisely, quick loans can bridge financial gaps without a long-term burden.
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