Quick Loans in India: How Much Can You Withdraw? Check loan amount, interest rates and other key details

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.

What are quick loans?

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.

Quick Loans: How much can you withdraw?

1. FlexSalary: You can use FlexSalary to apply for a quick loan with a minimum of Rs 500 and a maximum of Rs 3,00,000.


2. KreditBee: This platform offers quick loans ranging from Rs 6,000 to Rs 10 lakh.


3. CASHe: You can get quick personal loans ranging from Rs 45,000 to Rs 3 lakh.


4. PaySense: This platform is best for people who are looking for a short amount of money, between Rs 5,000 and Rs 5 lakh.


5. mPokket: This allows you to grab quick loans, ranging from Rs 5,000 to Rs 5 lakh.

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.

Advantages of quick loans

• There is no need for collateral, which means you can get a loan without the need to pledge any assets.


• The loans can be disbursed within minutes to hours.


• You don't need to stand in long queues for big loans anymore.


• It has flexible repayment tenure and EMI options.

Get Instant Loan Up To Rs.50L

Disadvantages of quick loans

• It has a higher interest rate than secured loans.


• You may experience heavy penalties for late or missed payments.


• Some lenders also charge processing fees, which can sometimes be hidden.


• Prepayment charges may also apply.

Conclusion

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.