What is an Instant Loan?

27 May 2020 5 min read
Personal Loan: What is an Instant Loan? - Afinoz

Now the consumer lending industry is leveraging state-of-the-art technologies to disrupt the traditional approach of lending. As the technology evolved, borrowers can access all loan products available in the market at the click of a button. Infusion of technology in the lending industry has simplified the application process, accelerated approvals and reduced the disbursal time. What’s more, you can shop around for the loan online and compare the features of personal loans offered by multiple lenders to find the loan option for you. 

What is an instant personal loan?

The term instant personal loan generally refers to small-ticket personal loans availed using lending apps. Instant loans are also known as instant cash loans, online loans and instant cash online. Lending apps backed by NBFCs offer borrowers a hassle-free instant personal loan in just a matter of minutes or hours with minimal documentation. The loan applications are approved within 1 minute of application submission. Borrowers can get instant loans within a range of Rs. 1,000 to Rs. 5 lakh. 

Top instant loan apps

Dozens of lending apps backed by NBFC and banks offer instant cash loans in India at competitive interest rates. Hence eligible borrowers can get instant personal loans at competitive interest rates starting from as low as 1% per month. Here are some of the best instant cash loan lenders:

Apps

Interest rate (per month)

Loan amount

Processing fees

Indiabulls Dhani

Starting from 13.99%*

Rs. 1,00 to Rs. 15 lakh

3% onwards

PaySense

1.4% - 2.33% 

Up to Rs. 5 lakh

2.5% of loan amount + GST

Money View

From 1.33%

Rs. 10,000 to Rs. 5 lakh

2.5% of the approved loan amount

CASHe

For 60-day loan: 3% per month on the loan amount

For 90-day loan: 2.75% per month on the loan amount

For 180-day loan: 3% per month on the loan amount

For 270-day loan: 3% per month on the loan amount

For 1-year loan: 3% per month on the loan amount

Rs. 9,000 to Rs. 3 lakh

3% of the loan amount

Credy

1% - 1.5%

Rs. 1 lakh

3% of loan amount

FlexSalary

As per lender’s policy

Rs. 2 lakh

T&C apply

EarlySalary

2% - 2.5% 

Rs. 5000 - Rs. 2 lakh

Up to 2% of loan amount

MoneyTap

From 1.25%

Rs. 3000 - Rs. 5 lakh

2% of loan amount + GST

CashBean

Up to 33% per annum

Rs. 1,500 - Rs. 60,000

Up to Rs.3000

KreditBee

0% to 29.95%

Rs. 1,000 - Rs. 2 lakh

Minimum Rs. 100

Indiabulls Dhani instant personal loan  

Backed by Indiabulls Venture, Indiabulls Dhani app offers instant personal loans to borrowers in association with leading Indian banks. With Indiabulls Dhani instant loan app, you can apply, receive and manage your personal loan on the go. 

Key features of Indiabulls Dhani instant personal loan

  • Flexible loan amount starting from as low as Rs. 1,000 to Rs. 15 lakh directly into your bank account.
  • Minimal documents like your PAN card and address proof (Aadhaar Card) to get an instant personal loan approved. 
  • One of the lowest interest rates for an instant personal loan online.
  • No prepayment charges for a personal loan up to Rs. 20,000.
  • Apply for a personal loan, and receive and manage the loan with your smartphone in real-time.
  • Personal loan borrowers can earn Dhani points by logging into the Dhani app every day. The value of each Dhani point is Rs. 1. 

Eligibility criteria for Indiabulls Dhani personal loan

  • All Indian residents can apply for the loan.
  • Minimum age of an applicant should be 21 years while applying for instant loans.
  • The applicant should be a salaried professional or a self-employed individual. 

PaySense instant personal loan

PaySense has tie-ups with top NBFCs like IIFL and Fullerton India to offer an instant cash loan in India. It offers an instant personal loan online without any physical documents for the loan application. Eligible customers can get their loan approved within a few minutes. 

Key features of PaySense instant personal loan

  • Instant loan from Rs. 5,000 to Rs. 5 lakh for several financial needs.
  • Short and simple loan application form on the app can be filled in a few steps.
  • The fund is deposited directly into a borrower’s bank account.
  • Individuals with no credit history can also get an instant cash loan. 
  • Individual who has already availed loan from PaySense can get an instant loan without documents.
  • PaySense has easy EMI repayment plans with reminders and auto-debit features. 

Eligibility criteria for PaySense personal loan 

  • Any resident Indian can apply for PaySense instant cash loan online.
  • The minimum age of the applicant should be 21 years and maximum of 60 years at the time of application.
  • Any salaried employee and the self-employed person with a monthly income of Rs. 12,000 and Rs. 15,000 respectively can apply for the loan.
  • PaySense instant loans are available in 40 major cities across India. 

Money View instant personal loan

Borrowers can get instant online loans from anywhere in India. Money View personal loan application process is completely paperless. Check your eligibility for Money View instant personal loan in just 2 minutes. 

Key features of Money View instant personal loan 

  • The entire loan process, from documentation to verification and repayment, is digital. 
  • Instant personal loans from the comfort of your home anywhere in India. 
  • Instant cash loan starting from as low as Rs. 10,000 to Rs. 5 lakh. 
  • Individuals who are not able to get a personal loan due to a low credit score can also get an instant loan from Money View. 
  • Instant disbursal in just 24 hours of approval. 
  • Flexible repayment tenure up to 5 years.
  • Borrowers need to submit minimal documents like ID proof (PAN/ Aadhaar), address proof and bank statement in PDF format. 

Eligibility criteria for Money View personal loan

  • Your age should be between 21 years and 57 years.
  • Any salaried and self-employed individuals with a minimum income of Rs. 13,000 and Rs. 25,000 per month respectively. 
  • The income should be credited in a valid bank account. 
  • Minimum CIBIL score of 650 or Experian score of 750.  

CASHe instant personal loan

CASHe offers short-term cash loans for young professionals for their urgent financial needs. CASHe leverages its algorithm-based machine platform to assess the eligibility of applicants through Social Loan Quotient (SLQ). The credit profile of borrowers is assessed based on their mobile and social media footprints, education and monthly income. 

Key features of CASHe instant loan

  • Automated loan process without personal intervention. 
  • Simple registration procedure with user’s social media accounts like Facebook, Google+, or LinkedIn account.  
  • Borrowers can complete the loan application form and upload documents using their smartphones. 
  • Variety of loans starting from Rs. 9,000 to Rs. 3 lakh with a flexible repayment tenure of up to 1 year.
  • Eligible customers can get instant cash loans in a few minutes. 
  • Unconventional credit profile assessment through a predictive algorithm known as the Social Loan Quotient (SLQ). 
  • Timely repayment means better Social Loan Quotient (SLQ) of the borrower.
  • Easy repayment through NEFT. 
  • Borrowers can use CASHe EMI MCard for shopping up to Rs. 10,000 at merchants with Mswipe terminal. 

Eligibility criteria for CASHe instant cash loan

  • The applicant should be aged at least 18 years
  • Minimum salary of the applicant should be Rs. 15,000 per month
  • The applicant should have a valid address proof
  • A valid bank account is mandatory to apply for the loan. 
  • The applicant should have a Google+ /Facebook /LinkedIn account

Credy – advance salary loan

Credy provides instant online loans for individuals for their personal financial needs. Borrowers can get instant approval in 1 minute. 

Key features of Credy advance salary loan

  • Borrowers can get funds directly in their account in 24 hours.
  • Individuals with a poor credit score can also get an instant loan.
  • Personal loan up to Rs. 1 lakh for flexible tenure from 3 to months. 
  • Credy is known for its excellent customer services in the industry. 
  • Timely repayment will help borrowers to get top-up loans. 
  • Borrowers can enjoy early payment bonuses and referral bonuses. 
  • Credy loans can be repaid through its payment gateway on the website and NACH.  

Eligibility criteria for Credy loan

  • The applicant should be at least 21 years at the time of loan application. 
  • The applicant should be a salaried person with a minimum income of Rs. 15,000 per month.
  • The applicant should have a valid Aadhar number. 
  • Personal loan is available in Bengaluru, Pune, Chennai, Hyderabad, and Mumbai 

FlexSalary instant loan 

FlexSalary instant cash loan scheme has been launched by Vivifi India Finance Private Limited. This scheme is designed to address the short-term financial needs of salaried individuals.  

Key features of FlexSalary instant loan

  • Borrowers can get an instant cash loan up to Rs. 2 lakh in 1 hour. 
  • Open-end EMI of borrowers’ preference.
  • One-time application and approval for multiple cash loans.
  • Access the cash from anywhere at any time. 

Eligibility criteria for FlexSalary personal loan

  • Any salaried Indian can apply for an instant cash loan.
  • The applicant should be aged at least 21 at the time of application.
  • He should have a minimum of 3 months of work experience. 
  • Net monthly salary of the applicant should be a minimum of Rs. 8,000. 

EarlySalary instant cash loan

Young professionals can get an instant cash loan for their urgent financial requirements. EarlySalary provides advance salary loans up to Rs. 2 lakh with interest applicable only on the money used. 

Key features of EarlySalary personal loan:

  • Instant cash loan starting from Rs. 5,000 to Rs. 2 lakh, multiplies of Rs. 1,000. 
  • EarlySalary instant cash loan is available for up to 12 months. 
  • Advance salary online loans in just 4 steps. 
  • Fully digital process through the EarlySalary instant loan app. 
  • Advance salary instant cash loan can be used to shop on Flipkart, Amazon and Big Bazaar. 
  • Borrowers can log in to the app through the Facebook account to build their social score.
  • No interest on the unused cash loan through the EarlySalary app. 
  • Prepayment charges are not applicable on instant loans through the EarlySalay app, hence borrowers can foreclose the loan any time they wish to. 
  • Borrowers can apply for, access and manage personal loans using the app at any time from anywhere. 

Eligibility criteria for EarlySalary personal loan

  • Any resident Indian can apply for the instant loan.
  • The applicant should be aged between 21 years and 55 years.
  • EarlySalary personal loan is available for salaried professionals. 
  • The minimum salary required to get the loan is Rs. 18,000 in metros and Rs. 15,00 in non-metros. 

MoneyTap instant personal loan

MoneyTap is one of the earliest instant loan apps to offer instant cash online in India. It has a commercial association with several banks and NBFCs and provides a personal loan in 40+ cities. 

Key features of MoneyTap instant loan

  • Customised loan starting from Rs. 3,000 to Rs. 5 lakh for specific requirements of borrowers.
  • Get instant money on your phone and desktop without complex paperwork.
  • Different types of personal loans like a medical loan, travel loan, marriage loan, home renovation loan, consumer durable loans and many more.
  • Borrowers can withdraw the money as per their requirements – they can access the entire approved loan amount at once or only the amount they need.
  • Timely EMI payment lets a borrower enjoy the flexibility of withdrawal of the loan multiple times.  
  • Interest is applicable only on the withdrawn loan amount. No interest applicable on the unused amount.
  • Payback the loan over a flexible tenure ranging from 2 months to 36 months.

Eligibility for MoneyTap instant loan

  • MoneyTap offers personal loans in 40+ cities in India. 
  • Minimum age of the applicant should be 23 years and the maximum age 55 years at the time of application.  
  • Any salaried employees and self-employed individuals with a minimum take-home salary of Rs. 20,000 can apply for the loan.

CashBean instant personal loan

CashBean instant cash loan is approved in just 10 minutes. Salaried employees can get instant cash online through their smartphones. You can use the loan amount before your salary is credited to your account.

Features of CashBean instant personal loan

  • Instant cash loan from Rs. 1,500 to Rs. 60,00 at a competitive interest rate. 
  • 100% online process without any paperwork. 
  • No credit history is required to get the loan.
  • The loan amount is deposited into the borrower’s bank account directly in 5 minutes of approval.
  • Services are available in all Indian cities. 
  • Timely repayment and a good credit score mean a higher top-up loan.
  • The loan can be repaid through a variety of convenient repayment methods.

Eligibility criteria for CashBean instant personal loan

  • All Indian residents aged between 21 years and 56 years can apply for loans from CashBean.
  • Salaried and self-employed individuals having a source of monthly income.
  • Should have a valid bank account and valid PAN number and address proof. 

KreditBee personal loan

KreditBee is an online lending platform. In association with multiple NBFCs, KreditBee provides instant personal loans to young professionals for their urgent financial needs. 

Key features of KreditBee personal loan

  • Two types of instant personal loans – Flexi personal loan and personal loan for salaried employees.
  • Personal loans starting from as low as Rs. 1,000 to Rs. 2 lakh as per the credit limit you are approved for. 
  • Lower interest rates starting from 1.02% per month for salaried individuals.
  • Minimal documentation and money in your account within 24 hours.
  • Get an instant personal loan in few simple steps. 

Eligibility criteria for KreditBee personal loan

  • All Indian citizens can apply for the loan.
  • Minimum age required to apply for the loan is 21 years.
  • Minimum salary for a loan application is Rs. 10,000 each month.
  • The applicant should have a valid banks account. 
  • Age limit: Aged above 21 years
  • Minimum monthly income: Rs. 15,000
  • Aadhaar: Aadhaar should be linked to the applicant’s mobile number
  • PAN: Must have a PAN card

This is an analysis of some of the best instant loan apps. Unlike traditional lenders that offer loans for specific income groups and people with a good credit history, instant personal loan apps cater to borrowers from all social strata and financial status. Whether you have a low income, little work experience, or low credit score or no credit history, you can get loans from one of these instant loan apps. 

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