Description

The word Instant means quick, and when it comes to instant loans, the term refers to speedy processing of loans through digital application processing. Generally, loan approval takes a couple of days and sometimes even more. In contrast, instant loans are processed quickly to achieve quick approval and disbursal. Moreover, it incorporates the borrowers who receive their salary in cash or applicants with a low credit score. The entire system is hugely dominated by the app-based lenders, Peer-to-Peer (P2P) lending platforms, and NBFCs. If you're interested in an instant loan, then read some of the fantastic benefits of these loans.

Benefits of Applying for Instant Loan in India

  • Digital Application Process: Traditional lenders process the loan application by using the age-old methods. But if you apply for an instant loan online, most of the lenders will process your request digitally.  
  • Collateral Free Loans: Generally, instant loans are considered as a loan against collateral such as a gold loan. But here the concept is different altogether, now, get an instant loan without pledging your security. 
  • Quick processing: Since all the loan application gets processed digitally, you can expect fast handling of your instant personal loan. Moreover, applicants can get instant approval on loan applications.
  • Speedy Disbursal: Once you get the instant approval, the gets transferred into your account. In some cases, you can also transfer this amount to the digital wallet like Paytm and others. 
  • Flexible Repayment Tenures: You can select flexible repayment tenure as per your convenience. Generally, the loan tenure starts from 30 days.
  • Adjustable Loan Amount: Since there are lots of lenders available in the instant loan segment, one can easily customize one's requirement and apply for it.
  • Lucrative Interest Rate: There is a common misconception about the personal loan is that instant loans are costlier as compared to a traditional personal loan. Still, you will be shocked to know that instant loans are offered at a lower interest rate.

Top NBFC offering Instant loan in India

Bajaj Finserv

Loan Amount 

Interest Rate

Tenure

Up to ₹ 25 lakh

10.99% - 16%

12 – 60 months

Features and Benefits of Bajaj Finserv 

  • It Provides pre-approved loan offers within 24 hours.
  • It Provides a collateral-free loan up to Rs 25 lakh.
  • It ensures Online loan management and free access to premium tools like Eligibility calculator and EMI calculator.

Tata Capital

Loan Amount 

Interest Rate

Tenure

₹ 75000 – ₹ 25 lakh

10.99% - 18%

12 – 72 months

Features and Benefits of Tata Capital 

  • Longer repayment tenure up to 6 years
  • It Provides an overdraft facility.
  • Nil charges on part pre-payment available.

Indiabulls

Loan Amount 

Interest Rate

Tenure

₹ 1,000 – ₹ 15 lakh

13.99%

3 – 24 months

Features and Benefits of Indiabulls

  • Instant loans are starting from Rs 1000.
  • The utterly online process to apply for a personal loan.
  • Get disbursal into your account.

Shriram City Finance

Loan Amount 

Interest Rate

Tenure

Up to ₹ 30 lakh

11.49% - 23%

12 – 36 months

Features and Benefits of Shriram City Union Finance

  • Minimum eligibility criteria.
  • It facilitates Loan repayment through Equated Monthly Installments.
  • It helps users get Lower interest rates based upon the credit profile of the user.

Aditya Birla Capital

Loan Amount 

Interest Rate

Tenure

₹ 25000 – ₹ 50 lakh

14% - 26%

60 months

Features and Benefits of Aditya Birla Capital

  • Collateral free loan available up to Rs 50 lakh
  • Fixed interest rate during the loan tenure.
  • Simple repayment options, including ECS/NACH.

Top Peer to Peer (P2P) Lenders Offering Instant Loan in India

Lendbox

Loan Amount 

Interest Rate

Tenure

₹ 50,000 – ₹ 5 lakh

11.49% - 36%

3 – 60 months

Features and Benefits of Lendbox

  • Avail loan up to Rs 5 lakh with zero hidden charges.
  • Borrowers and lenders can interact directly on the platform
  • Borrowers can get instant loans on lower interest rates.

Faircent 

Loan Amount 

Interest Rate

Tenure

₹ 10,000 – ₹ 5 lakh

12% - 28%

6 – 36 months

Features and Benefits of Faircent 

  • Largest P2P lender community in India.
  • Transparent loan application process.
  • It provides regular monthly income to the investors.

ilend

Loan Amount 

Interest Rate

Tenure

₹ 25000 – ₹ 5 lakh

12%

3 – 36 months

Features and Benefits Of ilend

  • Instant loans are available for multiple needs.
  • No penalty charges if you foreclose the loan.
  • Loans start from as low as 12%.

Cashkumar

Loan Amount 

Interest Rate

Tenure

₹ 20,000 – ₹ 1 lakh

18% - 24%

3 – 12 months

Features and Benefits of Cashkumar

  • Provide loans to individuals working in unlisted companies.
  • It provides loans to build a credit history.
  • Loans start from as low as 12%.

Top Apps Offering Instant Loan in India

CASHe

Loan Amount 

Interest Rate

Tenure

₹ 9000 - ₹ 3 lakh

2% - 3%

2 – 12 months

Features and Benefits of CASHe

  • CASHe ensures a hassle-free application process. 
  • It has its risk assessment, SLQ. Hence do not require a credit score.
  • Loan repayment can be made via NEFT.

MoneyTap

Loan Amount 

Interest Rate

Tenure

₹ 3,000 to ₹ 5 lakh

13% - 24.30% pa

2 – 36 months

Features and Benefits of MoneyTap

  • Quick approvals on personal loans.
  • Credit line available for life.
  • Pay interest rate on the used credit line.

Money View

Loan amount 

Interest rate

Tenure

₹ 10,000 to ₹ 5 lakh

1.33% - 2.5%

3 – 60 months

Features and Benefits of Money View

  • Convenient loan application process. 
  • Within 24-hour approval available on the personal loan and the money gets transferred into the account.
  • Loan eligibility can be checked within 2 minutes.

CashBean

Loan Amount 

Interest Rate

Tenure

Up to ₹ 50,000

Up to 3%

3 – 36 months

Features and Benefits of CashBean

  • CashBean instant loan facility is available in all Indian cities.
  • To get a loan, the borrower need not have a credit history.
  • Completely digital loan processing method.

mPokket

Loan Amount 

Interest Rate

Tenure

Min ₹ 500

Starting from 3.5%

1 – 3 months

Features and Benefits of mPokket

  • The loan gets approved within a few hours.
  • Funds can be transferred to the bank account or Paytm wallet.
  • mPokket provides mCoins to its users through referral programs. 

LazyPay

Loan Amount 

Interest Rate

Tenure

₹ 10,000 to ₹ 1 Lakh

15% - 32% 

3 – 24 months

Features and Benefits of LazyPay

  • Users can spend the credit limit on Amazon, Flipkart, and other similar websites.
  • The money spent on shopping can be easily converted into EMIs.
  • The application process needs minimal paperwork.

EarlySalary

Loan Amount 

Interest Rate

Tenure

₹ 1,000 to ₹ 2 lakh

0% - 2.5%

2 – 12 months

Features and Benefits of EarlySalary

  • The borrower can use the available credit limit to shop on Amazon, and Big Bazar and the repayment can be done in 3 zero cost EMIs.
  • The applicants can apply for multiple loans using this app.
  • The repayment amount gets debited from the salary account of the user.

How to Apply for An Instant Loan in India

  • Method 1: You can visit the official website of the lender, or you can download the app, and then you can apply for an instant loan through best Instant Personal Loan Apps in India. Before applying for the loan, ensure that you have read about the eligibility criteria and application process.
  • Method 2: You can visit the AFINOZ’s official website, or you can download the AFINOZ app on your smartphone. Here you can choose the best offers after comparing various instant loan offers in one place. Further, you won’t need to download any other app as the single application at AFINOZ is multiple lenders in real-time. It’s a time-saving process.

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Things to Remember Before You Apply for Instant Loan in India.

  • Check Interest Rate: Always check the interest rate to enjoy a burden-free repayment tenure. Further, verify the exact interest rate from various sources.
  • Compare Processing Fee: Some of the lenders offer an instant loan at a lower interest rate but charge a whopping amount as a processing fee. Hence, always compare processing fee before applying for a personal loan.
  • Know About EMI Default Charges: In any case of unfortunate instance, if you default on your one or two EMIs, then you’ll have to pay a default charge. So, always look for a lender who charges a marginal penalty charge.
  • Find A Flexible Repayment Tenure: You can stay stress-free if you choose a longer tenure to repay the loan. Hence, you should look for flexible loan tenure. In simple words, a repayment tenure should have the flexibility to stretch it to a minimum to maximum tenure and vice versa.
  • Choose A Desired Loan Amount: Suppose a lender is offering you a loan amount of Rs 50,000 and your need is more than that. In such cases, either you apply for another loan, or you try to cover your expenses with the same amount. So, always look for a lender who offers you a loan according to your needs.

Things to Avoid Before You Apply for An Instant Loan in India.

  • Choosing A Higher Loan Amount: Don't overburden yourself by taking a higher loan amount than you need. Doing this only increases your problem and make a dent in your savings.
  • Not Inquiring About the Hidden Charges: Always choose an instant loan after enquiring about the hidden fees. If you avoid this, you will regret it later because, ultimately, you will have to pay this.
  • Submitting Multiple Loan Applications: By providing various forms, you reduce your credit score, hence your chances of getting an instant loan. So, make your loan application carefully.
  • Applying for An Instant Loan After A Bad Credit Score: However, many lenders these days offer instant loans despite a low credit score. But you should know that applying for a personal loan having a bad credit score is not a good idea because it only creates hassles.

FAQs

Q1What is an instant loan?
Instant loans are processed digitally to provide a seamless experience to the borrowers. The best part of the instant loans is that the application process takes lesser time and hence reduces the time taken for loan approval and disbursal.
Q2What are the benefits of applying for an instant loan online?
Most of the time, cash salary applicants and people with a low credit score are refused to lend any kind of loan. But, if you apply for an instant loan, you can get loans from various sources.
Q3Which are the best lenders to provide the instant loan in India?
App-based lenders dominate the instant loan segment. However, some P2P and NBFCs are also providing instant loans.
Q4Do I need a credit score to apply for an Instant loan in India?
Since most of the instant loan lenders don't ask for credit history, it is essential to know that a good credit score still increases your chances of getting a loan.
Q5What is the maximum amount that can be borrowed from instant loan lenders?
Instant loan lenders offer loans in the range of ₹ 1,000 to ₹ 5 lakhs, but it is not a standard limit. To know more about the loan offers, you'll have to see the full details.