Instant loans in India

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What is instant loan?

If you have run into urgent needs for finances, have last-minute wedding expenses or need emergency medical help, online instant loans are there for you. Instant loans are loans that are short-term in nature. They usually do not require a credit check therefore it is attractive to many people who have bad credit. Instant loans provide an opportunity for a wide range of people to access loans to solve their immediate problems. They are very convenient, however, it is important to know more about these loans. They typically grant short-term loans, which means that the loan amount is relatively smaller than traditional loans. They also usually have high-interest rates.

There are times when emergency expenses such as repairing a vehicle or paying medical bills come. Remember those times? It may even be to purchase a new gadget. Instant loans can come to the rescue. Instant loans give you immediate relief when urgent financial needs come up before your next paycheck.

For a vacation or a trip abroad which your current financial status cannot cover adequately, you may take an instant loan to fulfill this and then pay later.

Instant loans can also be used as a means to get bail. An emergency such as an arrest can affect a family and sometimes, the police insist on a high bail amount that the family’s funds cannot meet. In that case, you can apply quickly for an instant loan which will be granted in only about an hour if your application is approved.

Instant loan for self–employed — Although business owners try to be prepared for any unforeseen emergency, sometimes, the funds are just not enough and there is shortage a shortage in the flow. At such times, instant loans can cover you. You can take an instant cash loan and build your business while you pay back gradually. Fortunately, no document is required in instant cash loans; thus processing it is faster and less stressful.

Advantages of instant loans

      1. Quick loan disbursement

Unlike the traditional loans where disbursement of loans takes more time, personal loans are usually disbursed in just about 72 hours of application.

      2. Fixed interest rate

Another attractive feature of personal loans is that the rates of interest are usually fixed. Thus, there is no need to worry about a flexible interest rate. The fixed interest rate gives you stability and enables you to plan your finances better.

      3. Loan is unsecured

Instant loans are usually unsecured – there is no need for collateral. Thus, risks are potentially reduced and there is no need to stake your prized possessions on short-term loans. No need to secure a loan against gold here.

     4. The process is 100% online

For instant loans, no documents are required. They are completely processed online, making it free from clumsy documentation. Online application forms are mostly provided, with applicants required to upload necessary documents.

      5. Tax advantage

There are tax reliefs provided if you use instant loans for some works like constructing or renovating your house. Or if you used instant loans to make down payment for buying a house. However, you must provide proof of such an instant loan.

      6. Quick instant loan approval

When you apply for instant small loans, applications are quickly processed and your eligibility is determined as quickly as possible. Thus, loans are quickly approved and there are instant cash loans in 1 hour.

      7. Available despite poor credit

This is one distinguishing feature of instant loans. They are available even to people with bad credit. This makes it attractive to students seeking education loans. Similarly, there are instant loans for the self employed which enables people without regular paychecks to have access to loans.

How to get instant loans

Getting an instant loan requires simple processes. Although there may be slight changes in the procedures depending on the loan provider, it is generally done online. When you apply for instant money loans, you apply online, uploading your documents. Verification is done by the loan provider and funds are disbursed if you are qualified.

Your instant loan  EMI

The EMI you pay on your instant loan is determined by some factors such as your loan amount, loan tenure and the interest rate that you opted for. It can also be affected by your credit score or past relationship with your loan provider.

  • Credit score – The higher your credit score, the lower the interest rate; and vice versa. This is because the risk your loan provider faces becomes significantly lower when you have a good credit score. On the other hand, your loan provider faces more risk when your credit score is very poor.
  • Loan amount – Loan providers give lower interest rates on loans that are high-value, thus the higher the amount of your loan, the lower the interest rate.
  • Past relationships – Past customers of many banks and other low providers enjoy a special discount on the loans they take. So, the more you take loans from a creditor, the lesser your interest rate.
  • Loan tenure – Typically, loans with long tenure have a higher interest rate compared to loans with shorter tenure.

 

Top instant loan apps in India

  1. Paymeindia

PayMeIndia is a FinTech organization that gives advanced salary loans, short term cash and instant payday loans to the salaried corporate employees at the lowest interest rates.

They have a corporate affiliation through which any corporate office across India can partner and they can be sure of getting an advance salary for their employees or themselves.It is one of the best instant loan app in India.

  1. Moneytap

This is an instant loans app in India that allows you to have a personal line of credit where you can borrow as little as ₹ 3,000 up to your approved limit. It also allows you to keep track of all your transactions. You can have access to your EMIs and available limit from your Money Tap Account. Your loan can, as well, be repaid in flexible EMI of 2 – 36 months.

  1. Kreditbee

This allows you to have personal loans of ₹ 1,000 to ₹ 2 Lakhs depending on your approved limit. You have the opportunity to shop on top Ecommerce Apps because of the easy EMIs. It is unique in that salaried people can get a higher loan amount by only doing two things: Uploading salary proof and uploading employment proof.

  1. Paysense

Getting a loan here requires three steps: Checking eligibility and selecting a loan plan; uploading your KYC documents; and of course, getting your money. They have flexible EMI options and there is a calculator that helps you calculate your EMI. You can get instant loans online in India of up to ₹5 Lakhs quickly and easily

  1. Nirafinance

With this, you can qualify for up to ₹1 lakh in only 3 minutes. Also, you only pay interest on what you use, meaning that even if you qualify for a larger loan sum, your interest will be calculated based on what you acquire. There are also improved interest rates if you pay your loans on time.

Instant loans for business

Earlier, when businesses wanted to secure loans, they had to go through a difficult and burdensome process. There were usually a lot of documents to be put in place and signed. Getting a loan for business also involved multiple visits to the loan office, having an extremely good credit score and so on. It was quite difficult for self-employed business owners to secure a loan. However, there are now a lot of instant cash loans no documents required and the self-employed and other business owners can take advantage of it. An instant loan for self-employed grants you the loan you need with little or no paper works and within only a few hours from application.

Businesses can now have access to loans for different purposes such as Machinery, working capital, top-up, invoice financing and so on.

You may need to answer a few questions about your business when you apply but the questions are not tiresome at all. You may also need to state the amount you need and what you need the funds for.

An instant loan is important for the many dynamics that may occur in a business. A business may need to move to a bigger office, increase cash flow, upgrade machinery and technology, repair equipment, purchase raw materials or even expand the business to another city. The funds for this may not be available and so there is a need to take an instant loan.

Conclusion

An instant loan generally helps you to deal with emergency expenses that life throws your way and there are many avenues where you can secure an instant loan from. However, because of the high-interest rate, unless it is very essential, we advise that you do not secure instant loan cash.

 

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Frequently asked questions

The citizens of India aged 20 to 65 years old.

It depends on the conditions of the particular bank or MFI. On average, from Rs.1000 to Rs.10 Lakh.

You need to submit an application on the website of the company or in a mobile app.

Processing of the application will take from several minutes to several hours, and crediting of money to your bank account will take from 1 to 5 days, depending on the selected company.

You can spend this money for any purpose: holidays, weddings, the latest gadgets, higher education, buying a car or even repairing a house.

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