Aditi Ahuja

Instant Loans Now at Your Fingertips! Here's How

The wave of innovation has touched the finance industry and as a result, you could see a new finance option available these days – instant personal loans.

Financial emergencies won’t strike you before intimating in advance. In the same context, the instant personal loans could be considered as life saviours.

Some banks and non-banking finance companies (NBFCs) provide and approve an instant personal loan super quick! As a result, you can cover many urgent financial needs without bothering about too many formalities.

Some of the lenders also extend the online loan app facility which can help you apply for instant personal loans and get quick approval.

Let’s go ahead and provide you with some vital inputs on the instant personal loan.

What is an Instant loan?

An instant loan is a financial transaction where an agreement gets formed between the borrower and the lender.

The lender, in this case, is your bank or other lending institution, with your cash deposits. It is almost similar to the normal loan in its nature, but the process involved in simple.

Regular loans are applied to fund bigger needs such as buying a home, car or child’s education. On the other hand, an instant personal loan involves a small amount and is offered for a short period.

The best example of an instant personal loan is when you can apply and get the money disbursed in your bank account in 10 minutes to 24 hours.

The process for the instant loan is simple and hassle-free. It basically involves no paperwork, and you don’t need to be in a queue to get the approval.

You can sit at your home, take out your smartphone, and access the online loan app of a lender such as Bajaj Finserv App. You can apply for the instant loan via the app and get fast approval.

Eligibility Terms for Availing an Instant Loan

You need to abide by certain eligibility conditions to apply for the instant personal loan with any lender such as:

1) Anyone with an employment history of at least 3 years and earning a decent income can get loan approval.

2) The salary that you receive from an employer should be credited into the bank account of the lender that you wish to apply for the loan.

3) If you don’t receive the salary in your prospective lender’s account, you should have some liquid cash in the account. It should be as per the limits of the lender.

4) All banks may not approve you for an instant loan if you don’t receive your salary in their bank accounts. In that case, you can’t have any say.

Repayment Period

Instant personal loans are usually short-term loans and are offered only for a period of a few weeks or years. The shortest repayment period could be 6 months within which you need to pay off the loan.

While an instant personal loan is a quick way to ward off your financial worries, you may find it hard to cope with. It may be because of the short repayment period.

However, the repayment period differs from lenders to lenders.

Interest Rate

Unlike conventional loans, where the rate of interest is fixed, the same is not the case with instant personal loans. When lenders offer you an easy way to access money, they also charge a higher rate of interest.

Based on the expected repayment period, you may get a higher or standard interest rate to pay off.

Do you need some urgent money without asking for help from anyone else? You can download the Bajaj Finserv App and apply for a loan super quickly. This is one of the best online loan apps. You will get all necessary details in the smartphone mobile app.

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