Are you looking for an Instant loan in India? If yes, then you are at the right place. In this article, we have brought you the list of the best Instant loans of 2021.
An instant personal loan can be a great help when you are in urgent need of money. Be it the refinance of a high-interest credit card or any other debt, or paying off your family medical bills or adding up money to your monthly budget when you are in a cash crunch. While an Insta loan can be great for your financial life but when not opted wisely can lead to bigger financial issues in the future. Hence it becomes important that an instant loan applicant should choose the lender wisely. Another important thing is to calculate instant loan EMI before opting for a loan.
Why is it important to compare between the lenders?
Selecting the wrong lender for your instant personal loan can cost you much as an instant personal loan always comes at a higher interest rate than the other loans. And hence, selecting the wrong lender can eat up your money and can even lead to a debt trap. To avoid such conditions, there are two most important factors which one should consider while opting for an instant personal loan. The first one is looking for favourable terms and the second one is finding a low-interest rate.
To make it easier for you here is a list of lenders there offering instant personal loans in India.
Top Instant Loan Providers of 2021
1. Finance Buddha
Details- 100% paperless loan, no physical documentation, disbursal within 24 hours.
Interest rate – 10.50 % to 24% p.a
Processing fees – 1.50% to 2% + applicable service tax
Minimum Loan tenure – 12 months
Maximum Loan tenure – 60 months
Minimum Loan amount – ₹50,000
Maximum Loan amount – ₹50,00,000
Simple steps to avail Finance Buddha Insta Loan
1. Apply Online
2. Get e-approved by uploading these documents-
✓ PAN Card Copy
✓ Aadhaar Card Copy
✓ Government Issued ID Card
✓ 3 month’s Bank Account Statement
✓ Latest Electricity / Telephone / Credit Card Bill
✓ Employer’s Letter certifying current mailing address
✓ A Valid Passport / House Lease Agreement
3. And yes! your Loan will be disbursed 🙂
2. Qbera
Interest Rate – 11.99% to 35.99% per annum
Processing Fee – 1% to 5% of the total loan amount
Loan Amount – ₹50,000 to ₹25,00,000
Minimum Loan Tenure – 12 months
Maximum loan Tenure – 60 months
3. Paysense
Interest Rate – 15.96% onwards
Minimum Loan amount – ₹5000
Maximum Loan Amount – ₹5,00,000
Minimum Monthly Income Required salaried – ₹12,000
Minimum Monthly Income required Self-employed – ₹15,000
4. MoneyTap
Interest Rate – pay interest only on the amount used
Minimum Loan amount – ₹35,000
Maximum Loan amount – ₹5,00,000
Minimum loan tenure – 2 months
Maximum loan tenure – 36 months
5. HDFC Bank
Interest Rate – 10.05% – 21.00%
Minimum Loan tenure -12 months
Maximum Loan tenure – 60 months
Maximum Loan Amount – ₹40,00,000
Processing Fee – Up to 2.50% + GST as applicable
Lock-in Period -12 months
Prepayment Charges / Pre-closure Charges –
13-24 Months: 4% of Principal Outstanding
25-36 Months: 3% of Principal Outstanding
>36 Months: 2% of Principal Outstanding
6. IndusInd Bank
Interest Rate: 10.49% – 31.50%
Minimum loan Tenure – 12 months
Maximum Loan Tenure – 60 months
Maximum Loan Amount – ₹1,500,000
Processing Fee: Up to 2.50% of the total loan amount plus GST tax
Lock-in Period – 12 months
Prepayment Charges / Pre-closure Charges – 4% of the principal outstanding
7. ICICI Bank
Interest Rate: 10.5% to 19.00%
Minimum Loan tenure – 12 months
Maximum Loan tenure – 60 months
Maximum Loan Amount – ₹2,500,000
Processing Fee: Starting from ₹999 / – Up to 2.50% + GST as applicable
Lock-in Period – 6 months
Prepayment / Pre-closure Charges – Up to 5% per annum of the principal outstanding plus service tax
8. CITI Bank
Interest Rate -10.99% to 18.99% per annum
Minimum Loan Tenure – 12 months
Maximum Loan tenure – 60 months
Processing Fee – 3.00% + GST as applicable
Maximum Loan Amount – ₹3,000,000
Prepayment Charges / Pre-closure Charges: Up to 4% on total principal outstanding plus interest for the ongoing month.
Things to Consider Before you Apply for an Instant Personal Loan
1. Interest Rate
Interest rate is the first and the most important factor to consider while selecting your instant loan. An instant loan is an unsecured loan and generally comes at a higher interest rate to minimize the risk factor involved at the lender’s end. There are different instant loan providers in the market and when you compare the interest rate of all the lenders you get different rates. Choose the one who offers you a loan at a comparatively low rate. Getting an instant loan at a low-interest rate can save you a lot of money.
2. Tenure Period
The tenure period is the time period mentioned in the loan agreement for which you have been allotted the loan. A borrower should totally repay the loan along with the interest rate at the end of the tenure. Generally, your EMI is totally dependent on the tenure period and the interest rate. For an instant loan tenure period should be kept low as when opted for a long tenure it can cost you a lot.
3. Checking the Repayment Options
Checking for the Repayment option have lots of significance when you opt for an Instant Personal loan. An Instant Loan repayment option includes increasing and decreasing EMI options, pre-closure, pre-payment, part payment, etc. Hence it becomes even more important to know the significance of all the repayment options. Opt for one wisely which you think is best for your requirements and which is according to your repayment capability.
4. Analyze Yourself
Analyze yourself and the reason behind the need for an Instant personal loan. You should also think if the borrowing can be skipped. If you think it is important then your second step should be analyzing the amount of money you need. Not having an exact idea of the amount needed can lead to borrowing less or borrowing more. Both are not good for your finances as borrowing more will increase the total cost of your loan while on borrowing less your needs cannot be fulfilled.
5. Check your Credit Score
CIBIL plays a major role in getting your instant loan approved. CIBIL denotes all your repayments made against your previous borrowing. If your CIBIL is good lenders will easily lend you money but if it is not up to the mark you may face problems getting approved for a loan. You can check your credit report at the CIBIL website. All you need to do is to go to the website, provide your details and make the payment to get your CIBIL Report.
It is also possible that your credit report may contain some error that has hampered your credit score. Immediately write a letter to the CIBIL requesting to update the incorrect information in this case. CIBIL is legally obligated to investigate the dispute claims and to correct the mistakes.
To Conclude
Instant Personal Loans comes with bigger commitments as the interest rate is high along with a low tenure period. Hence, it needs lots of planning before you opt for one. Before you decide to go with a particular lender proper research is a must. Little effort made initially can save your money which can add a lot to your finances in the long term. Be a wise borrower and opt for the best.
