Instant loans are basically small short-term personal loans or cash advance allotted to fulfill any of your personal requirements. The loan requires no collateral and has no end-use limitations. Instant loans are best to help in emergencies as they provide you funds in very little time. The borrower is obliged to repay the loan in a fixed tenure which generally varies from one to five years.
Instant loans come under the new-age lending models target millennials and provide them with instant money. The interest rate charged against it is quite affordable and comes with no hidden charges. These loans are also offered in different categories, to meet the different needs of the people. From banks to NBFCs and DSAs all are among the top providers of instant loans.
Currently in India with digital lending platforms HDFC, Bajaj Finance, PaySense, Finance Buddha, MoneyTap, Qbera, etc are among the top providers’ who are offering instant and easy loans to the masses. Let’s discuss some of them here.
Instant loans: Instant loans are the one where you get funds without pledging and security or collateral against it. The loan approval is fast and you get money within a matter of a few hours. These loans are generally for a short period of time and can be availed to meet any of your personal or business needs. To avail of this loan, you need to have a decent credit score along with a stable source of income. The tenure period for this loan ranges from 12 to 24 months.
The loan amount which can be approved through it varies from lender to lender and majorly it depends on your repayment capacity i.e your income and other obligations.
Wedding Loan: Everyone wishes to have a grand wedding and subsequently, what they need for this is a huge amount of cash. Additionally, the pattern of luxurious weddings has likewise as of late inspired wedding style in India. From destination weddings to designer clothes, and from gifts to the lavish wedding functions to parties, all this needs lakhs of money. Seeing the needs, many lenders are now offering wedding loans. These loans are forms of instant personal loans and have the same features. The loan is widely available and can be availed with any of the trusted lenders. The loan is approved within a day and can be used to meet all your wedding requirements.
Travel Loans: A travel loan can be easily availed to fulfill your dream of traveling to your dream destination, whether it be a foreign or domestic location. These loans are basically personal loans that are unsecured and hence can be offered without any guarantor or collateral. The processing of the loan is comparatively fast and simple. However, the thing required to avail this loan is- you should fulfill the eligibility criteria and you need to have appropriate documents.
The entire process is 100% online including the documentation process. The processing goes very fast and one can get the loan within 24 hours with instant approval from a platform like Finance Buddha.
Medical Loans: In any medical emergency, saving the life of our loved ones is at the topmost priority irrespective of the cost. In such a situation when you don’t have money the only option left to you is borrowing.
Thanks to the introduction of Fintech companies has changed the entire process of lending & borrowing these days and medical loans are offered through it in just a few hours.
Medical loans are a type of personal loan only and are available online. The process is simple which includes applying for the loan online through the lender’s website. The documentation process is also completed online by uploading the required documents on their website or sending them through the mail. The approval process is fast as it is done through automated software and algorithms which reduces the time consumption and manual effort.
Documentation required to avail these loans is minimal which includes documents for your identity, Address proof, income proof, your bank statements along with your last year’s ITR documents. There is no paperwork required as the entire processing is online. The interest charges, fees and terms of the lenders, as well as the maximum amount, may vary but lenders usually want to stay competitive so there won’t be too much variation. So, an important thing to be noted here is – you need to compare among the lenders for better interest rates and offers.