A Comprehensive Guide to Getting Instant Loans

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The importance of a loan cannot be emphasized enough in this day and age. With the significant increase in the number of expenses, people often turn to loans to take care of a medical emergency, education fees, buying a house, or any other major liability.

However, getting a loan has never been a walk in the park. The documentation, time required to disburse a loan, the confusion in the processing, and application fees, among many other factors, have made it difficult to secure a loan. Moreover, securing a loan for an emergency proves to be a nightmare, especially if it is a large sum of money.

Fortunately, the digital age is blessed with the option of instant personal loans. Instant loans cater to just about every expense you may have. They are instantaneous, easy to apply for, have flexible repayment plans, and require little to no documentation, thereby making them the ideal source of loans. Here are a few excellent apps for instant loans in India.

FlexSalary

FlexSalary is an instant personal loan app in India that has managed to make a name for itself recently. It is specially designed for salaried professionals. It has proven to be an optimal solution for salaried individuals who need loans in times of emergency.

Applying for a loan is a one-time approval process. FlexSalary is known to disburse loans instantly. Borrowers are allowed to decide the loan tenure and repay the amount accordingly. Another feature worth noting is that there is no fixed Equated Monthly Installment (EMI).

To apply, all you need to do is signup on the app and upload the required documents. You can expect your loan to be transferred to your account upon approval.

PaySense

PaySense proves to be an exceptional solution, especially for personal loans for self-employed people. While being self-employed has its merits, having an unstable monthly income is not one of them. You are likely to be plagued by this issue, especially in the beginning.

PaySense can be used to remedy this situation irrespective of the business you are involved in. Applying for a loan is easy as can be. Be sure to check if you are eligible, select a loan plan, and upload your KYC documents.

To qualify for a loan, you ought to be a resident of India, and between the ages of 21 and 60. If you are self-employed, your minimum monthly income needs to be Rs. 15000.

The documents you need to submit are a PAN card or Aadhar card for proof of identity, proof of address, the bank statements for the last three months as proof of income, and a selfie.

ZestMoney

ZestMoney easily qualifies for one of the best instant personal loan apps on the market today. This instant loan app allows you to check the pre-approved loan amount that you are eligible for and apply for it in a matter of minutes.

Using the app is straightforward. Sign up on the ZestMoney app and check your pre-approved loan amount. Then, upload your KYC documents and submit your bank details to set up repayments and activate your credit limit.

Once this is done, use your credit limit to shop with any of their 1000+ merchants. You will be eligible for a loan when you make consistent repayments. Once you qualify, you can apply for an instant loan without documents.

CASHe

CASHe is one of the best instant loan apps for young salaried professionals.

To qualify for an instant loan, you need to submit documents such as salary slips, bank statements, address proof, and PAN card, all of which can be uploaded through the cash loan app.

The approved loan amount can range from a minimum of Rs. 5,000 to a maximum Rs. 2 Lakh, with tenures ranging from 15 days to 6 months. You can make repayments via bank transfer or depositing a cheque every month.

SmartCoin

SmartCoin is a fin-tech company that promises to offer its customers a user-friendly lending platform.

SmartCoin caters to just about every demographic, like support executives, business owners, salaried professionals, managers, stay-at-home mothers, teachers, and many more.

You can get instant loans from Rs.1000 to Rs.25000 with a tenure of 91 days to 120 days. To apply for the loan

  • Download and install the application from the Google Play Store
  • Enter your work and personal details in the application form
  • Upload the required documents for ID verification
  • Choose from the list of loan options you are eligible for
  • Apply for the loan you want

Bajaj Finserv

Bajaj Finserv provides loans that get instantly approved and disbursed within only 24 hours. The documentation required is minimal. You can repay your loan with ease with their flexible repayment tenures ranging from 12 months to 60 months. It allows you to borrow up to Rs. 25 lakh without having to pledge collateral.

They have terms and conditions that are easy to understand and there are no hidden charges. To avail of a Bajaj Finserv loan, you need to be between 23 and 55 years of age, a residing citizen of India, and a salaried individual employed by an MNC, public, or private company.

Also, you ought to submit the following documents to qualify for a loan:

  • KYC documents like Aadhaar card, voter ID card, or driving license
  • Employee ID card
  • The salary slips for the last two months
  • Bank account statements of your salary account for the previous three months.

Keeping track of your loan status is simple and straightforward. You can check your loan status by using the following these steps:

  • Visit the ‘check your loan application status’ section of the Bajaj Finserv website.
  • Click on the Case ID/Loan ID/File ID icon. Enter your loan Case ID, File ID, or Loan ID details. You can find them on your loan form.
  • Hit the ‘Submit’ button to get the result.

Conclusion

These are some of the most useful instant loan apps you can find. They are easy to use, consume very little time and as a result, are being used at an increasing pace. If you’ve wanted to grow your business, applying for an instant loan is one of the most practical ways to go about it today.

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