Insta Loans for Salaried Employees in India

Instant personal loans for Salaried employees consist of individuals working in private and government enterprises, CAs, doctors, employees of public and private limited companies, Government sector employees such as public sector undertakings and MNC employees.

Life is unpredictable and one can face a financial emergency at any point in time. There are instances where employees usually have to move from pillars to post for obtaining financial assistance. In such instances, every minute counts and obtaining financial help on time can make everything organised. An instant personal loan is such an option that assists you to obtain money being at your desk. This loan can be obtained easily to meet out your personal financial requirements be it an urgent bill payment or a health emergency.

Instant personal loans or Insta loans are completely unsecured loans and can be obtained without any collateral security against it. These loans are offered 100% online which minimises the anxiety of going bank and completing the formalities of lots of paperwork. There are various banks, NBFCs and DSA extending online personal loan facilities. The huge availability of loans from across various lenders offers you with options to select from them as per your necessity and convenience. Let us go through in detail some of the insta loans provided by the top banks :

SBI Personal Loans

SBI provides insta personal loans to salaried employees at reasonable rates. It can be availed for various reasons such as planning a vacation, wedding expenses or an emergency. SBI offers fast approval and immediate disbursal of insta loans via applying through SBI’s Xpress Credit Personal Loan.

Features of SBI Personal Loans

• The SBI insta loans or SBI Personal loans are offered to the salaried account holders of SBI Bank.
• The bank offers minimal documentation process
• The loan amount can be extended up to Rs. 20 lakhs.
• The personal loans are offered at low-interest rates by SBI.
• There are no hidden charges involved in SBI personal loans.
• The second Loan option is also available to the customers to avail.
• No security and no guarantor is required while applying for SBI Personal Loans. The interest is charged on daily reducing balance. The salaried individuals can apply for SBI Personal at the interest rates starting from 9.60% that goes up to 15.65%.
• The loan tenure for all SBI Personal products goes upto 5 years.
• The personal loans offered by SBI charges low processing fees i.e. 1.50% of the loan amount plus applicable Taxes.

Axis Bank Personal Loans

Axis Bank provides instant personal loans for all your personal requirements. You can obtain this loan to finance your dream vacation, paying for your child’s education, wedding expenses, home renovation, debt consolidation. You can even go for Axis Bank Personal Loan to finance your temporary business requirements.

Features of Axis Bank Personal Loans

• Axis Bank Personal loan is available to both salaried & self-employed individuals/professionals.
• It entails quick processing.
• No collateral security is required to obtain Axis Bank Insta loans
• Minimal documentation procedure is required for availing Axis Bank Personal loans
• Axis Bank personal loans come with a hassle-free process
• The minimum net monthly income required by borrowers to avail of Axis Bank Personal loan is Rs. 15,000.
• The loans can be availed starting from Rs. 50,000 up to Rs. 15,00,000.
• 10.49% p.a. interest rate is charged on Axis Bank Personal loans for a tenure of upto 3 years whereas for tenures exceeding 3 years and upto 5 years, the interest rate is charged at 10.49% to 24% p.a.

ICICI Bank Personal Loans

ICICI Personal loans are a convenient way to fulfill your personal expenses. The loan amount is extended within seconds which makes it one of the best options to fulfill urgent financial needs. The ICICI Bank Personal loans are also offered through the online facility that offers quick access to funds. Besides this, the bank extends the loan amount without any collateral security.

Features of ICICI Bank Personal Loans

• ICICI Bank Personal loans are availed through the quick and easy documentation process
• The loan offers prepayment and pre-closure facility to its customers
• The lock-in period of the ICICI Bank personal loan is of 12 months
• The loans are extended subject to the fulfilment of the minimum eligibility criteria
• The loans are extended via an online facility
• No collateral security is required for availing ICICI Bank personal loans
• The borrowers can know their loan amount sanctioned and the EMI payable by taking help from the EMI calculator available on the website of ICICI Bank Personal loans
• The maximum loan amount is offered upto Rs. 20 lakhs
• The interest rate applicable on the ICICI Bank Personal loans starts from 11.25% to 21% per annum.
• The processing fee applicable on this loan goes up to 1.50% to 2% of the loan amount plus GST.
• The tenure for the ICICI Personal loan is of 5 years.

HDFC Instant Personal Loans

HDFC is one of the premier banks in India and it is trusted by a large number of people in India for its quality services. HDFC Insta loan is one such instant personal loans offered by the HDFC bank that is widely known for it. The HDFC insta loan comes with the added benefits that accompany quick disbursal of loans and pre-approved facilities for the existing customers.

Features of HDFC Instant Personal Loans

• HDFC Insta loans are offered through online facility available
• The disbursal of loans take place within hours
• The pre-approved facility is available for the existing customers
• No collateral security is required for availing HDFC Instant personal loans
• The loans are offered through hassle-free processing
• The flexible tenures are available for the affordability of the customers
• The loans are extended subject to the fulfilment of the minimum eligibility criteria
• The loans are extended starting from Rs. 50,000 and that goes up to Rs. 40 lakhs.
• The interest rates provided on HDFC personal loan ranges from 10.75% to 21.30% per annum.
• The processing fee levied on HDFC personal loans can go up to 2.5% including general sales tax

Insta Loans Documentation process

For Salaried employees

• Identity Proof: Aadhar Card/PAN Card/Passport/Voter ID Card/Driving License
• Residence proof: Passport/Ration Card/ Driving License/Utility Bill/Rent Agreement
• Income Proof: Last 3 months’ bank statements or 6 months bank statements
• Last 3 months’ salary slips or current salary certificate.
• Latest Form 16
• Photographs

For Self-employed individuals

• The borrower’s PAN Card or their company/firm
• Identity proof: Aadhar Card/PAN Card/Passport/Voter ID Card/Driving License
• Residence proof: Passport/Ration Card/ Driving License/Utility Bill/Rent Agreement
• Income Proof: Current 6 months’ bank statements
• Latest Income-Tax Returns along with income computation, balance sheet, profit & loss statements — all duly verified by a Chartered Accountant.
• Business continuity proof