Instant Personal Loan Options you must know about

Life can show unpredictable times to anyone at any point in time. The financial crises are the worst thing for anyone that accrue at some point in time. To prepare for the challenging times, most of you might have experienced that asking monetary help from your family, friends or relatives would not stand good for long. Unless one may find something instantly that can help him/her to overcome such distress. That’s the reason, instant personal loans come into the picture that offers financial help in time to keep everything at place. An instant personal loan is such an option that helps you procure instant money without any collateral security. These unsecured loans are extended 100% online that reduces the stress of visiting the bank and fulfilling the paperwork formalities. Keeping this in view, many banks, NBFCs and online lending apps have come in the market to help several customers to meet their immediate financial requirements at ease. The fast processing time, minimal documentation procedure, verification checks within seconds and disbursal in very less time makes it an attractive option for the customers to consider an instant personal loan from them.

Lending Options for Instant Personal Loan

Choose the lender who provides you Instant Personal Loans at the Best Rate of interest. As you have to make repayments of your personal loan, it’s best to keep a track on with multiple lenders simultaneously while selecting the one for your instant loans. Let’s take a look at some of them:

ICICI Bank Instant Loan

ICICI Bank offers the option of pre-approved personal loans to its specified customers. The existing customer with a good credit history and previous financial record helps them to become eligible for the pre-approved personal loan. The personal loan processing is fast and the disbursal of amount happens within seconds. The maximum loan amount is offered upto Rs. 20 lakhs at the interest rate starting from 10.75% to 19.50% per annum. The processing fee applicable on this instant loan goes up to 2.25% of the loan amount plus GST. The tenure for the ICICI Personal loan is of 5 years.

Axis Bank Instant Loan

Axis bank instant loan is extended to the existing customers of Axis Bank as well as non-customers with a good credit history, regular income, and repayment viability. It takes only a few hours for the instant personal loan to get approved and disbursed online. The customers consider Axis Bank Instant personal loans so as to meet out their immediate financial needs. The minimum net monthly income required by the customers to avail of Axis Bank Personal loan is Rs. 15,000. The loans can be obtained starting from Rs. 50,000 up to Rs. 15,00,000. 8.10% p.a. interest rate is applicable 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 12% to 24% p.a.

HDFC Bank Instant Loan

HDFC Bank Instant loan enables the customers to fulfill their dreams to the fullest without any hurdle. The bank extends instant personal loans at attractive interest rates and flexible repayment options. The interest rates provided on HDFC Personal Loan ranges from 10.75% to 21.30% per annum on the loans starting from Rs. 50,000 and that goes up to Rs. 40 lakhs. The processing fee levied on HDFC personal loans can go up to 2.5% including general sales tax. The disbursal of the personal loan happens within 10 seconds to get directly credited in the bank account of the customers.

Kotak Mahindra Bank Instant Loan

With the lending option from Kotak Mahindra Bank Instant Loan, the customers can plan their expenses well before time or on-time. Availing the personal loan from Kotak Mahindra bank comes with a hassle-free documentation process along with flexible tenures and quick loan disbursal. The interest rate applicable on Kotak Mahindra Bank Instant loans varies from 10.99% to 24% p.a and the maximum loan amount goes upto Rs. 15 lakhs. The processing fee applicable on these loans is 2.50% which consists of GST and other applicable statutory charges. The minimum tenure offered on the loan is 1 year whereas the maximum tenure is 5 years.

MoneyTap Loan- App based instant personal loan

To obtain a fast disbursal of personal loans as the customers can’t wait for hours due to abrupt emergency outbursts or making their vendors wait for payment, instead they consider MoneyTap.

MoneyTap is an app-based instant personal loan provider that helps the borrower to obtain the instant loan starting from as Rs. 3000 or Rs. 5 lakhs as per their credit limit. MoneyTap is the first Indian app-based personal credit line service that extends the personal loans in partnership with banks.

With moneyview loans, the customers have the flexibility to check their credit limit as decided by the partner bank(subject to their profile, income, credit history and other factors) and the amount of personal loan obtained and utilised over a period. The interest has to be paid by the customers only for the amount they use.

At the withdrawal time, the customers have the flexibility to choose their repayment terms that spans between 2 months and 3 years. The repayment tenure will determine their EMIs.

MoneyTap loan offers the interest rate subject to the prevailing personal loan market rates with zero collateral or security. The interest rate can be as low as 1.25% per month based on the partner bank and credit profile of the customers. In other words, on an annual basis, the interest rates of the loans vary between 13% to 18%.

Once a customer creates his/her profile on MoneyTap, the app exhibits the desired list which has the highest chance of their personal loan application approval. Once approved, the final bank will be selected for the customer at reasonable interest rates. The payment towards EMI will be similar to any other credit card bill payment. Since the app will only exhibit the amount owed and send reminders to the customers on their upcoming EMI when due. The mode of EMI payments would take place through cheque or online directly to the bank or through an app. Also, the customers have the option to reschedule the auto-debit facility with their partner bank, this way; the repeated reminders will be evaded as the auto-debit works automatically as and when the next EMI falls due.

How to Apply for MoneyTap Instant Personal Loan?

Within a couple of minutes, the MoneyTap app can be installed on the Android or Apple phone. Next, the profile is created in order to get started. It requires the following steps:

(1) Download — Install the MoneyTap app which is free to download from the playstore. It will ask for the customer details in short. Once the details are entered, it takes a few minutes for the verification of the details in order to set up the customer account on MoneyTap. Once the profile is created, the customer becomes eligible for the credit limit.

(2) Know-Your-Customer(KYC) formalities — Once the customer profile is verified and created, the MoneyTap agents on behalf of the partner bank will visit the home of the customer to collect his/her documents as the criteria of the KYC verification process.

3) Manage your money — After some days, the customer will get a Card from MoneyTap at his/her home that can be used as a credit card and for doing much more. The credit card can also be used to withdraw the funds from the MoneyTap app anytime whenever needed. Also, the customer has the flexibility to select their EMI and the interest will be charged on the amount mobilised. This card is only available for the purchases made by the customer.