Instant Loans on Paisabazaar App

Instant personal loans are usually pre-approved personal loans and are offered to select existing customers having good credit profiles. Since banks and NBFCs offer pre-approved loans to its own select consumers, no or very little documentation is needed. However, banks and NBFCs also offer instant loans to new consumers based on their credit score and other eligibility factors; in those cases, certain documentation like KYC may be needed. However, the documentation process for most lenders is paperless and quick.

The main advantages of applying through instant personal loan apps are convenient loan application process, 24*7 accessibility, quick loan approval, instant disbursal and minimal/nil documentation.

It is recommended that consumers should use apps and web platforms of only those entities that are regulated by the RBI. One should stay cautious of dubious ‘personal loan apps’.

Instant personal loan apps offered by banks and NBFCs are safe for availing personal loans. However, they should download such personal loan app from verified sources and ensure that entities providing instant personal loan apps are registered with the RBI. Prospective personal loan applicants should also visit online financial marketplaces to compare the personal loan interest rates offered by other lenders to ensure that the rates charged through instant personal loan apps are not too high.

Lenders offering instant personal loans through their apps assess your loan eligibility based on your credit score, income, occupation profile, etc., and your KYC, income/address proof documents. Loan applications made through instant loan apps usually have quicker approval and disbursal than those made through offline modes.

Only download apps from RBI regulated Banks, NBFCs or large consumer brands like Paisabazaar who directly work with regulated entities. Verify the app’s legitimacy,  check the company behind the app. Do read reviews and ratings on playstore/iOS.  Do watch out for Apps that ask for excessive permissions.