Instant Personal Loans are unsecured loans that require zero or minimal documentation and come with quick approvals and almost immediate disbursal. In certain cases, these loans are disbursed instantly - within minutes of application submission.
Consumers can access instant personal loans through Paisabazaar’s web platform or app. Paisabazaar runs pre-approved programs with 12+ Banks and NBFCs (Axis Bank, IDFC First Bank, Federal Bank, Tata Capital, Moneyview, Piramal Finance etc).
Consumers with healthy credit profiles can compare and choose from multiple pre-approved offers on Paisabazaar, and avail the loan instantly through an end-to-end digital process.
Consumers with healthy credit profiles can compare and choose from multiple pre-approved offers on Paisabazaar, and avail the loan instantly through an end-to-end digital process. Paisabazaar runs pre-approved programs with 12+ Banks and NBFCs including Axis Bank, Federal Bank, Aditya Birla Finance, Hero Fincorp, Piramal Finance, Tata Capital etc. Consumers can access instant personal loans through Paisabazaar’s web platform or app.
| Lenders | Interest Rates (p.a.) |
| Aditya Birla Capital | 12.99% onwards |
| Federal Bank | 12.00% onwards |
| Axis Bank | 14.00% onwards |
| SMFG India Credit | 14.00% onwards |
| IndusInd Bank | 15.00% onwards |
| Piramal Finance | 16.00% onwards |
| Tata Capital | 18.00% onwards |
| Hero Fincorp | 20.00% onwards |
Along with Paisabazaar, consumers looking for an instant personal loan should check for pre-approved offers from the Bank, where they have their salary/savings account, from their credit card issuer or a lender from whom they have accessed credit earlier.
The YONO app from SBI allows select individuals from its existing customer base to avail pre-approved loans with just a few clicks. The SBI app has features like immediate loan approval and disbursement with low processing fees, no physical documentation and 24*7 availability.
Interest rate: 14.10% p.a
Personal Loans amount: Up to Rs 15 lakh
The Axis Mobile app allows existing customers to apply for instant personal loans with minimal/zero documentation and completely digitised loan approval process.
Interest rate: 11.25% p.a
Personal Loans amount: Up to Rs 40 lakh
Repayment tenure: Up to 7 years
Personal loan applicants can download the IDFC First Bank mobile app to apply for personal loans with quick loan approval and disbursal.
Interest rate: 10.99% p.a
Personal Loans amount: Up to Rs 10 lakh
Repayment tenure: Up to 5 years
Bajaj Finserv Experia App offers consumers pre-approved instant per-approved personal loans. The lender claims to provide funds disbursal within 24 hours of loan approval.
Interest rate: 16% to 31%
Personal Loans amount: Up to Rs 15.5 lakh
Repayment tenure: Up to 8 years
Processing fees: Up to 3.93% of loan amount
The personal loan app of HDFC Bank allows loan applicants to avail personal loans with just a few clicks. It is a popular app for loans, which helps pre-approved applicants access
Interest rate: 11% p.a
Personal Loans amount: Up to Rs 40 lakh
Repayment tenure: Up to 6 years
For existing consumers: Consumers who are eligible for a pre-approved offer from a Bank or NBFC where they already have an active relationship, may not need to submit any further documentation. They can avail a loan from the respective app or website of the lender instantly with a click of a few buttons. For instance, you may be eligible for an instant personal loan where you have your salary account, particularly if you have a strong credit history and stable income.
For new consumers: New consumers may also avail pre-approved personal loans from Banks and NBFCs, but the disbursal may not be instant, and take 1-2 days. Consumers would need to submit their income and KYC documents, and do a verification through video (V-KYC), before the funds are disbursed.
| Get Instant Personal Loan of Different Amounts | |
| Rs 1 Lakh Personal Loan | Rs 5 Lakh Personal Loan |
| Rs 3 Lakh Personal Loan | Rs 10 Lakh Personal Loan |
| Rs 15 Lakh Personal Loan | Rs 50000 Personal Loan |
Instant personal loans are usually pre-approved personal loans and are offered to select existing customers having good credit profiles. Usually, when 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 other consumers basis 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. However, prospective borrowers looking to avail instant personal loans should also visit online financial marketplaces to compare the personal loan interest rates offered by other lenders. Then, they should select the best possible alternative in terms of interest rate, processing fees and their own urgency for credit access.
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 ‘instant personal loan apps’.
Instant personal loan apps offered by banks and NBFCs are safe for availing personal loans. However, they should download such instant 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.
Several banks, NBFCs and online lending platforms offer instant personal loans through their mobile applications. Prospective applicants can opt for personal loans from any of these apps provided they satisfy their personal loan eligibility criteria and provided that personal loan interest rates and other conditions offered by the particular lender are satisfactory to the prospective borrower.
You can click here to apply for Instant Loan on Paisabazaar. On doing so, the online financial marketplace will seek information related to your occupation profile, income and other aspects of your credit profile to provide personal loan offers accordingly.
Many banks/NBFCs and online lending platforms, including Paisabazaar.com, offer instant personal loans through their mobile applications. Prospective personal loan applicants can visit one or more of these instant loan apps to check and compare their personal loan offers before making the final loan application.
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.
Most lenders do charge a processing fee before disbursing a personal loan. Avoid paying any fees or charge for downloading app or just for applying for a personal loan.
For choosing the best-suited app for you, check for pre-approved personal loan offer on the apps of bank(s) and NBFC(s) where you have an existing relationship.
If you do not have a credit score, you may find it challenging to get a personal loan. But if you have stable and high income, your bank may offer you a personal loan. Other lenders post income and identity verification may also offer you a personal loan, but it is unlikely to be of a high amount.
Only from a Bank which has your salary account. In that case, you may not need to submit salary proof as a Bank can check from their own records. In other cases, you would need to provide salary proof to show your repayment capacity.
Usually, a CIBIL Score of 750 and above is considered good to qualify for pre-approved loans. But it may vary from time to time and lender to lender.
That would depend on your income and current debt along with your credit history.
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