Instant Personal Loans App: Best Apps to access quick funds

Features of Instant Personal Loan:

• Multiple pre-approved loans from Banks and NBFCs for select consumers
• Processing time is minimum with zero documentation and completely digital processes
• Loans are usually disbursed usually within 24 hours; in some cases, a few minutes, depending on the lender Bank or NBFC’s processes and offer, along with the applicant’s profile
• Usually, consumers who have a healthy credit profile along with stable income, are eligible for a pre-approved personal loan from Banks and NBFCs with whom they have an existing relationship
• Instant personal loans can be used for any need (marriage, travel, higher education, home renovation, medical emergencies etc.) except speculation

Instant Loan from the Paisabazaar App

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.

FAQs on Personal Loan App

Can I get an instant loan without documents?

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.

What are the advantages in applying for an instant loan online through apps?

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.

Are online instant personal loan apps safe?

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.

Which app is good for instant loan?

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.

How to apply for instant loan on Paisabazaar?

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.

Which loan app will give instant loan?

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.

How instant loan app works?

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.

How do I avoid loan fraud while using instant loan apps?

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.

Do instant loan apps charge processing fees?

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.

Which is the best instant loan app in India?

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.

Can I get a loan without a credit score?

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.

Can I get an instant loan without salary proof?

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.

What is the minimum CIBIL score required for instant loans?

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.

What is the maximum loan amount I can get from a personal loan app?

That would depend on your income and current debt along with your credit history.