Features of instant personal loans:
- These are essentially pre-approved loans from lender Banks and NBFCs for select consumers
- Processing time is minimum with zero to little documentation and completely digital processes
- Loans are 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 and relationship with the lender
- Usually, consumers who have a healthy credit profile along with stable income, are eligible for these pre-approved personal loans from Banks and NBFCs with whom they have an existing relationship
- 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
- Instant personal loans too can be used for any need (marriage, travel, higher education, home renovation, medical emergencies etc.) except speculation