India is developing along with the changes in the mindsets, practices, norms, and habits. For instance, taking a personal loan is no longer a taboo. Nowadays young Indians have been taking loans for various reasons – like abroad studies, meeting vacation expenses, home renovation, buying a new car, and even for their wedding! To meet this tremendous demand for an instant cash loan, many organizations have started offering funds to fuel the dreams of today’s ambitious population. You can find various lenders offering instant cash loan in 1 hour in India along with the many features, some of them has been mentioned below:
- Online Loan Processing: Almost every loan lender offers online processing that has resulted in same day loans that means you can get a loan amount the same day. This has facilitated the borrowers to apply for an instant cash loan from anywhere at any time.
- Multipurpose Loan: The instant cash loan can be used for any personal financial purpose that why it is also referred to as a multipurpose loan. As there is no restriction from the lender’s side on the usage of the loan amount. This can be considered among the major reasons for its being the most preferred loan type of loan seekers.
- Unsecured Loan: Instant cash loan is a collateral-free loan as it doesn’t require any security or a guarantor to avail of the loan amount. In this way, instant cash loan keeps the borrower’s free from any type of risk for losing any security in case of default on loan repayment.
- Flexible Loan Tenure: A borrower can choose the repayment period as per his/her convenience as a cash loan offers flexible repayment tenure.
- Short Term Loan: Instant loan app facilitates you with a short-term loan so you can fulfill all your requirements and also you can repay it in a short time as soon as you get cash in your hands.
- Quick Loan Disbursal: The instant personal app means that it enables quick cash loans available in the fastest process. In simpler words, it allows the quick disbursement of the loan amount.
Popular Instant loan Apps
An instant personal loan is a great financial instrument to get immediate funding. The easy and seamless loan processing with instant disbursement of the loan amount makes it among the best tool to get financial support in a short time. Whether the funds are required for last minute travel plan or a medical emergency, an instant loan greatly fits for all the monetary needs. Lastly, remember that there are a few banks who, when talking about instant loans give only the instant personal loan approval instead of the whole loan. The vast majority of the instant personal loans are personal loans owing to the minimal documentation process for the approval.
- Cred App
This a new venture in the financial market of an instant loan app in India that can help you meet your financial expenses like furnishing your home, paying your credit card bill, etc. Zero hidden charges and low processing fees are charged with a collateral-free loan on Cred App.
PaySense is among the best instant loan apps in India. It has both, the app and a website where salaried and self-employed individuals can apply for an instant personal loan. This loan application is founded by Sayali Karanjkar and Prashanth Ranganathan in Mumbai. This organization has partnered with Fullerton and IIFIL for the disbursement of the loan amount. PaySense offers a simple to use EMI calculator to help the borrowers in calculating EMI that they shall pay every month. After installing the app, all a borrower need is to do check the eligibility and upload the necessary documents. Flexible repayment tenure of a personal loan is offered that ranges from 3 months to 60 months. The best part is that you can get a collateral-free loan even with a low or bad credit score. A maximum loan amount of Rs. 5 lakhs and a minimum of Rs. 5, 000 can be availed with the PaySense app.
- Kredit Bee
KreditBee is primarily developed for young professionals. Even if you are a first-time borrower, or don’t have a credit card, you can still secure a personal loan at KreditBee. You can avail the maximum loan amount up to Rs. 1 lakh through Kredit Bee.
- Money Tap
MoneyTap is one of India’s first app-based credit lines with the no-usage-no-interest feature. This makes taking credit more easily accessible. MoneyTap only charges the interest on the used loan amount. It is important that a money lending company with a flexible rate of interest, currently servicing clients in Delhi NCR, Mumbai, Bangalore, Hyderabad, and Chennai as well as 30+ cities in India.
Faircent is one of the best personal loan apps where a borrower can pay interest only on the withdrawn loan amount. It provides a virtual market place to the borrowers and lenders to interact directly, without having any mediator or to go through the traditional financial intermediaries like banks. As the traditional loan processing or banks have become such behemoths in today’s time that they dictate all terms and conditions for both the borrowers and lenders.
EarlySalary acts as a salary advance for the Indian users. It is very helpful in meeting the urgent cash requirements while mid-month crunches. EarlySalary main aim is to help individuals while they face month-end and mid-month financial crises. You can get the instant personal loan up to Rs. 2 Lakhs with the flexible repayment tenure of 1 year.
How to apply for Instant Personal Loan?
You simply need to visit the lender’s website and then apply for the instant loan. Based on the eligibility and the applied loan amount, the lender swiftly adjudicates the loan approval and transfer the loan amount directly to the borrower’s bank account. There is one more term that comes in instant personal loan i.e. pre-approved; it works only for that borrower’s who has an existing relationship with the lender or bank. Either in the form of a savings accounts holder or a borrower. The bank, therefore, already has the borrower’s details of the salary and previous credit records which makes the whole process much faster.
Benefits of an Instant Cash Loan App
- In case of emergency cash requirement, you can apply for a personal loan
You can avail of an instant personal loan whenever required through personal loan Apps. So, if you are in urgent financial support, then a personal loan App is among the best options for you.
- It saves a lot of time and efforts
You can avail of a loan whenever you want to, regardless of the time and place. As it facilitates you with the round the clock loan services. A personal loan application has eased the loan processing for you which includes paperless loans.
- Completely safe and secure
You may have second thoughts about the safety and privacy of online loan processing. But you can get relax over here as not even the private but also the government has come up with a few of the Apps to ease the common public efforts. Nowadays every personal loan App has advanced encryption technologies to make sure the complete privacy and safety of your details.
- Fast loan approval and instant cash access
Without any doubt, personal loan Apps are much quicker than traditional processing. The best part is that these apps are easy and simple to use.
- Stay updated and keep track of all the transactions
Through personal loan Apps, it is very easy to keep track of online personal loan status. The Apps provide a flawless experience to you. Even many apps have the feature of an automated notification of the EMI payments through email or SMS reminders to ensure that you never miss an EMI payment which helps in maintaining and improving the CIBIL score.
Documents Required for Personal Loan
- Passport-sized photograph
- PAN Card – for Company/Firm/Individual.
- Aadhaar Card.
- Voter’s ID Card.
- PAN Card.
- Driving License.
- Salary slips
- A copy of any address proof documents:
- Aadhaar Card.
- Voter’s ID Card.
- Driving License.
- Bank statement of the previous 6 months.
- Last 2 years ITR along.
- Audit Report.
Lastly, regardless of which lender you choose but always do market research and also go through the lender’s terms & conditions. Hope this article has helped you to get the same day loans.