How Can I Get an Instant Loan Online
Do you need a loan right away but don't know where to start? You are not the only one! Fearing rejection or a drawn-out application process, many Indians are hesitant to apply for quick online loans.
Here is the truth: with the required documents and eligibility criteria, you can easily apply online and get approved quickly.
Curious to know how? Take a moment to read our blog, where we'll walk you through the simple, hassle-free steps to secure an instant loan effortlessly.
Why Do People Need Instant Loans?
Most people in India choose instant loans as their first option during a financial exigency or unexpected requirements that can not be paid with their regular income.
Check out the list of typical cases in which an instant loan will be a lifesaver:
- Medical Emergencies: A family member has to be hospitalised urgently, or a surgery bill goes way beyond your savings. In this situation, an instant loan can provide you with quick funds for timely treatment.
- Urgent Debt Repayment: You have a pending EMI and lack the requisite amount. Here, you can opt for an instant loan to make due payments, thereby avoiding penalties.
- Sudden Business Needs: Suppose you are establishing a new business venture and need capital. An instant loan can help you keep things afloat.
- Job Loss: You can utilise instant loans as a safety net to take care of your regular expenses til you land another job.
Instant Loan Online Eligibility Criteria in India
Financial institutions approve a loan only after confirming the borrower's ability to repay the debt. They adhere to a predetermined qualifying requirement to approve loans instantly.
Here are the minimum requirements for an instant online loan!
- Age Limit: Between 21 and 58 years
- Minimum monthly salary (salaried and self-employed): Rs. 15,000 per month
- Proof of income: The applicant must produce 6 months' bank statements for either personal or salaried accounts
Still confused about whether you meet the eligibility benchmark? Utilise Hero FinCorp's personal loan eligibility calculator to ensure your eligibility status in a jiffy.
Quick Steps to Apply for an Instant Loan Online
Applying for an instant loan online is easier than you had imagined. To ensure a smooth application process, simply keep your documents handy and follow these main steps.
- Check your credit score: A CIBIL score above 750 ranks you as a low-risk borrower. Therefore, please check your score before starting the application process to select the most suitable interest rates available based on your score.
- Search for the Top NBFCs: Look for trusted partners like Hero FinCorp that offer clarity in terms and flexible repayment tenures.
- Compare interest rates and loan terms: Find the best deal to save you money in the long run by comparing interest rates and repayment tenures.
- Compile all your documents: Keep your ID, income proof like payment slips and address details ready for quick submission.
- Complete and submit your application online: Fill in your details accurately to avoid delays.
- Verify your identity digitally: Many lenders use video KYC or other secure methods to confirm your identity swiftly.
- Wait for the approval decision: It's quick. Hero FinCorp approves an instant loan within 10 minutes.
- Receive funds directly in your bank account: Once approved, the loan amount is quickly transferred, allowing you to meet your urgent financial needs without stress.
Also Read: can i get an instant cash loan
Top 4 NBFCs Offering Instant Loans Online in India
India is home to some top NBFCs that offer fully digital, secured instant loans.
Let's take a look at the top 4 options you can consider:
- Hero FinCorp: A major NBFC in India that provides a wide range of personal and business loans. It is recognised for its fast approval and flexible repayment methods.
- Aditya Birla Capital: This NBFC, the most significant unit of the Aditya Birla Group, presents fantastic interest rates with a very smooth online procedure for instant loans.
- Piramal Finance: A reliable NBFC that generally concentrates on MSME loans and financing of used vehicles, and also grants quick personal loans.
- Tata Capital: A company under Tata Sons Private Limited that provides consumer-friendly loan services.
Here is a brief table to help you understand the interest rates and instant loan attributes of top NBFCs in India:
| NBFC | Loan limits | Interest Rates | Processing Times | Customer Ratings |
|---|---|---|---|---|
| Hero FinCorp | Rs. 5 lakh | Starts at 19% per annum | 24-48 hours | 4.1/5 |
| Aditya Birla Finance | Rs. 50 lakhs | Starts at 13% per annum | 1-2 working days | 3.9/5 |
| Piramal Finance | Rs. 25 lakhs | Starts at 11.99% per annum | 24-48 hours | 3.6/5 |
| Tata Capital | Rs. 35 lakhs | Starts at 11.50% per annum | Around 72 hours | 4/5 |
Common Documents Required for an Instant Loan Online
If you wish to fast-track the application process, ensure you keep the following loan documents handy.
For Salaried Professionals:
- Duly filled loan application form
- Passport-sized coloured photograph
- Identity proof (Driver's Licence/ Passport, PAN Card (mandatory)/ Aadhaar card)
- Residence proof
- Residence ownership proof
- Income Proof
- Job Continuity Proof
For Self-Employed:
- Duly filled loan application form
- Passport-sized coloured photograph
- Identity proof
- Residence proof
- Office address proof (Maintenance bill/ utility bill/ property documents/ rent agreement)
- Business existence proof
- Income proof
Common Myths About Getting Instant Loans
Let's debunk a few popular loan myths so you can make strong decisions without the niggling doubts:
- "Instant loans are scams": That's not true at all! NBFCs like Herofincorp use secure processes to ensure your data is protected. So, instant loans from reputable providers are safe and legitimate.
- "Instant means no loan": The catch is that instant loans are designed for quick approval. They are real loans that you can use for emergencies and personal needs.
- "Only banks can grant loans": No. Reputed NBFCs offer instant loans with flexible repayment tenures and quick approvals.
Also Read: Personal Loan Verification Process In India
Get an Instant Loan Online With Hero FinCorp!
One of the main advantages of applying for an instant personal loan is the convenience factor.
Traditional loan procedures usually come with lots of forms to fill out and waiting for weeks or even months for the approval. Conversely, instant loans are a viable option that lets you avoid all the tedious steps and finish the process online.
If you are looking for quick financial support with no collateral, apply for an instant loan online on the Hero FinCorp App. It's a simple, hassle-free process that can help you get the funds approved in 10 minutes.
Also Read: how can i get an instant cash loan
Opt for a quick, reliable solution. Give Hero FinCorp a try today!
FAQs
1. Can I get an instant loan online with a CIBIL score below 600?
Yes, it is possible. The downside is that you will need to pay a higher interest rate. Additionally, ensure your repayment history is spotless and you have a regular income, as these are the two key factors that can improve the chances of your loan application being approved.
2. How quickly can I transfer the loan amount to my account?
Hero FinCorp transfers the loan amount to your account within 24-48 hours after the completion of the loan verification process.
3. Are there prepayment charges on instant loans?
Yes, Hero FinCorp levies a foreclosure cost of 5% + GST for early loan payback. This fee is calculated on the remaining principal amount when you settle the loan entirely before the planned end date.