- Personal Loans:First and foremost, personal loans are the best alternative when in want for personal loans. You can opt for a personal loan anywhere between Rs. 10, 000 to Rs.5,00,000. Your salary should be sufficient enough for repaying the amount back as and when the need arises. What you are sanctioned as personal loan depends on your CIBIL score and how clean your credit history is. NBFCs are quite lenient in providing personal loans to capture a new market share. The approval time falls somewhere between 24 to 72 hours. The time period also depends completely on the lending institution, and how does the process flow for them. NBFCs are still faster, banks almost take a lifetime for approval (upto 7 days).
- Pre-Approved Loans: Pre-approved loans are one of the kinds where approval comes handy. Pre-approved loans are the second best in the market. These are packaged as per the income potential of the individuals and disbursed in the very moment. This kind of loan may or may not be scalable.
- Credit Card Loans: With the credit cards, the fact is that loan gets sanctioned earlier than the stipulated. You are allowed to use your card and use up your maximum credit limit. The credit card loans slightly more expensive than other forms of personal loan, with high interest and processing fees.
In today’s era, technology overtakes manual efforts. There are many prominent instant loan options in India now. Companies like Home Credit, Indiabulls Dhani, Mobikwik, etc are some major players in the market. See, below the 3 common forms of instant loan options available in India: There’s no processing fee or hidden charge on the Home credit personal loan, So it’s an ideal situation for any borrower.