Top 5 Instant Personal Loan Options in India

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.
  1. 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).
  2. 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.
  3. 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.
So are you looking at an instant personal loan, to be sanctioned within a few hours? The following 5 instant personal loan options are the best to pursue: Home Credit Personal Loan Home Credit offers instant personal loan upto 2 lacs at zero processing fees and available anywhere and anytime. This personal loan option has 100% paper application, instant approval & instant online approval. Rupee Lend Personal Loan Rupee Lend personal loan is a Delhi-ncr  based instant personal loan and disburses personal loans instantly.  This is a high interest personal loan of about 1% with a maximum loan amount of about 1 lakh to be repaid within a month of borrowing. This is quite unwieldy as an option for quick personal loans. For whoever is in an urgent need for finances, this is a preferred form of borrowing. India Lends Personal Loans IndiaLends give out reasonable personal loans at an interest rate as low as 11.99% , however the company takes upto 48 hours. Indialends is consistently doing really well to give out instant loans and its expanding ever since. Its reached the Tier 1 and Tier 2 cities. The company is free of all extra charges and costs Lend Box Lendbox is a P2P lending platform, where borrowers and investors connect and loans are exchanged. Anyone above 21 years of age can submit application and contact lenders for the loan amounts and best rate of interest. This is a lucid platform for the interested parties to settle amongst themselves.  All repayments are done through auto-debits straight from your bank accounts or whichever mode you choose ( Cheques, NEFT and IMPS). Faircent Faircent is gradually picking up in the financial market. More than 15,000 applications have been processed till now.  The personal loans are provided based on the individual’s credit score. If you’re an established serviceman with a high credit score, then you’re good to go! Faircent scrutinizes your credit standing with the past pay records and outstanding liabilities, however you are eligible if you’re 25 years or above.

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