Whether you are a student, experienced professional, or a salaried employee, financial emergencies can knock on your door any day, without any warning. This could be on account of a medical emergency or an urgent purchase that must be made. In most such situations, you require immediate access to cash. If you have enough savings parked in your bank account, there is no need to worry. But in case the money that you require does not suffice, you need to opt for an instant loan.
Gone are the days when people had to resort to informal money lenders to avail instant credit and ended up paying exorbitant rates of interest. With several financial institutions now offering loans at much lower interest rates, you can meet your cash requirements in an efficient manner. Thankfully, with the giant strides made by technology in the finance industry, it is almost hassle-free to apply for instant cash loans and personal loans in India.
You can apply for swift cash loans in India from banks, NBFCs, and a lot of alternative lenders. If you look at the records, you will find that penetration of personal loans is fastest in the last couple of years.
Opening up of the financial services sector in India by the RBI and the Government has led to this record-breaking development of online lending to a great extent. All lending processes, such as application, approvals, disbursals, are completed online. These online lending processes are designed in such a way that you only need to provide some basic information to avail credit.
The algorithms are so robust that they can check your credit score, assess your eligibility, and disburse the loan amount within a few hours.
Process for disbursal of instant cash loans
Here are the basic steps that are involved in this process:
- Log-on to the website of the online marketplace and browse different cash loans and personal loans available. Alternatively, you can directly “Apply for a loan”.
- You will be connected to the partner lender.
- Here, you will be required to fill in the personal details such as name, address, PAN No, Bank details, Aadhar details, etc.
- You will also need to upload scanned copies of your documents.
- The program will check your CIBIL score and verify the information provided.
- If your CIBIL score and profile meet their requirements, your application would be approved. This process can take between one hour to one day.
- After you accept the terms and conditions of the loan, the amount would be credited to your bank account within a few hours.
Features of instant cash loans
Cash loans in India are rising in popularity for both personal as well as business purposes. This has been possible due to the various benefits that they offer, such as:
The major benefit that sets online loans apart from regular secured and unsecured products is quick processing. These are ideal for short cash requirements.
The rate of interest charged is higher than secured loans and can vary from 18% to 30% per annum, subject to the applicant’s credit profile.
You can use these cash loans for any requirement of yours; there is no need to inform the lenders regarding the use of the money.
Repay in EMIs
There is no need to make a lump-sum payment to repay the loan. You can repay the loan in EMIs as per the loan agreement. The number of EMIs available to you can range between 3 months to 12 months.
These cash loans can be applied for and availed 24 X7, as per your convenience. There is no need to visit the bank; you can apply from the comfort of your home. You also get doorstep documents collection service, whenever required.
Immediate Cash Loans in India
With easy availability of immediate cash loans, you can meet your financial requirements in quick time. Though, you must exercise caution while availing them as the interest rate is higher as compared to regular loans involving multiple checks.
One of the popular instant cash loan products is HDFC Insta Loan. It is comparable to HDFC Personal Loan.
If you are an HDFC Bank Credit Cardholder, you can apply for HDFC Insta Loan and get hold of funds instantly. No documentation or verification is required for accessing cash through this product.
You can choose the tenure and get complete repayment facility. This facility is extended to valued HDFC customers based on their good financial conduct, involving a clear repayment history in the past.
Despite the easy availability of instant cash today, you should not forget to exercise due diligence before applying for a loan. As a rule of thumb, instant loans should be opted for only in case of an emergency.