Acquiring extra money for the short-term has always been a bit of a challenge. The traditional way to obtain some cash for whatever expense you may have is to approach your bank for a loan.
However, banks are known to take 3 or 4 days to sanction loans, which is pointless in an emergency. If you want personal loans at your fingertips for a medical emergency, to fund your business, or make a significant purchase, consider turning to instant loan apps.
Instant personal loan apps are easy to use, approve applications almost instantaneously, and often provide instant loans without asking for documents.
There is a bunch of instant loan apps that are tailored to your needs, regardless of your financial situation and goal. Want to get an instant loan online? Find out how. Here are a few popular instant loan apps you can use to avail personal loans.
ZestMoney
ZestMoney is one of the better instant loan apps on the internet. It allows you to check the pre-approved loan amount that you qualify for and apply for it in no time.
This instant loan app is easy to use. Register yourself on the ZestMoney app and check your pre-approved loan amount. After this, submit your KYC documents and your bank details so that you can set up your repayments to activate your credit limit.
Then, use your credit limit to shop with any of the 1000+ merchants that they are associated with. You will qualify for a loan once you start making consistent repayments. You can then apply for an instant loan without documents.
CASHe
CASHe is a top-notch way for young salaried professionals to secure an instant loan online.
To qualify for an online loan, make sure you submit the required documents, including salary slips, bank statements, address proof, and your PAN card. All of these can be uploaded using the app, thereby ensuring your personal loan eligibility.
The pre-approved loan amount can range anywhere from Rs. 5,000 to a maximum of Rs. 2 Lakh. The tenures range from 15 days to 6 months. Repayments can be made through bank transfer or by depositing a cheque every month.
Bajaj Finserv
Bajaj Finserv is one of the best instant loan apps on the market today. It provides loans that get instantly approved and disbursed within a matter of only 24 hours.
Bajaj Finserv does not require much documentation. You can repay your loan without a worry in the world through their flexible repayment tenures that range from 12 months to 60 months. It allows you to borrow up to Rs. 25 lakh without the worry of having to pledge collateral.
They have terms and conditions that are straightforward and easy to understand. Also, there are no hidden charges.
There are certain conditions to be met to avail of a Bajaj Finserv loan. You must be between the ages of 23 and 55 years, a residing citizen of India, and a salaried individual employed by an MNC, public, or private organization.
In addition to this, you have to submit the following documents to qualify for an instant loan online:
- KYC documents such as Aadhaar card, voter ID card, or driving license
- Your employee ID card
- The salary slips for the previous two months
- The bank account statements of your salary account for the last three months.
Tracking your online loan application is easy and straightforward. You can check the status of your online application by doing the following:
- Go to the ‘check your loan application status’ section of the official Bajaj Finserv website.
- Hit the Case ID/Loan ID/File ID icon. Then, enter your loan Case ID, File ID, or Loan ID details. You will find them on your loan form.
- Click on the ‘Submit’ button to get your results.
FlexSalary
FlexSalary is an instant loan app in India that has proven to be an effective solution for salaried individuals who require loans in times of emergency.
Applying for a loan with FlexSalary is a one-time approval process. It is known to disburse loans instantaneously.
FlexSalary’s borrowers can decide the loan tenure and repay the amount as per the loan tenure. Another thing worth noting is that it does not have a fixed EMI.
To apply for an instant loan, sign up on the app, and submit the required documents. You can expect to receive your loan immediately after approval.
PaySense
PaySense is one of the best solutions for self-employed people who are in need of personal loans.
Being self-employed undoubtedly has its merits, however, having an unstable monthly income is a liability. This is likely to affect you negatively, especially in the beginning. PaySense can be used to solve this issue irrespective of the business that you are running.
Applying for a loan is reasonably straightforward. Make sure that you check that you are eligible, select your desired loan plan, and submit your KYC documents.
To be eligible, you need to be a resident of India, and between the ages of 21 and 60. If you are self-employed, your monthly income has to be a minimum of Rs. 15000.
The documents that you need to submit are a PAN card or Aadhar card as proof of identity, proof of address, your bank statements for the last three months as proof of income as well as a selfie.
Conclusion
Instant loan apps make for an invaluable resource of loans. As mentioned earlier, they are easy to use, require very little time to set up, and as a result, are being used at an increasing rate.
If you’ve wanted to fund your business, there isn’t a better way to go about it than using an instant personal loan app.
