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Due to urgent or unexpected expenses, many people require quick funds. So, how can somebody get funds quickly? Well, one of the best options is by applying for insta loan, which means instant or immediate loan. The funds obtained from insta loans can be utilized for medical expenses, or sudden travel expenses. Many banks and NBFCs in India offer insta loans. If you want to find out what is an insta loan, benefits, and more, read this article!
Insta loan refers to an instant, quick loan. This includes instant approval and disbursal process in order to meet the urgent fund requirements of an individual. An insta loan is typically a short-term borrowing that provides you access to a range of quantities of money, somewhat like a credit card.
It is easy to apply for this kind of loan as compared to other kinds of loans. Sometimes, insta loan amounts are transferred into bank accounts within a few minutes. In India, insta personal loans are offered by HDFC Bank, IDFC First Bank, DBS Bank, IndusInd Bank, InvestKraft, ICICI Bank, Bajaj Finance, etc.
Insta loan offers a multitude of benefits due to which many customers are drawn towards them. Some of the benefits are as follows:
There’s a reason why it’s called an ‘insta’ loan. The processing is pretty quick and you can avail cash with just a few clicks on your phone screen. Many loans require customers/borrowers to visit a physical office branch of a bank or NBFC, fill forms, submit documents and then wait for loan approval which can sometimes take weeks. However, many financial institutions offer insta loans within a few minutes.
You are not required to submit any physical paperwork for obtaining an insta loan. The entire process of obtaining insta loan can be completed online, from fulfilling KYC requirements to e-signing the all necessary documents. This is opposed to the lengthy process involved in certain loans which includes visiting physical offices to fill forms and submit documents (sometimes while standing in a long queue).
When you apply for an offline loan, you can do so during your bank/NBFC’s working hours and days. However, you can generally apply for an instant loan no matter what time of the day it is, and sometimes, you can apply for it even on holidays.
You do not require collateral to obtain an insta loan. Many people hesitate to apply for loans which involve collateral. For them, insta loan is an attractive option as this loan falls under the unsecured loans category, meaning no kind of asset must be pledged as security for borrowing money.
If you want to apply for an insta loan from any bank or NBFC, here are the basic requirements:
Credit Score: For obtaining an insta personal loan at an affordable interest rate, it is really important to maintain a good credit score, preferably over 750.
Minimum Age Requirement: The age of the borrower should meet the minimum age requirement specified by the bank/NBFC in order to be eligible for applying for insta loan.
Professional Occupation: Most lenders offer insta personal loans to both salaried individuals and self-employed individuals. However, cross check this with the bank/NBFC under which you want to apply for an insta loan.
Insta loans are short-term loans that help borrowers to meet their urgent fund requirements. These loans are approved quickly and the process of applying for them is generally online. Before applying for any loan, check the interest rate and make sure you’re comfortable with repayment of the interest amount. You can compare insta loans offered by different banks and NBFCs, and go for one which suits your requirements the most.
If you want to run a non-banking financial institution that provides insta loans, then it is mandatory to apply for an NBFC License with the Reserve Bank of India (RBI). For assistance in obtaining this license, reach out to Registrationwala.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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