Instant personal loans are small short-term personal loans offered to meet any of your personal requirements. 

Availing of a personal loan does not require any collateral, and you can use the funds any way you please. Instant personal loans are the best kind of loans for emergencies as they can be availed instantly. You can repay the loan in a fixed duration ranging from one year to five years.

How do instant personal loans function

The instant personal loan works on the new-age lending model that targets and offers millennials instant money. The interest rate charged for an instant personal loan is affordable and without any hidden charges. 

The instant loans are offered in different categories to meet varied needs. Banks, NBFCs and DSAs are among the top instant loan providers. PaySense is one of the leading digital lending platforms that offer easy, instant loans to the Indian populace. 

Features of instant personal loans

  • You get access to usable funds without pledging any security or collateral against the loan with instant personal loans
  • Instant personal loans are usually offered for a short period to meet any of your urgent individual or business needs
  • The loan approval for instant loans is fast as you get money deposited into your account within a matter of hours
  • The tenure for a personal loan ranges from 12 months to 24 months
  • To avail of an instant personal loan, you have to have a good credit score and a stable source of income
  • The loan amount you can avail of with instant personal loans varies from lender to lender. It largely depends on your income and other obligations, that is, your repayment capacity

Different types of instant personal loans available in India

Take a look at some of the different types of instant personal loans that you can avail in India and see how they differ from each other.

Marriage loan

Who wouldn’t want to have a grand wedding? And one needs to spend a considerable amount of money to sponsor an elegant wedding. The luxurious wedding style has become a popular Indian wedding style. From designer clothes to destination weddings and lavish gifts to grand wedding functions and parties, all costs lakhs of money. 

Seeing the needs to make grand weddings, many lenders offer wedding/marriage loan. They are a form of instant personal loan widely available in India. You can avail of a marriage loan from any of the trusted lenders. Your wedding loan can get approved in a day and can meet all your wedding requirements. 

Medical loans

In a medical emergency, what would be your topmost priority? Of course, like anybody else, you would wish to save the life of your loved one irrespective of how much the treatment and hospitalization would cost. In such a case, when you don’t have enough money, the only option left for you is to borrow money. Medical loans cater to just that need.

Medical loans are also a kind of personal loan and are available online as an instant personal loan. The process to apply for a medical loan is simple. It includes applying for a personal loan online on any one of the lenders’ websites. You can also submit the documents required online by uploading them on a lender’s website or app. The approval for the loan is fast as it is given through automated software that reduces manual effort and consumption of time.

Travel loans

You can easily avail yourself of a travel loan online to fulfill your dream of seeing your dream destinations. Whether you want to visit a foreign location or experience holidaying at a domestic place, you can use travel loans. They are personal loans only, so they can be offered without any collateral. 

The processing of a travel loan is fast and straightforward. To avail travel loan, you need to have appropriate documents and fulfill the eligibility criteria for the loan. 

The process of taking this type of personal loan is entirely online, including the documentation. The loan processing takes place at a fast rate with automated online software, and you can get a travel loan even within 24 hours with instant personal loans offered by various apps.

Documents required to avail of an instant personal loan

Zero or minimal documents are required to avail of an instant personal loan. The documents include address proof, income proof, identity document, your bank statements, etc. You can upload the documents online, and you don’t need to involve in any paperwork process offline. 

Things like interest rate, the maximum amount that can be availed, processing fees, and terms may vary from lender to lender. However, as the instant loan lending market is competitive, lenders usually keep their rates competitive. So, there won’t be many variations in interest rates or other charges. 

But, you must compare important things like the interest rate and the term of personal loans between different lenders to get the best interest rates and offers. Note that even a slightly reduced interest rate can have a significant impact on the amount of interest you’d pay.

Conclusion

The introduction of Fintech companies in the market has completely changed the process of lending and borrowing. Now personal loans are offered within just a few hours at better interest rates and better terms. Get the type of instant personal loan that best caters to your needs from PaySense today.