Personal loans can be a helpful financial tool when you find yourself in need of some quick credit. Personal loans can be used for anything from consolidating debt to home renovation.

Personal loan interest rates range from 7.5% to 49% based on the amount borrowed, credit score, and repayment period.

The loan application process has been greatly simplified thanks to fintech innovation in lending. If you're wondering how to get instant loans, a plethora of platforms now offer hassle-free instant online personal loans. In this blog, let us explore an instant personal loan, timelines, and how to get an instant loan.

A Paperless Loan Application

• Since lenders already have your KYC information—such as Aadhaar, PAN, income information, address verification and loan repayment history, they frequently offer personal loans to their account holders without requiring any additional paperwork.
• Customers do not have to submit hard copies of the essential documents because many banks and NBFCs have implemented an end-to-end digital process, from loan applications to credit disbursals.
• Even if any documentation is needed, borrowers can upload these documents online from the comfort of their homes instead of visiting a bank.
• Based on their credit profiles, lenders also provide pre-qualified or pre-approved personal loans to a select group of consumers, including those who are new to credit.

Let’s understand how to get an instant loan online.

Steps to Apply for Instant Personal Loans Online

Today, a plethora of platforms will allow you to take out hassle-free instant online personal loans for amounts ranging from ₹5,000 to ₹5 lakh.

Here are the steps  to apply for a personal loan online:

Step 1: Register or log into your account with an instant loan platform

Step 2: Choose your loan amount and the loan tenure you are looking for

Step 3: Apply for the loan that best meets your requirements

Points to Remember for a Quick Loan Approval

• Build your credit score

Your chances of being approved for a personal loan increase if you have a high credit score, typically at least 750. Lenders emphasize credit scores while reviewing personal loan applications since personal loans are collateral-free loans.

A higher credit score also makes it easier for you to receive pre-approved personal loan offers from lenders you already work with. Lenders also tend to provide these applicants with lower interest rates.

• Approach lenders you already are associated with

You should first approach lenders such as banks or online money management apps you already have an account with since they already have your personal and financial information and will most likely have pre-approved loan offers for you.

For instance, when determining whether you qualify for a personal loan, your bank may consider your recurring or fixed deposits, investments, and transaction patterns and might be able to give you a favourable interest rate.

Get Instant Loans in Minutes with Fi

Fi Money provides instant loans that arrive directly in your savings account. These are pre-approved personal loans made available to select users with good credit scores. On Fi, this process is 100% paperless, and the loans are provided at competitive interest rates — where each user remains in control with complete visibility of all details. Plus, you can avoid EMI late fees by setting up automatic in-app payments. Our licensed partner bank assigns an eligible loan amount to each user (up to ₹5 lakh).

Frequently Asked Questions

1. How long does it take to apply for a personal loan?

Thanks to digitisation, it's now quite simple to apply for a loan which can take a few minutes, depending on the institution.

2. What is the fastest way to get a personal loan?

The fastest way to get a personal loan is to apply online through the website or mobile app after comparing the personal loan options available.

3. What is a paperless personal loan?

A paperless personal loan is a type of loan that can be applied for, processed, and approved without the need for physical paperwork. The entire loan application and verification process are conducted online, reducing the need for manual documentation and making it more convenient and efficient for borrowers.

4. How to get a loan without submitting documents?

To get a loan without submitting documents, follow these steps:

1. Choose a lender that offers paperless loan options: Look for lenders or financial institutions that provide online application and verification processes, eliminating the need for physical documents.
2. Apply online: Fill out the loan application form on the lender's website or mobile app, providing the required personal and financial information.
3. Provide electronic verification: Some lenders may use electronic databases and other sources to verify your identity, income, and creditworthiness, eliminating the need for physical documents.
4. Agree to e-signature: If approved, you may need to e-sign the loan agreement electronically, confirming your acceptance of the loan terms without the need for physical signatures.