Ever come across a situation where you were just a tad bit short on funds to make a purchase? Maybe, you had to cover some unexpected expenses and were left with less than you had anticipated. Whatever the case, an instant loan could have helped you in that situation.
These are short-term loans that are processed faster, require significantly less paperwork and are approved without any collateral.
But how can you tell you need one? More importantly, what does the process entail?
Let’s go through it all, step by step.
Unlike traditional personal banking, an instant loan offers multiple benefits. Some of these include:
While the specifics differ based on the lender, the general process of how to get instant loan is quite simple. You only need to visit the official website of the bank or the financial institution to check if you meet their eligibility criteria.
There are a few things you need to keep in mind here, including the following:
Apart from that, a good credit score is always helpful in keeping interest rates low. Prospective borrowers may also need to fall within a specific age range, depending on whether they are self-employed or salaried employees.
Remember, there are many lender-specific factors in play too.
With all the available options, it can be challenging to decide which financial institution is your best bet when opting for an instant loan.
That’s where Fi Money steps in. Register on the app to access pre-approved personal instant loans for up to ₹5,00,000. From application submission to verification and disbursal, the process is entirely paperless. Even better, we offer highly competitive interest rates and 100% transparency on all the included conditions and details.
You can also set up automated in-app payments to avoid EMI late charges.
Simply put, with Fi Money’s help, you can make that purchase without breaking the bank.
In addition to Fi Money, almost all National and State-level banks offer instant loans. However, the interest at these institutions may be relatively high compared to Fi Money's rates.
Most instant loans are processed, approved and disbursed in under 10 minutes. With Fi Money, you can expect the loan to reflect in your account in under 5 minutes or less.