Use an Instant Personal Loan to manage your emergencies with ease

"Apply Instant Personal Loan at attractive interest rates online and get the instant personal loan approval in no time."

5 mins read

Published: 23 August 2023

Updated: 2 May 2024

Instant Personal Loan is the financial aid provided by Banks and the NBFCs to people who have passed the eligibility criteria. A borrower can get the instant personal loan online approved and disbursed within hours. As the name suggests this type of personal loan is a quick form of financial assistance. A borrower can directly upload the documents online and can get instant personal loan approval on your screen. This article is a small initiative to make you understand the instant personal loan and how it can help you in your time when you are facing financial crises.

Apply Instant personal loan after choosing the right lender that is offering you the least interest rate and favorable terms and conditions. Online Instant personal loan is your one-stop solution for people who are facing financially harder times. Get to know where you can use online instant personal loans with this article, and get to know the eligibility criteria, and interest rates for instant personal loans.

What is Instant Personal Loan?

Instant Personal Loan is an unsecured personal loan that is provided by banks and NBFCs and it can be approved and disbursed within hours in the bank account of eligible borrowers. Online Instant Personal Loans can be availed with less documentation that includes banking of the past three months, income proof, Aadhar Card, and PAN card. If you have a CIBIL score of more than 700 then you can easily apply instant personal loan.

Eligibility Criteria for getting instant personal loan approval

1. Good Credit Score: Your credit score must be above 700.

2. Stable Income: A stable income ensures the loan repayment capacity.

3. Age Requirement: Age must be between 18-60 years.

4. Citizenship/Residency: You must be an Indian citizen.

5. Debt-to-Income Ratio: Debt-to-income ratio can not exceed 28%.

6. Employment History: A stable employment record enhances your chances of approval.

7. Existing Financial Obligations: Having manageable existing debts is crucial for loan approval.

Documents required for online instant personal loan

To apply for an online instant personal loan, you typically need to provide the following documents:

1. Identification Proof: Aadhar card, Passport, Voter ID, or Driver's License photocopy or scanned copy is required to fill in the instant personal loan application.

2. Address Proof: Valid address proof documents include Aadhar card, Passport, Voter ID, utility bills (electricity, water, gas, etc.), or rental agreement.

3. Income Proof: You need to submit documents that demonstrate your income, such as salary slips, bank statements, or income tax returns (ITR). There are certain NBFCs like L&T finance that do not require proof of income for instant personal loan application.

4. Employment Proof: This could be your offer letter, employment certificate, or any document that confirms your current job status.

5. Bank Statements: You might be required to provide your bank statements for the past few months to assess your financial stability and repayment capacity.

6. Recent Photographs: Instant personal loan online requires your recent photograph that you will be uploading while submitting the application.

7. PAN Card: You need to provide Permanent Account Number (PAN) card for instant personal loan.

Where you can utilize the instant personal loan?

You can utilize an instant personal loan for various purposes, such as:

1. Debt consolidation: If you have multiple debts with high-interest rates, you can use the instant personal loan to consolidate them into a single, more manageable monthly payment.

2. Emergency expenses: Instant personal loans online can be helpful during unexpected situations like medical emergencies, car repairs, or home repairs.

3. Education expenses: You can use apply instant personal loan to pay for educational courses or to cover tuition fees.

4. Travel: Planning a vacation or a trip? An instant personal loan can help you fund your travel expenses.

5. Home improvement: If you want to renovate or improve your home, an online instant personal loan can be used to cover the costs.

6. Wedding expenses: Wedding ceremonies can be costly, and an instant personal loan can assist in financing the event.

7. Purchasing electronics or appliances: You can use the loan to buy gadgets, home appliances, or other electronic devices.

8. Starting a small business: An instant personal loan online can be a source of capital for launching your own business venture.

9. Paying utility bills or rent: In times of financial strain, the loan can help cover essential expenses.

10. Miscellaneous purposes: The loan can be used for any legal personal need or expense that you might have.

Instant Personal Loan Interest rate

In the table below is the interest rate of instant personal loans provided by certain Banks and NBFCs. If you have passed the eligibility criteria then it is convenient to avail of the instant personal loan from the banks that are offering low interest rates. However, if you fail to pass any eligibility criteria then you can get instant personal loan approval from other NBFCs that are providing loans with fewer conditions.

   Bank /NBFCs

  Interest Rate


   HDFC Bank


  Submit all the documents on the       portal

   ICICI Bank


  Submit all the documents on the        portal



  Low CIBIL Score is Accepted

  L&T Finance


  No Income Proof required



  Low CIBIL Score is accepted



Instant personal loans online are the financial product that is provided by banks and the NBFCs to help people immediately in their financially harder times. A borrower who fulfills the eligibility requirements for the online instant personal loan can avail of this facility and also can get the loan amount disbursed in the account within hours. In addition, there are certain NBFCs that provide instant personal loan approval with less CIBIL Score or with no income proof. However, the interest rate of an instant personal loan of these NBFCs is higher than usual. An instant personal loan online can help you in your harder times. Apply Instant personal loan from your phone and get instant approval. Never let money become a hurdle in your dreams.

Also read: 7 Tips to avail a Personal Loan at a Lower Interest Rate 

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