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What is an Online Instant Loan?
An online instant loan is a fast financing solution made to meet immediate needs. Such loans are best for emergencies like medical bills, an unexpected travel expense, or some other sudden expenditure.
They ensure fast approval and minimal documentation for quick access to funds. Fast loans have flexible repayment options and a shorter tenure, making them suitable for short-term financial crises.
Features of Instant Loans
Instant Processing:
Approval and disbursal of instant loans are made within 24 hours, ensuring that money is available right on time to help.
Digital Process:
The complete process goes through the online application, which helps the borrowers comfortably apply from anywhere in the world.
No asset is required:
These types of unsecured loans do not require the furnishing of assets to the banks/NBFCs.
Flexible loan amount:
Starting with ₹5,000 to ₹5 lakh, the amount is eligible for lenders.
Less documentation:
You just require KYC documents and proof of income when you apply for the loan.
Short tenure:
The repayment time is flexible. It ranges from 3 months to 24 months.
Eligibility Criteria for Instant Loan
Age:
You should have an age that falls between 21 and 60 years, at the time of application.Income:
Monthly income must be steady, preferably ₹15,000 for salaried and ₹20,000 for the self-employed.Employment:
If an individual is employed, then the minimum period should have been 6 months of full-time working experience in that position. If self-employed individuals, their business should not be less than 2 years old.Credit Score:
This loan will be easily approved if the credit score is 650 or above.
Documentation Required for an Instant Loan
When applying for a quick loan, you will need to provide the following essential documents to complete the application process:
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Identity Proof:
- Aadhar Card
- Passport
- Voter ID
- Driver's License
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Address Proof:
- Aadhar Card
- Utility Bills (Electricity, Water, etc., not older than 3 months)
- Passport
- Bank Statement with Current Address
- Rent Agreement (if applicable)
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Income Proof:
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Salaried Individuals:
- Last 3 months' salary slips
- The previous 6 months' bank statements
- Income Tax Returns (ITR) or Form 16 (if applicable)
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Self-employed Individuals:
- The last 2 years Income Tax Returns (ITR)
- Business-related documents (e.g., GST returns, profit and loss statement)
- The previous 6 months' bank statements
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Employment Proof:
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Salaried Individuals:
- Employment ID card or offer letter
- Last 3 months' salary slips or bank statements showing salary credits
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Self-employed Individuals:
- Proof of business establishment (GST certificate, business registration, etc.)
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How to Apply for an Instant Loan?
Visit Our Website:
Visit our website and choose "Apply Now" to proceed.Complete the Application Form:
Fill out the application form and then proceed further by adding your details - name, address, income, etc.Submit Required Documents:
Upload the required documents such as Aadhar card, PAN card, and proof of income.Process of Loan Approval:
After uploading the documents, we will check the same. In case all documents are found correct, then the loan is approved within 24 to 48 hours.Receive the loan amount:
Once approved, the amount will be transferred directly into your bank account.
Which Banks to Apply for Instant Loan?
The instant loan interest rates are competitive with My Mudra. Here is the following information on quick loan providers with interest rates:
Banks/NBFCs |
Rate of Interest |
|---|---|
| SBI | 11.45% P.A. |
| Yes Bank | 11.25% P.A. |
| Kotak Mahindra Bank | 10.99% P.A. |
| IndusInd Bank | 10.49% P.A. |
Instant Loan EMI Calculator
An instant loan provides quick access to funds in case of an urgent need for money. The Instant Loan EMI calculator helps you in planning by determining your monthly payment based on loan amount, interest rate, and tenure.
Enter the details into the calculator, and you get instant results. This tool is essential for budget management and surprise-free repayment.
With an Instant Loan EMI calculator, you can get hassle-free borrowing with a completely customized experience suited to your financial capacity.
Why Choose My Mudra for Instant Loans?
My Mudra is a reliable lender that provides instant loans. Here's why you should opt My Mudra for your financial requirements:
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Quick Approvals and Disbursements:
My Mudra processes the loan quickly, so you can get the funds in time to meet urgent financial requirements without any delay. -
Minimal Documentation:
The loan process is easy and hassle-free, requiring only basic documentation, making it suitable for emergencies. -
Flexible Loan Options:
Offers a wide range of loans, including personal, business, and home loans, which are customized to suit various financial requirements. -
Affordable and Transparent Terms:
Competitive interest rates, flexible repayment plans, and no hidden charges ensure that the borrowing process is stress-free.
Frequently Asked Questions (FAQs) About Instant Loan
1. What is the interest rate for Instant Loan?
The interest rate for instant Loan starts from 11% P.A.
2. What is the time interval of approval of instant loan?
Instant Loan can be approved within 24 hours.
3. What are the documents required for Instant Loan?
Borrower requires Aadhar Card, PAN Card, Bank statement for Instant Loan.
4. Can I get instant loan for 2 lakh rupees?
Yes, you can get instant loan by submitting your documents and check your eligibility for loan online.
5. What is the interest rate of taking Instant loan from My Mudra?
My Mudra offering interest rate of 11% for Instant Personal Loan.