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Instant online loans are the ones that don't need too much documentation and are approved fast without the need to showcase any assets.

By- Kritika G

Everything is done in the snap of the fingers today. Long lines, extensive application forms, a large amount of waiting time, everything is somehow turning to extinction. The way we bank today is nothing like how it used to be a decade ago. It's more paperless, consumes less time, has no direct meetings involved and so many more protocols that were once followed. Especially with instant online loans these days. Have you heard of one? If you haven't, you are at the right place. Here, we'll talk about instant online loans, where you can get one, and is it the best choice for you? Ready? Let's go forward.

What is an Instant Online Loan?

Instant online loans are the ones that don't need too much documentation and are approved fast without the need to showcase any assets. The process is quite simple and quite convenient when compared to traditional bank loans. They are also called personal loans or quick loans, so the bottom line is that you can apply for one without going to a bank or filling any forms. It saves time for you and for the lender.

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The Salient Features of an Instant Loan

●They are short term loans and have a term of 62 days to a year and a half.

●The Loan amount can be anywhere from 9 thousand to 4 lakhs.

●It's a much faster process when compared to bank loans.

●They are instant and can be approved on the same day you apply.

Why Choose an Instant Loan Over a Traditional Loan?

Have you been trying to get a loan for yourself? Even the best of us don't save up for uncertain incidents or beautiful events of our lives. But first, let me tell you why you'd want to choose it over a traditional bank.

Hypothetically, you plan an application for a loan in SBI. Before going to the bank to get an application or download the application, you check interest on the SBI Personal Loan Interest Rate EMI Calculator, fill the form out, submit documents, go to the bank several times, wait for days or even months. After which, you'll know the status and then wait more time after it's accepted. That's quite long, and it wouldn't work if your requirement for financial aid is urgent or has a time horizon. This is when instant online loans work best. Also, these loans are closed much faster than traditional ones.

Also Read: Are Instant Personal Loans In India Easily

Here are the Best Instant Loan Applications of December 2021

Here are the best-rated instant Loan applications and Playstore ratings on a scale of 5.

1. PaySense - 4.1 stars

2. CASHe - 3.7 stars

3. Early Salary - 4.4 stars

4. Kredit Bee - 4.1 stars

5. Credy - 4 stars

6. mPokket - 4.3 stars

7. Dhani - 4 stars

8. Bajaj Finserv - 4 stars

9. Money Tap - 4.2 stars

10. Smart Coin - 4 stars

People applying for loan When you apply for an Instant Loan, just like any other loan, they too have fees and charges. Unsplash

How to Get an Instant Loan?

Well, here, you can look at the process on how to apply for an Instant Loan Online through one of these applications.

Step 1: Choose one of the above-mentioned applications. Now do not make that choice just based on ratings but several other factors like how much you need, your tenure, and much more.

Step 2: Download the application from the play store or app store on your phone.

Step 3: Register yourself on the application you downloaded. Create an account and complete authentication.

Step 4: Enter the amount of loan you would need and for how long you'd want to repay it.

Step 5: Upload all the documents that are needed to complete a KYC and click on apply.

Step 6: Once you've done that, you'll be updated on the status of your application.

Types of Instant Online Loans

Short Term: STPLs are becoming more popular in India, and they are available in the form of a loan for as little as Rs. 1,000. Many NBFCs and digital lenders provide these services. It is an excellent solution for coping with month-end financial issues. To apply for this loan, you must apply online or through the app, provide the required papers, and the money will be sent to your account immediately.

Top-Up Loans: This loan may be used to obtain a top-up loan and obtain more cash in addition to current loans such as a house loan or personal loan. Because the bank already has all personal information and documentation, processing this loan is as simple as filling out a form and completing a few procedures.

Things you Need to Consider

When you apply for an Instant Loan, just like any other loan, they too have fees and charges. Things might be the most important thing you need to consider before you choose a company to apply to.


Instant Loans are easy and simple and it makes them a very viable option for you. As you know, instant online loans are instant, which means once it's approved, it's disbursed in your personal savings account within a few minutes.

Disclaimer: (This article is sponsored and includes some commercial links)


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