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Pre-loan Eligibility checker
Last updated on: July 22, 2025
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When financial emergencies strike, an instant personal loan is your go-to solution. Designed for fast approvals, minimal documentation, and a seamless online application process, these loans help you secure funds without hassle. In this detailed guide, you’ll find everything you need to know about instant loans—their benefits, eligibility, application process, top lenders, and FAQs. Let’s dive in.
An instant personal loan is an unsecured loan designed for quick disbursal. Offered by banks and NBFCs (Non-Banking Financial Companies), these loans require minimal paperwork and can be approved within 10 minutes of applying online.
Instant personal loans are ideal for:
| Criteria | Details |
|---|---|
| Age | 21 to 60 years (varies by lender) |
| Employment Type | Salaried, self-employed, or professional |
| Minimum Income | ₹15,000 to ₹25,000 per month (varies by lender and location) |
| Credit Score | 650 and above (loans may be available to lower scores with higher interest) |
| Work Experience | Salaried: 6 months to 1 year in current job Self-employed: 2 years |
| Residency | Must be a resident of India |
| KYC Documents | Aadhaar, PAN, Passport, Voter ID, or Driving License |
| Bank Account | Active bank account for loan disbursement |
| Loan Amount | ₹10,000 to ₹5,00,000 (based on lender policy and applicant profile) |
| Category | Documents Required |
|---|---|
| Identity Proof | Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License |
| Address Proof | Aadhaar Card, Utility Bills (Electricity, Water, etc.), Passport, or Rent Agreement |
| Income Proof | Salaried: Last 3 months’ salary slips or bank statements Self-employed: ITR or audited financials |
| Bank Details | Last 3–6 months’ bank account statement |
| Photograph | Recent passport-sized photograph |
| Other Documents | Loan application form (digital or physical) |
| Bank | Interest Rate | Loan Amount | Processing Fee | Processing Time | Apply |
|---|---|---|---|---|---|
| DBS Bank | 10.99% – 30.00% | ₹25,000 to ₹15 Lakhs | 1%–3% + GST | 24–48 hrs | Apply |
| HDFC Bank | 10.90% – 24.00% | ₹50,000 to ₹40 Lakhs | Up to ₹6,500 + GST (~1–3%) | 24–48 hrs | Apply |
| Axis Bank | From ~11.25% | ₹50,000 to ₹15 Lakhs | 1.5%–2% + GST | 24–72 hrs | Apply |
| ICICI Bank | 10.80% – 16.65% | Up to ₹50 Lakhs | 0.5%–2% + GST | 24–48 hrs | Apply |
| Bank of Baroda | 10.49% – 18.75% | ₹30,000 to ₹20 Lakhs | Up to 2% + GST | 48–72 hrs | Apply |
| SBI | 10.30% – 15.30% | ₹10,000 to ₹35 Lakhs | Up to 1.5% + GST | 2–3 working days | Apply |
| IndusInd Bank | From 10.49% | ₹30,000 to ₹50 Lakhs | Up to 3.5% (2% online) + GST | 24–48 hrs | Apply |
| Yes Bank | 10.99% – 21% | ₹100,000 to ₹40 Lakhs | Up to 2.5% + GST | 24–48 hrs | Apply |
| Standard Chartered | 11.49% – 17% | ₹1 Lakh to ₹50 Lakhs | Up to 2.25% + GST | 48–72 hrs | Apply |
| IDFC FIRST Bank | 9.99% – ~10.75% | ₹1 Lakh to ₹50 Lakhs | Up to 3.5% + GST | 24–48 hrs | Apply |
| Kotak Mahindra Bank | From 10.99% | ₹50,000 to ₹40 Lakhs | 1%–2.5% + GST | 24–48 hrs | Apply |
| Punjab National Bank | 11.50% – 17.05% | Up to ₹20 Lakhs | Up to 1% + GST | 2–3 days | Apply |
| Bandhan Bank | 10.50% – 12.55% | ₹50,000 to ₹25 Lakhs | Up to 3% + GST | 48–72 hrs | Apply |
| NBFC | Interest Rate | Loan Amount | Processing Fee | Processing Time | Apply |
|---|---|---|---|---|---|
| Piramal Finance | From 12.99% | Up to ₹35 Lakhs | 2%–3% + GST | 24–72 hrs | Apply |
| Shriram Finance | From 14% | Up to ₹35 Lakhs | Up to 3% + GST | 2–3 days | Apply |
| Tata Capital | From 10.99% | Up to ₹35 Lakhs | Up to 2.5% + GST | 24–48 hrs | Apply |
| InCred | From 18% | Up to ₹10 Lakhs | 2%–4% + GST | Instant to 24 hrs | Apply |
| Finnable | From 16% | Up to ₹10 Lakhs | Up to 3% + GST | 24–48 hrs | Apply |
| Poonawalla Fincorp | From 9.99% | Up to ₹30 Lakhs | 1%–2% + GST | 24–72 hrs | Apply |
| Fullerton India | From 11.99% | Up to ₹25 Lakhs | Up to 3% + GST | 1–2 working days | Apply |
| Axis Finance | From 13% | Up to ₹25 Lakhs | Up to 2.5% + GST | 1–2 days | Apply |
| Mahindra Finance | From 10.99% | Up to ₹10 Lakhs | Up to 3% + GST | 2–3 days | Apply |
| Aditya Birla Finance | From 11.99% | Up to ₹50 Lakhs | Up to 2.5% + GST | 48–72 hrs | Apply |
| Bajaj Finance | From 11% | Up to ₹50 Lakhs | Up to 4% + GST | 24–72 hrs | Apply |
What is the interest rate for instant personal loans?
Interest rates typically range from 10% to 24%, depending on the lender, loan amount, and applicant’s profile.
How quickly can I get an instant personal loan?
Approval is often granted in 10 minutes, and funds are credited within 24–48 hours.
Can I get an instant loan without a credit score?
Yes, some NBFCs and fintech platforms offer loans to applicants with no credit history. However, interest rates may be higher.
What happens if I miss an EMI payment?
Missed EMIs attract penalty charges and may impact your credit score. It’s advisable to contact your lender for solutions.
Are there any hidden charges in instant personal loans?
Lenders usually disclose all charges upfront, including processing fees, prepayment charges, and late payment penalties.
Can I prepay my instant loan?
Yes, most lenders allow prepayment or foreclosure with a nominal fee.
Is it safe to apply for an instant loan online?
Yes, if you apply through reputable banks or NBFCs using secure platforms. Avoid sharing sensitive information with unknown lenders.
What is the maximum loan amount I can get?
The loan amount ranges from ₹10,000 to ₹50 lakh, depending on your eligibility and lender policies.
Do instant loans affect my credit score?
Yes, timely repayments improve your score, while defaults negatively impact it.
Can self-employed individuals apply for instant personal loans?
Absolutely! Lenders like Bajaj Finserv and Tata Capital cater to self-employed professionals.
Written by Prem Anand, a content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors.
Prem Anand is a seasoned content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors. He has a strong command of industry-specific language and compliance regulations. He specializes in writing insightful blog posts, detailed articles, and content that educates and engages the Indian audience.
The content is prepared by thoroughly researching multiple trustworthy sources such as official websites, financial portals, customer reviews, policy documents and IRDAI guidelines. The goal is to bring accurate and reader-friendly insights.
This content is created to help readers make informed decisions. It aims to simplify complex insurance and finance topics so that you can understand your options clearly and take the right steps with confidence. Every article is written keeping transparency, clarity, and trust in mind.
Based on Google's Helpful Content System, this article emphasizes user value, transparency, and accuracy. It incorporates principles of E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness).
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