Fulfil your wishes with

Instant Personal Loans 2024

Get the best deals on Instant personal loans with attractive rates. Compare personal loans from different lenders on Fincover and apply now!


Get Instant


Direct Cash



Interest Rates


Home Banking Loan personal loan Instant personal loans

Instant Personal Loans 2024

We might all have known about personal loans, now let we will talk about what instant personal loans are, how they work, the benefits and drawbacks of taking one, and some things to keep in mind before applying.

What are instant personal loans?

Instant personal loans are unsecured loans that can be availed without any collateral or security. These loans are called instant because they are processed quickly, usually within a few hours or a day. The loan amount can range from a few thousand to lakhs of rupees, depending on the lender and the borrower’s creditworthiness.

How do instant personal loans work?

To avail an instant personal loan, you need to apply for it online through the lender’s website or mobile app. You will need to fill in your personal details, income details, and upload some documents such as PAN card, Aadhaar card, bank statements, and salary slips. Once the lender verifies your information and approves your loan application, the loan amount will be disbursed to your bank account.

The repayment period for instant personal loans can vary from a few months to a few years, depending on the loan amount and the lender’s policies. The interest rates on these loans can also vary depending on your credit score and the lender’s policies.

Bank Interest rates for Personal Loans

InstitutionInterest ratesLoan amount
HDFCFrom 10.5%Upto 40 Lakhs
Axis BankFrom 10.49%`Upto 40 Lakhs
ICICI bank10.75%-19%Upto 40 Lakhs
Bank of Baroda10.75% – 18.5%Upto 5 Lakhs
SBIFrom 11%Upto 30 Lakhs
IndusIndFrom 10.49%Upto 50 Lakhs
Yes BankFrom 10.99%Upto 40 Lakhs
Standard CharteredFrom 11.5%Upto 50 lakhs
IDFCFrom 10.49%Upto 50 Lakhs
Kotak MahindraFrom 10.99%Upto 40 Lakhs
PNBFrom 11.40%Upto 20 Lakhs
Bandhan bankFrom 11.55%Upto 25 Lakhs

Bank Interest rates for Personal Loans

Institution Interest rates Loan amount
Tata Capital From 10.99% Upto 35 Lakhs
InCred From 18% Upto 3 Lakhs
Finnable From 16% Upto 10 Lakhs
PaySense From 16.8% Upto  5 Lakhs
Poonawalla From 9.99% Upto 30 Lakhs
Fullerton From 11.99% Upto 25 Lakhs
LendingKart From 12% Upto 3 Lakhs
Axis Finance From 13% Upto 25 Lakhs
L&T Finance From 12% Upto 7 Lakhs
Mahindra Finance From 10.99% Upto 10 Lakhs
Aditya Birla From 11.99% Upto 50 Lakhs
Bajaj Finance From 11% Upto 50 Lakhs

Benefits of taking an instant personal loan

  • Quick processing: Instant personal loans are processed quickly, which makes them a great option when you need urgent cash.
  • No collateral required: You do not need to provide any collateral or security to avail an instant personal loan, which makes them accessible to a wider range of people.
  • Flexible repayment options: Instant personal loans offer flexible repayment options, which mean you can choose a repayment period that suits your financial situation.
  • Can be used for any purpose: You can use the loan amount for any purpose, such as medical emergencies, home renovations, or debt consolidation.

Drawbacks of taking an instant personal loan

  • High interest rates: Instant personal loans can have higher interest rates compared to other types of loans, which can increase your overall cost of borrowing.
  • Short repayment period: Some lenders offer short repayment periods for instant personal loans, which can increase your monthly instalments and put a strain on your finances.
  • Strict eligibility criteria: Some lenders have strict eligibility criteria for instant personal loans, which can make it difficult for some people to avail them.
Things to keep in mind before applying for an instant personal loan
  • Check your credit score: Your credit score plays a crucial role in determining your eligibility and interest rates for an instant personal loan. Make sure to check your credit score before applying. A credit score of 750+ is considered as ideal to process a personal loan
  • Compare lenders: Different lenders offer different interest rates, repayment periods, and other terms and conditions for instant personal loans. Compare different lenders to find the best deal for you.
  • Read the terms and conditions carefully: Make sure to read the terms and conditions of the loan agreement carefully before signing it. Understand the interest rates, fees, repayment period, and other details before availing the loan.
  • Don’t borrow more than you need: Borrow only the amount you need and can afford to repay. Borrowing more than your need can increase your interest rates and overall cost of borrowing.
Personal Loans by Bank