Instant Cash Loans: Your Fast and Hassle-Free Financial Solution

If you’re in need of quick access to cash, an instant cash loan might be what you’re looking for. Urgent bills and purchases don’t need to wait. In this blog, we will look at how instant cash loans work and how you can apply for one.

Instant Loan Options

You have a variety of instant cash loans online options to choose from, including peer-to-peer lending platforms, NBFCs, and banks.

These lenders provide quick access to funds, with loan amounts typically ranging from ₹5,000 to ₹5 lakhs. Approval times can be as swift as one minute. Below, we highlight some of the best offerings in both app-based and non-app-based instant loans, as well as instant personal loans from banks:

App-based Instant Loans

App	Instant Approval In	Interest Rate Range
FlexSalary	1 hour	Up to 3% per month
QuickCredit	1 hour	1% per day
MoneyinMinutes	5 Minutes	0.1% – 0.7% per day
mPokket	24 hours	Based on lender’s terms
LazyPay	24 hours	15% – 32% p.a.
EarlySalary	24 hours	2.5% per month
Credy	1 minute	1% – 1.5% per month
Money View	2 business hours	1.33% – 2% per month
Rupeelend	30 mins	30% for 30 days
PaySense	2 business hours	18% – 36% p.a.
Home Credit	30 minutes	Based on lender’s terms

Best Non-app based Instant Loans

Lendbox	RBI Licensed NBFC-P2P Lending Platform
Loanwalle	30-minute Personal Loan Provider

Instant Personal Loans from Banks

Bank	Instant Approval In	Personal Loan Interest Rate Range
ICICI Bank	3 Seconds	11.25% – 22% p.a.
HDFC Bank	10 Seconds	11.25% – 21.50% p.a.
Yes Bank	1 Minute	10.75% onwards
IDFC First	2 Minutes	9.20% – 34% p.a.

These options offer a range of features and rates, allowing you to choose the one that best fits your needs and financial situation.

What is a Cash Loan? (Cash Loan vs Personal Loan)

A cash loan, as its name implies, is a form of borrowing where funds are typically provided in physical cash. It's a traditional approach to borrowing but not always the most convenient in today's digital age. 

However, the term Cash Loan has evolved over time. In contemporary finance, personal loans are also sometimes referred to as cash loans. Although they share similarities, personal loans offer numerous advantages and features that make them a more appealing choice for borrowers. They are also more accessible and streamlined, making them a preferred option for many individuals seeking quick same-day cash loans.

Types of Instant Cash Loans

You'll come across various types designed to cater to specific financial needs. These include:

• Car Loan: Tailored to help you finance the purchase of a vehicle.
• Travel Loan: Meant to cover your travel expenses, ensuring your adventures are stress-free.
• Bike Loan: Ideal for those looking to acquire a two-wheeler for their transportation needs.
• Mobile Loan: Assisting you in obtaining the latest mobile devices and gadgets.
• Marriage Loan: Designed to ease the financial burden of wedding expenses.
• Used Car Loan: Specifically aimed at financing the purchase of a pre-owned vehicle.
• Second-Hand Bike Loan: A financial solution for those seeking a used bike.
• Laptop Loan: Enabling you to acquire the latest laptops and tech equipment for personal or professional use.

If you're looking for other specialised loan options, consider exploring our Teaser Loans blog for more flexibility.

Features and Benefits of Cash Loan

When it comes to fast cash loans, there are numerous features and advantages to consider, making them a convenient and attractive financial solution. Here, we delve into the benefits of these loans:

1. Instant Disbursal

Securing an instant cash loan in 5 minutes is quick and hassle-free. Download any of the lending apps to initiate the loan application process. Just click on ‘Cash Loan,’ and you’ll be guided through the steps to enter your personal details, complete your KYC (Know Your Customer), and select your preferred loan amount and tenure.

2. Minimal Documentation

Gone are the days of extensive paperwork. The documentation process for quick cash loans is minimal and straightforward. A few essential details such as your name, address, and PAN or Aadhaar information are all that’s required for speedy KYC verification.

3. Flexible EMI Options

Repayment shouldn't be a source of stress. Instant cash loans provide flexible EMI options. You have the freedom to repay the loan at your convenience, and the loan tenure can extend up to 72 months or six years, offering a comfortable and adaptable repayment schedule.

4. 100% Paperless Process

Instant cash loans involve no human intervention and zero paperwork. From the initial application to the loan disbursal, the entire journey is entirely paperless, streamlining the process for borrowers.

5. Attractive Interest Rates

One of the most enticing features of instant cash loans is the attractive interest rates. Various platforms offer fast cash loans with competitive interest rates starting from just 2-9% per annum, providing a cost-effective borrowing solution.

6. No Collateral Required

With instant simple cash loans, you can access a significant loan amount of up to ₹20 lakhs without the need to pledge any collateral. This flexibility allows you to utilise the funds for a wide range of financial requirements, all without risking your assets.

These features and benefits make instant cash loans a practical and efficient financial solution, providing quick access to funds with minimal hassle and maximum convenience.

While instant cash loans are an excellent solution for addressing urgent financial needs, you might also be interested in exploring options like Home Renovation Loans for more specific expenses.

Factors Affecting Cash Loan Interest Rates

1. CIBIL Score

Your credit score, often measured by CIBIL, plays a pivotal role in determining the interest rate on your instant cash loan. If you maintain a credit score of 750 or higher, you are more likely to qualify for loans with lower interest rates(You can learn how to Check your CIBIL Score here.)

On the otherhand if your credit score is on the lower side, you may face a higher interest rates. Ensuring a healthy credit score can significantly affect the cost of borrowing.

2. Default History

Your repayment history has a direct impact on your credit score, which, in turn, affects your eligibility for future loans and the interest rates offered. 

To secure the most favourable loan offers, it's advisable to avoid loan defaults and maintain a consistent repayment track record. By doing so, you not only enhance your creditworthiness but also increase your chances of obtaining loans with lower interest rates.

3. Monthly Income

If you have a stable and reliable source of income you are more likely to qualify for loans with lower interest rates. 

Note: the final interest rate offered is influenced by multiple factors, including your repayment capacity and credit history, among others. Demonstrating a consistent and sufficient monthly income can positively impact the interest rates offered to you.

These factors collectively determine the interest rate on your instant cash loan, making it essential to maintain a strong credit profile, a clean repayment history, and a stable income source to secure the most cost-effective loan terms.

Instant Cash Loan Interest Rate and Charges

Associated interest rates and charges play a significant role in the overall cost of your loan. Here, we provide an overview of the estimated interest rates and charges that you may encounter:

1. Interest Rate

The interest rate for instant cash loans typically begins at a competitive 9% per annum. Keep in mind that this is just a starting point, and the actual rate may vary based on your financial profile and the lending institution's policies.

2. Loan Processing Charges

The processing fees associated with instant cash loans often range between 2% to 8% of the approved loan amount. These charges are applied to cover administrative costs and ensure a smooth loan disbursement process.

3. Interest on Overdue EMIs

In the event of delayed or overdue EMIs, borrowers might incur interest charges. This interest is generally set at around 2% per month, calculated on the outstanding EMI or principal loan amount. Timely repayment is essential to avoid these additional costs.

4. Cheque Bounce

Should a loan repayment cheque bounce, a standard fee of approximately Rs. 500 may be charged each time. Ensuring sufficient account balance to cover your EMIs is advisable to prevent cheque bounce charges.

5. Loan Cancellation

While no additional charges are typically levied for loan cancellation, it's crucial to note that any interest accrued during the period between loan disbursement and cancellation will be payable. Processing fees, if applicable, will also be retained to cover initial expenses.

Understanding these interest rates and charges is essential for responsible financial planning when seeking an instant cash loan. Be sure to review the terms and conditions of your chosen lender for specific details related to interest rates and charges.

How to Calculate Your EMI for an Instant Cash Loan?

To help you determine your monthly Equated Monthly Instalment (EMI) for an instant cash loan, you can rely on a user-friendly tool known as the EMI calculator. This online automated tool simplifies the process, making it effortless to estimate your EMI.

Using the EMI Calculator

• Enter Loan Details: Begin by entering essential details, such as the loan amount you require, your chosen tenure, and the applicable interest rate.

• Instant Results: The EMI calculator swiftly processes this information and provides you with an instant display of your EMI amount. This calculation allows you to plan your loan repayment with precision.

For instance, let's consider a scenario where you need a loan of ₹1 lakh for a one-year tenure at an annual interest rate of 9%. By using the EMI calculator, you'd quickly discover that your monthly EMI obligation would be ₹8,745.

By utilising this convenient EMI calculator, you can proactively manage your cash loan repayments without the burden of uncertainty, enabling you to plan your finances with ease.

Eligibility Criteria for Instant Cash Loans

Before applying for an instant cash loan, it's crucial to ensure you meet the eligibility criteria. We've outlined the requirements to help you determine if you qualify for this financial assistance:

1. Citizenship and Age

To be eligible for an instant cash loan, you should be an Indian citizen between the ages of 21 and 65. These criteria are designed to ensure that the loan is accessible to individuals within a specific age group who are legal residents of India.

2. Employment Status and Income

Whether you're salaried or self-employed, you can apply for an instant cash loan. Your annual income should exceed 3 lakhs to meet the eligibility requirements. Additionally, it's essential that your income is regularly credited directly to your bank account. This ensures a stable financial background and repayment capability.

3. Credit Score

A healthy credit score is a significant factor in your eligibility for an instant cash loan. Lenders typically require a CIBIL score greater than 750. Moreover, you should maintain a minimum Experian score of 650. These credit score thresholds demonstrate your creditworthiness and ability to manage loan repayments.

By carefully reviewing and meeting these eligibility criteria, you can determine if you qualify for an instant cash loan, ensuring a smoother application process and a higher likelihood of loan approval.

Documents Required

When applying for an instant cash loan, it's essential to provide the necessary documentation to facilitate the process. Below, we outline the required documents, ensuring you have everything in order to move forward:

1. Identity Proof

As a primary identification document, the PAN Card is typically required. However, if there are issues with the image quality or other reasons that lead to its rejection, you can provide any one of the officially valid documents listed below:

• Aadhaar Card
• Valid Passport
• Valid Voter ID
• Valid Driver's Licence

2. Address Proof

A valid address proof is crucial for your loan application. You have the option to provide any of the following documents:

• Aadhaar Card
• Valid Passport
• Valid Voter ID
• Valid Driver's Licence
• Utility Bills (Electricity, Water, Gas) dated within the preceding 60 days

3. Income Proof

Your income proof is a pivotal part of your application, and the requirements may vary based on your employment status:

• Salaried Applicants: Please provide the last 3 months' bank statements in PDF format from your salary account, clearly showing salary credits.

• Self-Employed Applicants: Submit the last 3 months' bank statements in PDF format if you are self-employed.

Having these documents readily available ensures a smooth and efficient loan application process, helping you get the financial assistance you need without unnecessary delays.

How to Apply for an Instant Cash Loan?

When it comes to securing an instant cash loan, the application process can be both swift and straightforward. Below is a step-by-step guide to assist you in obtaining the financial support you need:

1. Check Your Eligibility

The first crucial step is to determine your eligibility for an instant cash loan. You can do this conveniently online, and the entire process typically takes no more than 2 minutes. This initial check provides you with insights into the maximum loan amount you can access.

2. Select Your Loan Tenure

Next, customise your loan according to your specific financial requirements. Choose the loan amount that suits your needs best, along with a repayment period that aligns with your budget. This flexibility ensures that your instant cash loan is tailored to your individual circumstances.

3. Upload the Required Documents

Once you’ve made your selections, it’s time to provide your personal details and upload the necessary documents. This can be done effortlessly through the dedicated app or website, making the application process a breeze. Your documentation is a vital part of the approval process, so ensure that you complete this step accurately and thoroughly.

4. Amount Disbursed in Record Time

Upon successful approval, your loan amount will be disbursed with remarkable speed. In just 2 hours, you can expect the approved funds to be transferred directly to your bank account. To further expedite this process, you can enter a few basic bank details and set up auto-debit, guaranteeing that the funds are swiftly deposited into your account.

With this user-friendly and efficient process, securing an instant cash loan becomes a hassle-free experience, allowing you to address your financial needs promptly and with ease.

An instant cash loan is a stress-free way to address your financial needs. All you need to do is to assess your requirements and eligibility, then select the best loan offer that suits you. The decision to borrow money is not easy– you have to spend time on research, get your paper work in order, CIBIL score, NoBroker offers you the perfect solution. Use our platform to get an instant loan that meet your needs.

Disclaimer: The data presented here is intended as a general guide, and individual circumstances may result in variations in loan terms, eligibility criteria, and interest rates. Always seek personalised advice and information for the most precise guidance on your financial matters.

Frequently Asked Questions