How to Get Instant Personal Loan in 3 Easy Steps

Get Personal Loan instantly with paperless documentation

Key Takeaways

Personal Loans are collateral-free, unsecured loans.
You can send applications for Instant Personal Loans online on lender websites or through net banking.
Loan approval and disbursal processes are completed in the shortest timeframes.
Banks offer attractive interest rates on an Instant Personal Loan
You can avail of flexible loan tenure from a year to 5 years.

Do you want a start a new business or visit your dream vacation destination? Are you facing medical emergencies and thinking, ‘I need money urgently’? If yes, then an Instant personal loan is the solution to your problems. These urgent cash loans come with fast-paced approvals. Keep reading to know more about how to get Instant Personal Loans.

What is Instant Personal Loan?

As is apparent from the term, an Instant Personal Loan is a loan you can get within the shortest time frame. Such a loan does not involve any cumbersome process of visiting the bank for days and providing heaps of documents. Instead, you can apply for this loan online, on the bank’s website or through your internet banking account, if you have an existing relationship with the bank. You can get quick loan approvals and expedited disbursals in the shortest timeframes, sometimes within hours on the loan application day.

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How to Get an Instant Personal Loan?

Get Personal Loan Instantly in three easy steps.

Check if you are eligible

You must ensure that you are eligible for the loan. You should be a salaried employee or a self-employed individual in the age group of 21 to 60 years (at the time of final EMI repayment). The lender will also ask you to provide your CIBIL score, which should be at least 600 points to get Personal Loan instantly. You can check your Personal Loan eligibility with help from an online Personal Loan Eligibility Calculator. Also, check the maximum loan amounts offered, the Personal Loan interest rates, and loan repayment tenures.
Begin the loan application process

You can now begin the actual loan application process. Simply visit the website of the lender and navigate to the Instant Personal Loans section. Once you click on the tab, a new page featuring an online form will pop up. You need to fill the online form, providing your basic information like your name, address, e-mail, contact number, net monthly income, etc.
Submit the documents and await approval

Upon filling and reviewing the form, you must submit scanned copies of your documents for KYC purposes. You will need scanned copies of your PAN Card, and any government approved ID and address proof document, along with your latest bank statements or salary slips as proof of income and credit score. Attach these documents with the online form, send your application and pay a one-time (non-refundable) loan application fee. The bank reviews your application, and if it deems you eligible, you will get Personal Loan Instantly.

Final Note

Now that you know how to get Personal Loan instantly, you can apply to fund emergency or leisurely expenses. Banks typically provide speedy disbursals of the loan amount, and you will get quick cash in your Savings Account. The loan approval and disbursal occurs within hours for pre-approved Personal Loan customers, and you can repay the loan in EMIs over flexible tenures of up to 5 years.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.