Just like quick-to-cook noodles, it’s easy to get instant loan online, but before we delve into the nits and grits of the topic, let’s explore what an instant loan is.
What is an Instant Loan?
As the name implies, an instant loan is a type of personal loan availed for a minimum period. You can get instant loan online quickly and seamlessly, as it doesn’t require a high credit score. However, this type of loan comes with a high-interest rate that can increase the overall payable amount.
Types of Instant Loan
The types of instant loans are:
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Personal Loan:
This is the most common type of instant loan. The loan amount ranges from 20,000 to 40 lakhs, and you can easily avail of this loan. You can even get instant loan online without any documentation from some lenders. It comes with a flexible tenure, but the interest rate is high.
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Against Credit Card:
Some credit card providers even offer loans against credit cards. The repayment schedule and the amount depend on the credit card and the payment history. You can avail of this loan by contacting your credit card service provider.
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Loan Against Savings:
You can get instant loan online against your savings, such as FD, NSC, or any kind of insurance. This loan depends on the National Savings Certificate or the insurance policy.
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Short-term Personal Loan:
In a short-term Personal Loan, you can get a loan for as low as ₹1000 that you can pay after a short duration. This type of loan is helpful if you are in a cash crunch and need money urgently.
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Top-up Loan:
You can get a top-up loan with an existing loan, and since all the necessary documents are already available, you can get a top-up loan pretty quickly.
Advantages of Instant Loan
There are some advantages of an instant loan. They are:
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Paperless:
You can get instant loan online without hassle, without submitting any physical document. The decision to provide you with a loan depends on your credit score and the debt repayment.
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Zero Collateral:
Since the instant loan is unsecured, you do not require any collateral or security that you might have to pledge in other types of loans.
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Instant Disbursal:
You can get instant loan online instantly, without any delay.
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Flexible Tenure:
Unlike other types of loans, you get a flexible tenure that you can choose at your convenience.
The application process to get instant loan online is also simple. Just visit the lender’s website. Fill in a simple form, upload the necessary documents, and submit the application. If you pass the eligibility check, your loan will be disbursed in no time.
