Need Instant Cash Loan in 1 Hour? Know the Options & Steps to Apply
Financial challenges never come knocking the door. You always have to be prepared to manage any unprecedented cash shortages, be it a medical, social or business related crisis. Your age, income, existing loans, social credit rating, and credit score are some of the key factors that make you eligible for instant cash loans.
It is thus recommended to adopt best practices and be ever eligible for instant short loans. These are fast, affordable & hassle free Personal Loan prototype and offer a lot of credit ease with flexible repayment options. Like other things in 2020, you can Apply for Instant Cash Loan 24X7 in India. More and more banks are upgrading their infrastructure to offer instant loan without documents, except for Aadhar & PAN, to new as well as existing customers.
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So let’s take a quick run-down on the best ways to avail of Instant Loans in India. We will also discuss how you can access Instant Cash Loan without Documents in 1 Hour.
1. Instant loan through your bank.
All banks offer the best of the lending deals to their existing customers, basis the relationship they hold with them. For instance if you are an HDFC customer, i.e. you have a Savings Bank Account or a Salary Account or/and own a Credit Card, chances are high that you are preapproved for HDFC Instant Loan. In most cases, when you apply for loan with your bank you do not need to submit the documents to avail of the loan as bank already has your details in their database.
This largely helps in availing of the same day loan for eligible customers. Being an HDFC Cardholder, you may also be eligible for HDFC Insta Loan and Jumbo Loan. You can assess your loan eligibility by submitting your details on Instant Loan Eligibility Calculator.
Instant Loans from banks are ideal for anyone who has a good credit history and seeks fast loan at the best rate of interest. The rate of interest starts from 10.99% p.a. onwards.
All top banks such as SBI, ICICI, IDFC First, BoB & many more offer instant loans to their customers. The best part is you may not need to visit the bank for short cash requirements. These are disbursed as Small Cash Loans starting from Rs 50000 for up to 1 to 5 years as per your needs.
You can apply for these loans through internet banking or through mobile app of the bank. You can click on preapproved offers or fill the form to check the eligibility.
2. Instant cash loan through app-based lenders.
Another hassle free method to gain access to instant cash is applying through app-based lenders. These are the ideal for anyone who needs Instant Loan starting from Rs 1000 to 5 lakhs on the go. The eligibility criteria are little lenient as compared to commercial banks. Whether you have low credit history or no credit history you can find a Personal Loan option through these apps. The USP of app based loans is fast disbursement with minimum documentation or hassles. Also, these loans offer maximum flexibility in repayment. You can borrow for a few days or months as per your need. There is no charge on prepayment and thus preferred by a lot of millennials and young professionals. The rate of interest generally varies from 1% to 2% per month.
Top Apps to apply for Cash Loan instantly in India are:
You can instantly apply for Rs 3000 to Rs 5 Lakhs of a loan through MoneyTap mobile app. The loan can be availed for 2 months to 36 months at fixed EMIs starting at 15% pa.
- Money View:
You can avail of Rs 10000 to Rs 5 Lakh of instant loan at affordable rates of interest as per the profile. You can check eligibility in just 2 minutes and get cash disbursed in your account in a few hours, same day.
Another easy-to-access Instant loan app for Rs 5000 to Rs 5 Lakh is PaySense. The rate of interest ranges from 1.4% to 2.3% per month for 1 to 12 months. The loan can be disbursed in 2 business hours.
- Indibulls Dhani:
Indiabulls Dhani is an instant app based Personal Loan available for up to 5 years at starting at 13.99%. You can avail loan as per your eligibility.
You can avail of instant Personal Loan of Rs 1000 to Rs 1 Lakh from KreditBee for 1 to 12 months. The loan comes with a lot of flexibility.
CASHe promises disbursal within 24 Hours for Rs 5,000 to 2 Lakhs for short period of time. The loan can be availed for 15 days, 30 days, 90 days, or 180 days as per your needs.
Another app is Credy. You can avail of approval within a few minutes up to 1 lakh. You do not need high score or credit history to avail of this loan.
- NIRA Personal Loan:
If you do not meet credit eligibility requirement of a bank, you can consider NIRA Personal Loan for Rs 5000 to Rs 1 Lakh. The app claims that approval can be availed of within 3 minutes. The rate of interest varies from 1.5% to 2.5% per month.
Apply for highly customised loan for up to 3 years from Kreditech. To avail the loan your minimum monthly salary or income should be Rs 20000 and meet minimum credit score of 650. The rate of interest will vary from 18% to 24% per annum.
- Loan Singh:
Another Instant Loan offering is Loan Singh that offers Rs 50000 to 10 Lakhs of loan at 16-28% p.a.
You can check your eligibility and compare available offers by applying for Instant Personal Loan through a loan comparison website.
3. Secured Loans
Due to financial disruptions caused due to COVID19 if you are looking for Instant Loan with minimum repayment burden, look for collateralised offers, such as:
- Gold Loan
- Loan Against FD
- Home Loan Top UP
- Loan against Pre-Owned Car
As these are collateralised loans, disbursal will be fast and rate of interest will be attractive as well. In case of Gold Loan you can opt for interest-only monthly payments and as for Loan against FD the rate of interest is only 1% of the amount. There is no prepayment charge and thus you will face least financial stress by opting for these options.
4. Professional Advice
Last but not the least, seek professional advice and make an informed decision. There are pros and cons attached with each option. You must make market comparison carefully. You can contact an online loans marketplace like MyMoneyMantra and be rest assured that you will get the right loan amount from the right lender. The personalised advice help you seek best offer as per your eligibility criteria.
To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.