Top 10 Instant Loan Options for New Year 2021

13 Jan 2021 // 29 min read // Personal Loans
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New Year calls for new beginnings and resolutions to do things differently and in a better way than before. More than 90 % of people resolve to improve their health, wealth, and relationships in the coming year. Do you know improving your financial planning you can improve other areas in your life? While saving & investment makes the major part of your financial strategy, staying creditworthy and borrowing at the best price also helps you in your endeavour to effectively manage your funds.

Herein in this article, we will help you discover the top 10 instant loan options to fulfil your urgent cash needs. You can not only avail of fast and swifter loans but can also opt for flexible repayment terms.

1. Instant Loan from HDFC Bank:

HDFC Bank Personal Loan is one of the most popular unsecured loans in the market today. With only a few working hours to process the application and a few working days for the disbursal, HDFC Bank offers you quick access to the required funds.

Contactless Emergency Loan with instant approval

Some of the standout features of HDFC Personal Loan include:

  • The high-value loan amount for up to Rs. 40 Lakhs
  • Interest rates starting from 10.75% per annum
  • Repayment tenor of up to 60 months
  • Low processing charges max up to 2.5% of the loan amount
  • Prepayment charges ranging between 2% to 4%

If you are already the bank customer and own an HDFC Credit Card, you can get access to HDFC Instant Loans such as Insta Loan and Insta Jumbo Loan. These are pre-approved loan options against your Credit Card. For high-ticket purchases, you should always opt for Personal Loan, while for meeting the short cash gaps, a Loan Against Credit Card would be the right choice.  

2. PaySense Instant Loan:

PaySense offers the facility of availing an instant PaySense Personal Loan for customers through the website and mobile app. The process is straightforward and can be completed within a few minutes.

Some of the major features of availing of Paysense credit line are:

  • Instant loans up to Rs. 5 Lakh
  • Loan available for customers with no credit history
  • Interest rates starting from 18% per annum
  • Repayment period of up to 5 years
  • Processing charges of up to 3% of the loan amount

Thus, whether you are seeking short term funds for your startup or paying fees for higher education or more, Paysense is your friend in need of instant cash.

3. SBI Xpress Credit Personal Loan:

The largest financial institution of India, State Bank of India, offers Xpress Credit Personal Loans for its customers with various financial requirements.

The standout features of this offering include:

  • Maximum loan amount of up to Rs. 20 Lakhs
  • Extended repayment tenure of up to 72 months
  • Attractive interest rates with zero hidden cost
  • Up to 1.50% plus taxes as processing fees
  • Prepayment charges of 3% of the outstanding amount

After loan approval and submission of documents, expect Instant Personal Loan disbursal from the bank.

4. Kotak Bank Personal Loan:

Kotak Mahindra Bank is a well-known private sector bank of India which offers numerous financial products for its customers, including Kotak Mahindra Bank Personal Loans.

Following are the noteworthy features of Kotak Personal Loan:

  • Loan amount up to Rs. 15 Lakhs
  • In-principal approval in 3 seconds and disbursals in a few working days
  • Repayment Tenor of up to 60 months
  • Fixed interest rates starting from 10.99% onwards
  • Processing charges of up to 2.5% of the loan amount plus taxes
  • 5% plus GST as foreclosure charges

5. ICICI Bank Personal Loan:

The second-largest private sector bank of India, ICICI Bank, is known for offering innovative and feature-rich financial products.

Here are the major qualities of an ICICI Instant Personal Loan that you should take note of:

  • Quantum of loan can go up to Rs. 20 Lakhs
  • In-principal approvals in 3 seconds
  • Repayment tenor of up to 60 months
  • Foreclosure charges up to 5%
  • Loan processing charges up to 2.25% of the loan amount
  • Interest rates starting from 10.75% per annum

6. Indiabulls Dhani Personal Loan:

Indiabulls is a leading NBFC of India and offers a wide range of financial products for its customers, including Indiabulls Dhani Personal Loans.

The noteworthy features of this innovative offering include:

  • Personal Loans up to Rs. 15 Lakhs
  • Personal loan interest rates starting from 13.99% per annum onwards
  • Repayment tenor ranges between 2 months to 24 months
  • The online application process with instant disbursals

7. MoneyTap Instant Loan:

MoneyTap is a leading online lending company in India that offers instant credit line for the customers. Customers can apply for the instant personal loan through the company website or mobile app.

The major features of MoneyTap Loan include:

  • Loan amounts up to Rs. 5 Lakhs
  • Pay interest only on the amount utilised instead of the entire loan amount
  • Repayment tenure of up to 36 months
  • Can be doubled as a Credit Card
  • Interest rates starting from 13% per annum

8. Bajaj Finserv Personal Loan:

Bajaj Finserv is one of the most reputed NBFCs of India that is known for offering innovative financial products. Personal Loans from Bajaj Finserv come packed with various benefits.

Some of the salient features are:

  • Loan up to Rs. 25 Lakhs
  • Flexible repayment tenor for a maximum of up to 60 months
  • Disbursal within 24 hours of approvals
  • Option to pay interest only as EMI
  • Interest rates starting from 12.99% per annum
  • Processing charge is up to 4.13% of the loan amount

9. Bank of Baroda Personal Loan:

Bank of Baroda is a premier public sector bank of India that has carved a distinct reputation.

Bank of Baroda Personal Loans come with the following major features:

  • Loan amounts of up to Rs. 10 Lakhs in urban areas and Rs. 5 Lakhs in semi-urban areas
  • Available for salaried as well as self-employed individuals
  • Repayment tenor of up to 60 months
  • The rate of interest is linked to external benchmarks. Effective ROI will be Baroda Repo Linked Lending Rate (BRLLR) + SP +3.00% to Baroda Repo Linked Lending Rate (BRLLR) + SP +8.00%
  • Processing charges up to 2% plus GST

10. Citibank Personal Loan:

Citibank is one of the most innovative private sector banks of India that offers Personal Loans with some of the most outstanding features.

The standout benefits of Citibank Personal Loan are:

  • Loan amounts up to Rs. 30 Lakhs
  • Approvals and disbursals completed within 2 working days
  • Repayment tenor of up to 60 months
  • Processing charges of 3% plus GST
  • Interest rates to be disclosed at the time of disbursal only

These are the leading instant Personal Loans in India, which you should consider for your requirements in the New Year 2021. Though, be a responsible borrower and borrow the most affordable option only.

Also Read: Do You Need Rs. 10,000 urgently as a Personal Loan?

To apply online for Best Personal Loan for Pensioners, Credit Cards, Secured Loans and Unsecured Loans, visit, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.

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