Instant Personal Loan - Compare Top Banks & NBFCs

How to Apply for an Instant Loan?

There are multiple ways to apply for an instant personal loan:

1. Through BankBazaar.com - You can also choose to apply for an instant personal loan through a third-party financial services website like BankBazaar.com. The key benefit of applying for an instant loan through BankBazaar.com is that you can compare loans offered by different lenders and then choose which bank/financial institution to apply to. Once your loan application is verified and approved, it will be credited to your account promptly.
2. Through Lender’s Website - Several lenders allow users to apply for instant loans through their websites. You can directly contact a bank/financial institution through its website and check your personal loan eligibility, interest rate, and EMI payable, after which you will be able to apply for the loan online. Once the loan application is approved, the amount will be disbursed to your bank account immediately.

Benefits of an Instant Personal Loan

1. ✅ Instant approval & disbursal — no lengthy paperwork
2. ✅ No collateral required — unsecured credit
3. ✅ Completely online process — apply via app or website
4. ✅ Flexible repayment — choose tenure and EMI
5. ✅ AI-based eligibility check — faster decision-making

Eligibility Criteria for an Instant Loan

For your loan application to be approved, you should meet the eligibility criteria specified by the lender. Listed below is the general eligibility criteria that you will need to meet to apply for an instant personal loan:

1. Credit Score: It is important to have a good credit score to be offered an instant personal loan at an affordable interest rate. It is advisable to maintain a credit score of over 750.
2. Age: Prospective borrowers should meet the age requirements specified by the lender to be eligible to apply for an instant personal loan. The age limits may vary based on whether you are a salaried employee or self-employed individual. Thus, make sure to check the age requirements of various banks/financial institutions that offer instant loans.
3. Nature of Occupation: Instant loans are offered by most lenders to both salaried employees and self-employed individuals.

Documents Required for Instant Loan Application

Individuals who apply for instant loans will need to submit the following documents:

Apart from these, applicants may be required to submit a copy of their PAN card, passport-sized photographs, and bank statements of their salary accounts for the preceding 6 months

*Note: This is a general list of documents that you may be asked to submit when applying for an instant personal loan.

Things to Consider Before Opting for an Instant Loan

1. Check your credit score (750+) for better approval chances.

1. Compare interest rates and processing fees across lenders.

1. Borrow only what you can comfortably repay.

1. Read the terms and pre-closure charges carefully.