A same-day personal loan otherwise you can also realize it as instant personal loan is that loan which is processed, approved and disbursed during a single day. In fact, it’s done within a couple of hours. Same day loans are far more considered and preferred lately. Such loans are offered by the NBFCs – P2P platform.
P2P platforms are a new-age platform which aims to foster financial inclusion by leveraging technology to support borrowers with hassle-free loans. they provide short term personal loans to salaried individuals who are trying to find quick credit without browsing the lengthy traditional methods.
A P2P platform, InstaMoney, provides these same day loans. InstaMoney has over 1 million users in India. And, over ₹ 1 Billion (₹ 100 Crores) disbursed in loan amounts already disbursed. it’s also the most important number of private loans given by any P2P lending platform in India. Now, by easily downloading an InstaMoney application get instant cash loans for various purposes like medical emergencies, credit card payment, debt consolidation, education, advance salary etc.
1. Online Application Process with Social check-in
100% digital is the key. It’s extremely easy since there’s no paperwork involved. No got to wait within the long queues and waste some time now to avail loans. It’s all online.
Now, with a one-touch social check-in for fast access. Connect your social media accounts – Login faster by connecting social media accounts with one touch. The users can now sign-up using Facebook or Google accounts which reduces overall application time.
2. Minimal Documentation
Unlike traditional banks, here you’re only required to upload 4 Documents while availing for the loan –
- Click a Selfie and Upload
- PAN card
- Aadhaar Card/Address ID proof
3. Instant Approval & Quick Disbursement
Post uploading the documents and therefore the personal loan application, you’ll be notified of your approval status within 10 mins. Sometimes, it’s real-time as well! And, the disbursement amount takes place within 10mins to 2 hours after the authorization. The loan amount is transferred to your checking account.
4. Flexible repayment tenure
Instant loan platforms don’t charge prepayment charges you’re only alleged to pay interest on the quantity used. Now, pay off the loan during a convenient manner, yes? That’s exactly where quick loans assist you.
4 Easy Steps to Avail Same Day Loan
1. Create an Account
It’s faster than you’ll imagine. The very initiative is you only got to signup together with your Facebook, Google Account or Mobile number.
2. Check Eligibility
The second being the eligibility check which is very simple and straightforward to urge through, unlike what other traditional platforms follow. So just fill in some basic details to see eligibility and obtain results instantly. Below is that the eligibility required –
- Salaried Individuals
- Indian citizen
- Above the age of 21 years
- Minimum take-home salary per month ₹ 12,000
- Full salary amount must be received within the checking account
3. Complete Application
Post the eligibility check, complete the KYC and upload the required documents like PAN and statement. Within 10 minutes of your personal loan application, you’ll be notified of your approval status. Sometimes, it’s real-time also.
4. Get Cash
Once your personal loan is approved, the loan amount gets transferred to your checking account. Loan disbursement time varies between 10 minutes to 2 hours.