6 Instant Loan Options in India You Never Knew Existed

Instant loan options live up to their name by offering emergency funds practically instantly. Within very little time and minimal documentation & paperwork, you can be on your way to receiving desired funds – straight to your bank account.

Now, there are many instant loan options in India, including ones you may not be aware of.laks

Accordingly, this article intends to highlight all instant loan options currently available in India, so that you make the most of them, should the need arise.

Personal Loans

Not always “instant” in the strictest sense, yet these loans are fairly quick to avail and be disbursed if you qualify with ease. For instance, for salaried individuals, if you qualify with the minimum salary amount required for the loan and also have a strong credit history, then you will most likely be granted the personal loan you seek or are eligible for.

The same is the case with self-employed individuals. If they can show their verified tax returns which are of a minimum threshold required for the loan – and also have a good credit history, then in all likelihood, the desired personal loan will be granted.

Gold Loans

These are loans given against gold held by the borrower. Being secured loans (secured against the gold which is offered as collateral by the borrower), they are granted very fast, as soon as the gold is assessed and valued.

When you have gold on you and are in urgent need of funds, this is an ideal route to take for availing an instant loan.

Loan Against PPF

PPF (Public Provident Fund) account holders are eligible to avail instant loans against the funds held in their accounts. There are certain qualifying criteria such as being eligible to avail of this loan only between the third and sixth financial year of opening a PPF account as well as being able to avail a loan amount which is equal to 25% of the PPF funds balance, among others.

As long as these conditions are fulfilled, along with others that may apply, you can avail an instant loan against PPF really very easily.

Short Term Personal Loans

Short Term Personal Loans or STPLs are getting really popular today, especially with the onset of many digital lenders who lend funds practically instantly, with all the documentation and other procedural formalities being completed online.

The funds on offer are typically small in nature, starting from as little as Rs. 1,000/-. Of course, in major emergencies, we all know the kind of difference that even the tiniest amount can make!

STPLs are getting increasingly popular in India, and perhaps with good reason, given the ease with eligibility is confirmed and funds are disbursed.

Instant Loan
Yes, the possibility of availing an Instant Loan in as little as an hour does exist in India today! Image Courtesy: QBERA

Top-up Loans

These are extremely convenient loans available to existing borrowers. Let’s say you have an ongoing home or personal loan whose EMI you have been diligently paying. Alongside this, you have a robust credit history.

In such a scenario, banks and concerned financial entities will have no problem in topping up your existing loan for emergency funds that you may require.

Given that such loans are tied with pre-existing loans, there is practically no paperwork to be done; these loans are well and truly instant loans!

Loan Against Credit Card

Yet another instant loan option available in India is a loan against credit card. If you have a credit card and have maintained a clean credit & repayment history, then your credit card company/bank will be comfortable to lend you money.

The limit that you have on your credit card will play a role in the amount which is disbursed to you, so do keep that in mind.

A big advantage with this loan – as with most others we have mentioned here, is that it is truly instant. Since your credit history, credit limit, and repayment history are all known to the credit card company, the decision to lend you (or not!) and if so, then its amount, is decided really fast.

Conclusion

Clearly, there are ample fast and instant loan options available in India, today. Look around and you are sure to find an option that meets your requirement. Yes, a clean credit history would be essential in all cases.