These loans are normally for a small amount and can be repaid within a month up to 2 years. Online lenders who offer quick access to cash must be registered with NBFC. With minimal documents, loans are processed quickly. Instant loans have affordable interest rates. come and can be repaid in easy EMIs. Not paying a loan on time could also be subject to additional penalties and interest charges.
Features of Instant Loans:
- Quick loan approval - Instant loans are accepted and disbursed fast, which is one of their most important characteristics. You can apply for instant loans from the comfort of your home or workplace by using your mobile or laptop.
- Documentation requirements - With minimal documentation, instant loans can get speedy approval. Typically, borrowers are required to supply basic financial and personal information, including their name, address, income, employment status, etc.
- Short-term - Loans made instantly often have terms from a month up to 2 years. They are made to give borrowers speedy access to cash to pay for urgent costs like home repairs, medical bills, etc.
- High-interest rates - When compared to regular loans, instant loans frequently have affordable interest rates.
- Small amount - Loan amounts are normally small, ranging from Rs. 5,000 up to Rs. 5 lacs. They are therefore an easy option for paying for expenses.
It's important to read the terms conditions, processing fee, and foreclosure charges before applying for an instant loan.
