Benefits of using instant loan apps

Read on to discover the benefits of using instant loan apps and streamline your borrowing experience.
Benefits of using instant loan apps
5 min read
30 May 2023

In an era defined by speed, accessibility, and convenience, the financial environment has undergone a drastic change to meet the customer’s requirements. Instant loan apps are becoming a prevalent option for those who require quick and easy financial support. With the best apps for instant loan readily available online, individuals can access funds almost immediately without having to go through the hassle of traditional loan procedures.

What are instant loan apps?

Instant loan apps are mobile applications that offer quick and convenient access to small loans. These apps streamline the loan application process, allowing users to apply for a loan using their smartphones or tablets. They typically require minimal documentation and offer fast approval and disbursal of funds.

Instant loan apps work by collecting basic information from the user, such as personal details, income, and bank account information. This information is used to assess the applicant's creditworthiness and determine the loan amount. Once approved, the funds are transferred directly to the user's bank account.

Everything you need to know about instant loan apps

Instant loan apps provide quick and convenient access to personal loans, often without the need for extensive paperwork or lengthy approval processes. These apps typically require users to fill out an online application, upload necessary documents (such as ID proof, address proof, and income proof), and receive approval within minutes to hours. Once approved, the loan amount is disbursed directly into the user's bank account.

Let us look at four benefits of using instant loan apps online

  1. Easy to use
    The best apps for instant loans are known for their user-friendly interfaces, which make borrowing simple and easy. These apps are designed to be accessible to users of varying technological backgrounds, ensuring that anyone can navigate through the application process with ease. The simplicity of these apps increases user satisfaction and encourages individuals to take advantage of their services.
  2. 24/7 availability
    Instant loan apps operate round the clock, providing users with the flexibility to apply for loans at any time. This 24/7 availability is a significant advantage for individuals with busy schedules or those facing urgent financial needs outside of regular business hours. The nature of these apps ensures that financial assistance is just a few clicks away, whenever it is needed.
  3. Real-time loan tracking
    Many instant loan apps offer real-time tracking features, allowing borrowers to see the status of their loan applications and keep an eye on repayment schedules. This transparency builds trust between users and the lending platform, giving borrowers information and control over their financial commitments.
  4. Swift access to funds
    Traditional loan processes often involve lengthy paperwork, credit checks, and approval timelines that can take days or even weeks. In contrast, the instant loan apps online streamline this process, enabling users to secure funds instantly. Many lenders offer their customers pre-approved loan offers. These offers eliminate the need to submit any documentation, further expediting the loan disbursement process.

4 reasons to choose instant money personal loan

How to choose the right instant loan app for your needs

To choose the right instant loan app, consider the interest rates, loan amounts, and repayment terms. Check for transparent fees and quick disbursement. Look at customer reviews and app ratings for reliability. Ensure the app requires minimal documentation and has robust security measures to protect your data. Compare multiple options to find the best fit for your financial needs.

How to apply for an instant loan with Bajaj Finance?

Here is how you can use the Bajaj Finserv app to get a loan:

  1. Download the Bajaj Finserv App
    Download the Bajaj Finserv app, available on Google Play for Android users or the Apple App Store for iOS users. If you do not have an account yet, proceed to create one, ensuring the accuracy of your registration details.
  2. Step 2: Navigate to the personal loan section Locate the personal loan section within the app, either on the home screen or within the loans segment.
  3. Choose loan amount and tenure
    Upon establishing your eligibility, the instant loan app will assist you in selecting the loan amount and repayment duration that suits your needs. Utilise the app to input the necessary details and customise these parameters based on your financial requirements and repayment capacity.
  4. Submit required documents 
    Bajaj Finance Limited may request specific documentation before processing your personal loan. The app will guide you to upload essential documents like proof of income, identification, and address. Ensure the accuracy and clarity of these documents for a smooth application process.
  5. Review and submit the application 
    Thoroughly review all the information provided before submitting your personal loan application. Double-check details such as the loan amount, tenure, and personal information for accuracy. Once satisfied, submit your application for processing. A representative will then contact you to proceed with the application.

Bajaj Finance offers pre-approved Insta Personal Loans of up to Rs. 12,76,500, with funds being disbursed within 30 minutes* to 4 hours. You can check your Insta Personal Loan offer on the Bajaj Finserv app or visit the Bajaj Finserv website.

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*Terms and conditions apply

Frequently asked questions

What is an instant loan app?

An instant loan app is a mobile application that allows you to apply for and receive a loan quickly using your smartphone or tablet.

What are the benefits of using Bajaj Finance for instant loans?

The benefits of choosing an Insta Personal Loan from Bajaj Finance include:

  • Faster processing: You do not need to go through a lengthy approval process associated with regular loans.
  • Instant funding: Since you are screened for your creditworthiness beforehand, the loan disbursal process is significantly shortened. You can get the funds you need in as little as 30 minutes*.
  • Flexible tenures: With Insta Loans, you can pick a convenient repayment tenure ranging up to 63 months.
  • Minimal documentation to no: Insta Personal Loans require minimal documentation for loan processing. Select customers can get the loan without submitting any documents.

*Terms and conditions apply

How fast can I get a loan with an instant loan app?

You can get our Insta Personal Loan within as little as 30 minutes*.

*Terms and conditions apply.

Are instant loan apps safe to use?

Instant loan apps can be safe if you choose a reputable lender such as Bajaj Finance and follow security best practices such as using secure networks and verifying app permissions.

What are the interest rates for an instant loan with Bajaj Finance?

The interest rates for Insta Personal Loan from Bajaj Finance range from 13% to 35% p.a.

What is the maximum loan amount I can get through an instant loan app?

With Insta Personal Loan, you can borrow funds of up to Rs. 12,76,500.