Personal loan vs Insta Personal Loan: know the difference

Here are the main points of distinction between a regular personal loan and a Bajaj Finserv Insta Personal Loan.
Personal loan vs Insta Personal Loan: know the difference
5 min read
12 April 2023

There are several credit options available in the market if you need funds to cover your small and large expenses. Among loans, personal loans are a great choice since they are collateral-free and have a relatively smoother application process. There are different types of personal loans that you can opt for based on your needs. Two of the preferred options include a regular personal loan and an instant personal loan, such as the Bajaj Finserv Insta Personal Loan.

Let us take a deep-dive and understand the features of these loans and the differences between both.

Personal loan vs Insta Personal Loan

1. Eligibility criteria and application process

In a regular personal loan, you must meet certain eligibility criteria before applying. These criteria differ from lender to lender, and include:

  • Age limit
  • CIBIL Score
  • Employment type
  • Monthly salary

The Bajaj Finserv Insta Personal Loan, however, has some key advantages over a regular personal loan.

  • No eligibility check needed
  • Existing customers get pre-approved offers
  • New customers can generate a pre-assigned limit

In fact, for an Insta Personal Loan, you do not need to go through the entire application process to know the loan amount you can get. Simply click on ‘CHECK OFFER’ and enter your mobile number and OTP to get your pre-approved/ assigned loan limit. The minimum amount of loan you can borrow in an Insta Personal Loan starts from Rs. 20,000, whereas regular personal loans start from a higher amount, for example, Rs. 1 lakh onwards.

2. Loan processing and disbursal

This is the most important distinction when it comes to personal loan vs Insta Personal Loan. A regular personal loan can take up to a few days to get credited to your account after application. Whereas in the case of Insta Personal Loan, you can get money in your bank account in as little as 30 minutes* to 4 hours in most cases. This is the reason an Insta Personal Loan is the preferred choice in cases of emergency, or when you need urgent funds to cover your expenses.

3. Loan amount:

Personal loans allow for a larger sanction and are useful to plan for significant expenses, whereas with an Insta Personal Loan, you can get offers of up to Rs. 12,76,500.

It is important to decide the loan amount you need, considering aspects such as your repayment capacity and your budget for equated monthly instalments (EMIs). You can use an online EMI calculator to check your EMIs. All you have to do is enter the loan amount, interest rate, and loan tenure to get your EMI amount instantly. Both these loans come with no end-use restrictions, allowing you to manage a variety of expenses.

4. Documents required:

Personal loans require a significant amount of paperwork and documentation. Customers applying for a personal loan are required to submit the various documents, including:

  • KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID
  • Employee ID card
  • Salary slips
  • Bank account statements

On the other hand, some existing customers can get an Insta Personal Loan without having to submit any documents. Based on the profile, some customers may have to submit documents such as a copy of your identification or a bank statement. However, the list of documents is unlikely to be as long as a regular personal loan.

Here is a quick comparison between a regular personal loan and an Insta Personal Loan:

Features

Insta Personal Loans

Regular personal loans

Disbursal in 4 hours

Yes

No

No documentation*

Yes

No

Pre-approved offers

Yes

No

Flexible tenure

Yes

Yes

Collateral-free

Yes

Yes

Low starting amount

Yes

No

 

*Applicable for select customers Keeping these differences in mind, you can make an informed decision about which loan type you want to opt for.

You can read more about the benefits of an Insta Personal Loan and check your offer online by following this link to our Insta Personal Loan page.

Check offer

*Applicable for select customers

Disclaimer

While care is taken to update the information, products, and services included in or available on our website and related platforms/ websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/ service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/ service document and applicable terms and conditions. In case any inconsistencies are observed, please click on reach us.

*Terms and conditions apply

Frequently asked questions

How to decide on a personal loan vs instant personal loan?

The decision to choose which type of personal loan you should opt for depends entirely on your needs. Our Insta Personal Loan is disbursed quickly, within just 30 minutes*. You can choose a regular personal loan if you want to borrow a higher amount and are comfortable to wait for the loan to be disbursed. For urgent expenses where you do not want to go through a long application and disbursal process, Insta Personal Loan may be a good choice.

What is the disbursement time for an instant personal loan?

The biggest feature of an instant personal loan is lesser disbursement time. You can get a Bajaj Finserv Insta Personal Loan in your account in as little as 30 minutes* to 4 hours.

*Applicable for select customers

Do Insta Personal Loans require any collateral?

No, the Insta Personal Loan is an unsecured loan and does not require you to pledge any collateral.

Are there any restrictions on how to use the loan amount of Insta Personal Loans and personal loans?

Both, the Insta Personal Loan and regular personal loan come with no end-use restrictions. You can use the loan amount to manage a wide variety of expenses.

Can you apply for an Insta Personal Loan if you already have a regular personal loan?

Yes, you can go ahead and check if you have an Insta Personal Loan offer even if you already have a loan. Please note that having multiple loans at the same time may impact your credit score.

What CIBIL Score do you need to get a Bajaj Finserv Insta Personal Loan?

You do not need to check your credit score to apply for a Bajaj Finserv Insta Personal Loan.

How soon can you get an Insta Personal Loan?

You can receive the loan amount in your account in as little as within 30 minutes* to 4 hours.

*Terms and conditions apply

Show More Show Less