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. 40,000, 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. 15,50,000.
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.
*Applicable for select customers
