Emergencies are unpredictable, often catching us off guard and leaving us in urgent need of financial assistance. Individuals often find themselves looking for quick and accessible financing options.
Two lending options that can meet your quick credit needs and can provide you with immediate access to funds are salary advances and instant personal loans, such as the Bajaj Finance Insta Personal Loan.
What is the Insta Personal Loan?
Insta Personal Loan is the latest lending product in the portfolio of Bajaj Finance, offering funds of up to Rs. 12,76,500 to both, existing and new customers.
Let us delve deeper and explore the characteristics of both these options, as well as the distinctions between the two:
1. Loan amount
When opting for a salary advance, you receive a portion of your upcoming salary in advance. While it provides quick access to funds for your immediate needs, it may leave you with a reduced paycheque in the subsequent month, potentially making it harder to manage regular expenses and financial obligations.
An Insta Personal Loan, on the other hand, provides you with additional funds to meet your financial needs while having the flexibility to repay the loan over a designated period. Bajaj Finance Insta Personal Loans come with a high borrowing limit of up to Rs. 12,76,500, making it suitable to fund all your expenses.
2. Application process
The application process for a salary advance is usually internal and limited to the workplace. Employees interested in availing of a salary advance need to submit a formal request through the company's HR or payroll department.
For an Insta Personal Loan, you do not need to go through a long application process to know the loan amount you can get. Simply click 'CHECK OFFER' and enter your mobile number and OTP to view your pre-approved/assigned loan limit.
3. Documentation required
Salary advances may not require too many documents and the processing is, in most cases, a straightforward application process on the company’s portal.
Meanwhile, Insta Personal Loans are pre-approved and, in most cases, customers can get them without having to submit any paperwork. Depending on their profile, some customers may be required to submit documents such as a copy of their identification or bank statements.
4. Loan processing and disbursal
The loan processing and disbursal for a salary advance are managed internally by the employer. Since the employer is already aware of the employee's financial status and job stability, the processing time is relatively quick. The salary advance is disbursed either as a separate payment or through direct deposit into the employee's bank account.
Whereas in the case of Insta Personal Loan, the processing time for an Insta Personal Loan is fast-tracked, ensuring the utmost convenience for customers. In most cases, you can expect money to be credited to your bank account in as little as 30 minutes* to 4 hours.
5. Repayment terms
Since a salary advance is not a loan, the borrower is not required to pay interest on the received funds. Additionally, they are not required to repay the borrowed money to the lender.
The Bajaj Finance Insta Personal Loan offers flexible repayment terms. Borrowers can select a payback period ranging up to 87 months. Customers can also utilise the Insta Personal Loan EMI Calculator to plan their finances efficiently. This calculator displays the projected EMIs for different loan amounts and tenures.
It is advised to conduct a thorough evaluation of both options before making a decision. By gaining a complete understanding of these aspects, borrowers can make an informed choice that aligns with their financial capabilities.
You can learn more about the benefits of an Insta Personal Loan and check your offer online by following this link to our Insta Personal Loan page.