An instant cash loan is a type of unsecured loan that does not require collateral or security. Unlike a home or a car loan, a personal loan comes with flexible end-use and can be availed to meet any personal expense. The application process of a personal loan is simpler as compared to other loans as need not require to verify the details of any security or collateral. The only details that require to verify are the eligibility and creditworthiness of an individual availing the loan. Also, the online application and minimum documentation have made the whole process more approachable and simpler.
1. Create an Account
It’s faster than you can imagine. The very first step is you just need to signup with your Facebook, Google Account or Mobile number.
2. Check Eligibility
The second being the eligibility check which is extremely simple and easy to get through, unlike what other traditional platforms follow. So just fill in some basic details to check eligibility and get results instantly. Below is the eligibility required –
- Salaried Individuals
- Indian citizen
- Above the age of 21 years
- Minimum take-home salary per month ₹ 12,000
- Full salary amount must be received in the bank account
3. Complete Application
Post the eligibility check, complete the KYC and upload the necessary documents such as PAN and bank statement. Within 10 minutes of your personal loan application, you’ll be notified of your approval status. Sometimes, it is real-time as well.4. Get Cash
Once your personal loan is approved, the loan amount gets transferred to your bank account. Loan disbursement time varies between 10 minutes to 2 hours.
InstaMoney has over 1 million users in India. And, over ₹ 1 Billion (₹ 100 Crores) disbursed in loan amounts already disbursed. It is also the largest number of personal loans given by any P2P lending platform in India. Now, by easily downloading an InstaMoney application get instant cash loans for various purposes such as medical emergencies, credit card payment, debt consolidation, education, advance salary etc.