For the past many years, personal loans have helped people meet their financial needs. Whether it is a medical emergency or a long-awaited vacation, personal loan has always come as a big help. The main reason why personal loan is so popular in the market is because of the ease of approval and no need for collateral. Also, the loan proceeds can be utilized for meeting various needs.
With the banking functions going online, a number of banks and NBFCs offer easy personal loans in India. You can apply for such loans online and get instant approval. Minimal documentation adds to the benefits of instant personal loans. A comparatively new segment of Short-term Personal Loans has also gained much popularity in the market in the last few years. Here we will discuss some easy personal loan offerings by top banks and also take a closer look the short-term personal loans segment.
What would be considered as an ‘Easy Personal Loan’?
In this article, an ‘Easy Personal Loan’ would refer to loans that require minimal documentation, provide instant approval and quick disbursal. Though all lenders promote their personal loan products as easy and hassle-free, there would be some who promise disbursal within say 24 hours or others who would let you complete the entire application process online.
Mostly, it is the private banks and NBFCs that offer instant personal loans. Public sector banks, on the other hand, take some time to scrutinize the application and give approval.
Top Banks/NBFCs Offering Easy Personal Loans in India
- Bajaj Finserv Personal Loan
Bajaj Finserv offers personal loan in an easy and hassle-free manner. You can get instant approval by applying online and if all the documentation formalities are completed quickly, the loan would be disbursed within24 hours.
- You can take personal loans up to Rs. 25 Lakh.
- Interest rates are 12.99% onwards.
- The loan tenure ranges from 12 months to 60 months.
- Basic documents such as proof of identity, address and income are needed.
- You can get money in your bank account in less than 24 hours.
- Existing customers would get pre-approved offers from Bajaj Finserv.
- Tata Capital Personal Loan
Tata Capital is another NBFC in India offering easy personal loans. From meeting your education needs to funding a big-fat wedding, this lender offers personal loans to match all your needs.
- The loan amount starts from Rs. 75,000 and goes up to Rs. 25 Lakh.
- The loan tenure ranges from 12 months to 72 months.
- The interest rate starts at 11.25% per annum.
- No collateral is needed for this loan.
- You can apply for this loan online and get instant approval.
- If approved, the loan is sanctioned within a day or two.
- Indiabulls Dhani Personal Loan
Indiabulls offers instant personal loans at competitive rates of interest. You can apply for this loan using the Indiabulls Dhani app or through their website. The online application process is very easy and allows instant approval.
- The loan amount ranges from Rs. 15,000 to Rs. 15 Lakh
- You can opt for a flexible tenure of 3 months to 36 months.
- The interest rate starts at 11.99% per annum.
- With instant approval, the loan amount gets transferred within minutes.
- There are no pre-payment charges on this loan.
- HDFC Bank Personal Loan
HDFC bank offers personal loans at low interest rates. Existing customers of the bank who have pre-approved loan offers can get instant approval and the amount is disbursed into their account within minutes.
- You can avail a loan of Rs. 15,000 to Rs. 40 Lakh.
- The interest rates start at 11.49% onwards.
- Employees of public sector undertakings and recognized corporates can apply for the loan.
- Loan tenure ranges from 12 months to 60 months.
- Pre-approved customers can get the loan amount disbursed within minutes of approval.
- ICICI Bank Personal Loan
ICICI Bank personal loans at competitive rate of interest to people who need urgent cash for wedding expenses, emergency medical needs or even a vacation. With pre-approved offers, you can avail this loan without any hassle. You just have to fill an online form and submit. Once approved, the amount will be disbursed within the same day.
- You can avail a loan up to Rs. 20 Lakh.
- The loan tenure ranges from 1 year to 5 years.
- You can get a competitive interest rate starting at 11.25% per annum.
- There is no need for any collateral.
- The documentation procedure is simple and hassle-free.
What to do in order to avail an Easy Personal Loan?
All banks would ask for income documents before giving out any kind of loan or credit card. However, sometimes banks give pre-approved personal loan offers to their existing customers. Such offers can be availed without documentation as the bank would already have all your data. But such offers are not given to everyone.
Following are a few good practices to get pre-approved for a personal loan:
- Maintain a good credit score.
- Pay all your dues on time. Banks maintain a track record of whether their customers have been regular with the bill payments or not. Try not to go into the bank’s bad books.
- Establish a good relationship with the bank by being loyal to their services.
Note that pre-approval does not guarantee that you would get the loan for sure. The bank will still dig up your files and if they are not satisfied, your loan application may be rejected.
What is Short-term Personal Loan?
Nowadays, easy personal loans are available in the market in the form of Short-term loans. These loans are offered through mobile apps and the process is completely online. However, you may not be able to get a higher loan amount through these digital lending applications. Some popular STPL apps are CASHe, Stashfin, PaySense, KreditBee, etc.
- A major advantage that STPL has over other personal loans is its quick disbursal.
- The rate of interest on these loans would be a little higher than that on normal personal loans but not as high as credit cards. An average rate of 2% per month can be assigned to the borrower. Since the tenure is also smaller, the overall interest outgo is low.
- The tenure of short-term personal loans may be as low as 3 months but usually does not go beyond 1 year.
- Much like normal personal loans, these lenders also give out loans on the basis of the borrower’s credit profile.
- Some of these lenders may also be ready to give out loans to those who are new to credit thus making it a good way to start a credit score if you do not want to get a credit card.
- Most of the application process or all of it would be online.
- Sometimes, the lender would use the borrower’s psychometric analysis or digital footprints to determine his creditworthiness.
So, if you do not want a high loan amount but quick disbursal is the main concern for you, then a Short-term personal loan is a good bet. But it is not advised to take short-term loans often as it would show you as a credit hungry person.