Need a Loan Quick? Here’s How to Get Fast Cash

by MyMoney Mantra FinTech (Financial Technology)

If you need some quick cash for your dream holiday or want to pay your long-standing credit card bill, or looking for funds to renovate your home, then look for quick cash loan options such as personal loans or fast cash loans.

 Personal loans are an unsecured form of financing option available to fulfill all the personal financial needs of the borrower at instant ease. The interest rates, however, are higher as the tenures of these loans are short. Despite that, the personal loans are a common trend opted by many borrowers due to quick approval procedure and minimum involvement of paperwork formalities which makes it an attractive option to go for. However, in other instances, borrowers can also opt for a fast cash loan that makes the cash accessible in their bank account in the super fast way. Let's see both the Options of Instant Personal Loans and fast cash loans in detail:

 

Fast Cash Loan

A fast cash loan is the amount of loan that borrowers apply to get the funds into their account immediately. The borrowers can avail the loan within 5 minutes and that too in a hassle-free manner. Normally, the processing of fast cash loans takes place within an hour which provides instant access to funds exactly when they want.

Features of Fast Cash Loan

• Quick: Fast cash loans can be obtained very quickly. The loan amount can be obtained the same day without any additional fee. Also, the online loan disbursal on the same day makes it an attractive option amongst several borrowers to go for such a facility.
• Easy : Fast Cash Loan can be availed instantly without any documents. It can be applied through online mobile phone application within 5 minutes. The super fast approval time and the transfer of funds time in no time make it an attractive option for the borrowers to avail.
• Transparent : No hidden fee is involved in the fast cash loan that comes as an instant surprise.
• Availability at low credit score :  Despite  the low credit score, the borrowers have the chance to apply and obtain the fast cash loans. It can be provided to them at ease without any long credit contacts.

Instant Personal Loan

An Instant Personal loan is an unsecured loan which is extended 100% online without stressing upon the need to visit the bank and completing the paperwork formalities. To avail Instant persona loans at the best interest rate, it's best to keep a track on with the multiple lenders while choosing the one for instant loans. Let's see the lenders offering instant personal loans:

 

ICICI Bank Instant Loan

ICICI Bank offers the facility of pre-approved personal loans to its specified borrowers. The existing borrower with a good credit history and past financial record helps him/her to become eligible for the pre-approved personal loan. The personal loan processing is fast and the disbursal of amount takes place within seconds. The maximum loan amount extended by the bank goes upto Rs. 20 lakhs at the interest rate starting from 10.75% to 19.50% per annum.  The processing fee applicable on this instant loan goes up to 2.25% of the loan amount plus GST. The tenure for the loan is of 5 years.

 

Axis Bank Instant Loan

Axis bank instant loan is offered to the existing borrowers of Axis Bank as well as new borrowers with a good credit history, regular income, and repayment capacity. It takes only a few hours for the approval of the instant personal loan and its online disbursement. The borrowers consider Axis Bank Instant personal loans for meeting out their immediate financial needs. The minimum net monthly income required by the borrowers to avail of Axis Bank Personal loan is Rs. 15,000. The loans can be obtained starting from Rs. 50,000 up to Rs. 15,00,000. The interest rates vary at different tenures. For the loans offering at the tenure of upto 3 years, the interest rate of 8.10% is applicable whereas for the tenures exceeding 3 years and upto 5 years, the interest rate is charged at 12% to 24% per annum.

 

HDFC Bank Instant Loan

HDFC Bank Instant loan allows borrowers to fulfill their dreams without any hurdle. The bank offers instant personal loans at attractive interest rates and flexible repayment options. The interest rates you're offered when Applying for HDFC Personal Loan ranges from 10.75% to 21.30% per annum on the loans starting from Rs. 50,000 and that goes up to Rs. 40 lakhs. The processing fee applicable on HDFC personal loans can go up to 2.5% including general sales tax. The processing of the personal loan takes place within 10 seconds for getting direct credit to the bank account of the borrowers.

Kotak Mahindra Bank Instant Loan

With the lending option from Kotak Mahindra Bank Instant Loan, the borrowers can plan their expenses before time or on-time. Obtaining the personal loan from Kotak Mahindra bank along with a hassle-free documentation process makes it a convenient option for lending. However, the flexible tenures from 1 to 5 years and quick loan disbursal make it an attractive option. The interest rate charged on such loans varies from  10.99% to 24% per annum where the maximum loan amount goes upto Rs. 15 lakhs. The processing fee applicable on these loans is 2.50% which contains GST and other applicable statutory charges.

MoneyTap Loan- App based instant personal loan

MoneyTap is an app-based instant personal loan provider that supports the borrower to avail the instant loan starting from as Rs. 3000 or Rs. 5 lakhs as per their credit limit. MoneyTap is the first Indian app-based personal credit line service that offers personal loans in coordination with the banks.

 With moneyview loans, the borrowers have the convenience to check their credit limit as decided by the partner bank(subject to their profile, income, credit history and other factors) and the amount of personal loan availed and utilised throughout the period. The borrowers have to pay the interest only for the amount they use.

But when it comes to withdrawing the amount, the borrowers have the flexibility to select their repayment terms that ranges between 2 months and 3 years. Accordingly, the repayment tenure will determine their EMIs.

MoneyTap loan extends the interest rate subject to the prevailing personal loan market rates with zero collateral or security.  The interest rate can be as low as 1.25% per month subject to the partner bank and credit profile of the borrowers.  In other words, the interest rates of the loans vary between 13% to 18% annually.

 

 

 

 

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Created on Apr 28th 2020 07:18. Viewed 557 times.

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